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Deutsche Bank posts quarterly net loss as legal costs weigh FRANKFURT: Deutsche Bank reported a net loss in the third quarter as heavy legal costs weighed on earnings, while a modest rise in investment banking results lagged many of the big gains seen by its peers. Germany's top lender reported quarterly net loss of 92 million euros as heavy charges for expected fines and settlements ate into a modest 2 percent increase in net revenue. The group's important investment banking division saw a 9 percent rise in revenue as debt trading surged 15 percent, a relatively modest increase compared with its US-based rivals. Morgan Stanley reported an 87 percent rise in earnings due to increased trading. Deutsche Bank spent 894 million euros on litigation costs in the quarter. In total, it has spent around 7 billion euros on fines and settlements since 2012. The bank also sounded a note of caution on some of its revised 2015 profit goals, saying ...

China can cut economic growth target to 7pc in 2015: World Bank BEIJING: China can afford to cut its 2015 economic growth target to 7 percent and still keep its labour market healthy, the World Bank said on Wednesday, even as it urged Beijing to stop setting rigid growth objectives. "Our policy message is the focus should be on reforms rather than meeting specific growth targets," Karlis Smits, a senior economist at the World Bank office in Beijing, told reporters at a media briefing. "In our view, ...
Brazil set to hold interest rates ahead of policy changes BRASILIA: Brazil's central bank will likely keep interest rates steady for a fourth straight time on Wednesday, holding its ground until President Dilma Rousseff announces changes to economic policy following her narrow re-election victory. All 43 economists surveyed in a Reuters poll expect the central bank to keep its benchmark Selic rate unchanged at 11 percent. After narrowly defeating centrist Senator Aecio Neves on Sunday, Rousseff has pledged to change her economic team and alter ...
Philippine central bank says could keep current policy stance if inflation remains favourable MANILA: The head of the Philippine central bank said on Wedneday it could leave current policy settings on hold if inflation remains favourable and the US Federal Reserve takes its time in raising interest rates, its head said on Wednesday. Bangko Sentral ng Pilipinas Governor Amando Tetangco was speaking at a forum organised by the Foreign Correspondents Association of the Philippines, a day after he said inflation will probably ease further on lower food and ...
Monte Paschi eyes delay to aid repayments to plug funding gap ROME/MILAN: Banca Monte dei Paschi di Siena may seek to delay repaying hundreds of millions of euros in state aid to help shore up its balance sheet as it explores strategic options which could include a merger, chairman Alessandro Profumo said on Tuesday. Profumo and Monte dei Paschi Chief Executive Fabrizio Viola met Economy Ministry officials on Monday to consider the bank's next move after European Central Bank stress tests exposed a 2.1 billion euro ...
Deutsche Bank reshuffles board to sharpen legal focus FRANKFURT: Deutsche Bank reshuffled and expanded its management board by naming a Goldman Sachs banker as chief financial officer and creating a new board role to sharpen the bank's focus on resolving a long list of lawsuits and investigations.The reshuffle will add two members to the seven-member board, with auditing head Christian Sewing moving to the board as the new chief of Legal and Incident Management on Jan. 1.Marcus Schenck, the London-based Goldman Sachs investment ...
Bank of England set to impose higher leverage ratio on banks: sources LONDON: The Bank of England is expected to impose on UK banks a tougher leverage ratio, the broadest of capital requirements, than under proposed global rules, in a move to reassure investors that lenders can survive the next financial crisis, banking sources said.The BoE is at the same time expected to simplify proposals on varying the new ratio, which specifies the minimum amount of core capital a bank must hold as a proportion of its ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln