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RBS bank reports narrowing losses awaiting Libor fallout  LONDON: Royal Bank of Scotland's net losses narrowed in the second quarter, the state-rescued lender said Friday as it awaited the financial consequences of its role in the Libor rate-rigging scandal. RBS, 82-percent owned by the British government after a massive bailout amid the global the financial crisis, said losses after tax stood at £466 million ($723 million, 594 million euros) in the April-June quarter. The Edinburgh-based bank had posted a loss after tax of £897 million in the first quarter of 2011, the lender said in a statement. RBS was hit in the quarter by charges totalling £310 million partly linked to an IT meltdown in June that left millions of clients without access to their accounts. It also took a hit on funds set aside to compensate clients who were mis-sold various products. The bank is meanwhile on red alert in the event of potential financial penalties arising from the Libor rate-rigging ...

Bank of Greece deflects criticism for ATEBank breakup ATHENS: Bank of Greece governor George Provopoulos on Friday deflected criticism for the breakup of ailing state lender ATEBank, noting that the bank was 4.9 billion euros in the red and beyond salvation. "ATEBank was not viable," Provopoulos told parliament on Friday in response to criticism from the opposition that the state had essentially gifted the bank's sound assets to private rival Piraeus Bank. "It had chronic structural problems...and despite recurring capital injections from the state, it ...
Failed bank Dexia posts 1.2bn euro first-half loss PARIS: Failed Franco-Belgian banking group Dexia reported a 1.2-billion-euro loss in the first half of 2012 linked mainly to interest payments on state bailouts from France, Belgium and Luxembourg. The bank said in a statement that results were also hit by a 184 million euro ($224 million) charge on its stake in Kommunalkredit Austria. Trading in Dexia shares was briefly suspended in Paris and Brussels after results were published at 0700 GMT, two hours later than planned, ...
RBS bank reports narrowing quarterly losses LONDON: State-rescued Royal Bank of Scotland on Friday said net losses had narrowed to £466 million ($723 million, 594 million euros) in the second quarter compared with the equivalent period one year earlier. RBS, 82-percent owned by the British government after a massive bailout amid the global the financial crisis, had posted a loss after tax of £897 million in the April-June period last year, the lender said in a statement. RBS was hit in the quarter ...
Kenya remittances rise 38pc yr/yr in June  NAIROBI: Remittances from Kenyans abroad rose 38 percent to $99.5 million in June compared with the same month a year ago, but were down slightly from the $101 million sent in May, central bank data showed on Thursday. Remittances are one of the main sources of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism. The country received a record $891.1 million in remittances in 2011. Cumulatively, Kenyans abroad sent a total $596.2 million ...
Barclays quits Danish rate setting panel  COPENHAGEN: Barclays Plc is pulling out of the rate-setting panel for interbank lending in Denmark, marking the second panel the British bank has quit after being rocked by an interest rate rigging scandal. Barclays will stop setting the Copenhagen interbank offered rate (CIBOR), the Danish Bankers Association said on Thursday. "We recognise that Barclays has decided to stop as contributor and we will hereafter continue with seven contributors," the DBA said. Barclays was last month fined $453 million ...
Draghi comments at ECB news conference  FRANKFURT: Following are comments by European Central Bank President Mario Draghi at a news conference after the bank left its benchmark interest rate at 0.75 percent on Thursday. ECB CONSIDERING FURTHER NON-STANDARD MEASURES "The governing council, within its mandate to maintain price stability over the medium term and in observance of its independence in determining monetary policy, may undertake outright open market operations of a size adequate to reach its objective. Furthermore the governing council will consider ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln