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Allianz sharpens focus on profitability FRANKFURT: Europe's biggest insurer Allianz is to focus on profitability and efficiency as part of plans to win 5 million new customers and generate 6.5 billion euros ($6.92 billion) in revenues by 2018.The Munich-based insurer said in a statement ahead of an investor day on Tuesday that it would improve growth and productivity at its businesses and "reposition" those that were uncompetitive.Allianz unveiled a raft of productivity initiatives to boost earnings over the coming years and achieve return on equity of 13 percent by 2018.The comparable figure for 2014 - adjusted to exclude unrealised capital gains and losses on bonds and other items - was also 13 percent.But like other insurers, the company is facing declining investment returns, tighter regulation and a difficult insurance market, requiring internal reforms and tight capital management to make up the difference."If we didn't manage the RoE, it would cyclically decline," a company spokesman said ...

Credit Suisse says agrees pay increase for Swiss staff ZURICH: Swiss bank Credit Suisse said on Tuesday it had agreed on pay increases for next year for its staff in Switzerland."The social partners have agreed on an increase in the total salary amount in accordance with the Agreement on Conditions of Employment for Bank Staff (ACEBS) of 0.75 percent for individual and performance-based salary increases for 2016," the Zurich-based bank said in a statement.This applies to employees in Switzerland who are subject to the ...
Thai central bank says may cut growth estimates as risks rise BANGKOK: Thailand's central bank may revise down its economic growth projections for this year and next due to economic risks from China and Asia, a deputy governor from the country's central bank said on Tuesday."Our estimates are not in line with those previously announced - there are more downside risks at the moment," Bank of Thailand Deputy Governor Paiboon Kittisrikangwan told reporters, citing higher risks from a regional economic slowdown and the impact of drought ...
Yellen defends near-zero rates to consumer advocate Nader WASHINGTON: Americans have benefited from the Federal Reserve's near-zero interest rate policy, despite its negative impact on savers, Chair Janet Yellen said in a letter Monday to consumer advocate Ralph Nader.In response to a letter from Nader decrying the plight of savers who are suffering from years of exceptionally low interest rates, Yellen noted that Americans would have been worse off if the Fed had not taken drastic action to counter the severe financial crisis ...
Top Greek banks pass recapitalisation hurdle: officials ATHENS: Greece's top four banks have raised over 5.0 billion euros ($5.3 billion) in private funds, officials said Monday, which together with EU funds should be enough to meet their recapitalisation needs so they can support the country's struggling economy."The attraction of over five billion in private capital shows that confidence is returning in the prospects of the Greek economy and the domestic banking system," a government source said.Burdened by non-performing loans and constrained by ...
UniCredit to book 210mn euro charge in Q4 for bank rescue MILAN: UniCredit, Italy's biggest bank in terms of assets, will issue loans to the tune of 1.33 billion euros and take overall pre-tax charges of some 300 million euros for its part in the rescue of four Italian banks, a banking source said on Monday. Around 210 million euros ($223 million) of the 300 million euro "ordinary and extraordinary contribution" to the bank resolution fund will be booked in UniCredit's fourth quarter results, the source ...
US Federal Reserve awards $144.6bn reverse repos NEW YORK: The Federal Reserve on Monday awarded $144.6 billion of overnight fixed-rate reverse repurchase agreements to 50 bidders at an interest rate of 0.05 percent, the New York Fed said on its website. This was the biggest award since Oct. 30, when the Fed awarded $225.33 billion to 79 bidders at the same rate. On Friday, the Fed had allotted $122.99 billion in three-day reverse repos to 50 bidders, including Wall Street dealers, money ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln