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India seeks $4bn spending boost, almost half for state banks NEW DELHI: India's Finance Minister Arun Jaitley sought parliament's approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.High levels of non-perfoming assets in the state-run banks have made it hard for the government of Prime Minister Narendra Modi to revive investment or accelerate growth in Asia's third largest economy.State lenders account for more than 70 percent of all outstanding bank loans, and they are in need of support to meet Basel III regulatory requirements.Having allocated $1.24 billion for the state banks in February budget, the finance ministry aims to inject an extra $1.9 billion, if parliament approves.The ministry is also seeking to raise support for Air India, the loss-making national airline, by an additional 8 billion rupees ($125 million).Junior finance minister Jayant Sinha told reporters that the ...

Lloyds profits rise despite further mis-selling costs LONDON: Britain's state-rescued Lloyds Banking Group said on Friday that net profits rose by 31 percent in the first half, despite setting aside further funds for compensation for insurance mis-selling.Earnings after tax rose to £874 million (1.245 million euros, $1.364 million) in the six months to June, and the company announced a dividend of 0.75 percent per share, amounting to £535 million.This was despite setting aside a further £1.4 billion to cover compensation to customers ...
Swiss central bank books record loss of 50bn francs GENEVA: Switzerland's central bank said Friday it lost a record 50 billion francs ($51 billion, 47 billion euros) in the first half of 2015, due mainly to the hefty depreciation of its foreign currency holdings.The Swiss National Bank had been holding down the value of the franc for more than three years, but suddenly announced on January 15 that it was abandoning the minimum rate of 1.20 francs to a euro.The decision to scrap the ...
Mexico central bank moves to defend peso, eyes weak economy MEXICO CITY: Mexico bolstered its intervention program to defend the peso on Thursday as the central bank warned that the currency could slump further after suffering a string of record lows.The Banco de Mexico left its key rate at 3.00 percent, as expected by all 24 analysts surveyed by Reuters last week. Despite the peso's losses, the central bank said that the inflation outlook had improved in the short term. But it also noted that ...
Deutsche Bank's profit increase overshadowed FRANKFURT: Deutsche Bank warned that its new performance targets were at risk from heavy legal charges as it set aside 1.2 billion euros ($1.31 billion) for fines and settlements and reported quarterly earnings largely in line with expectations.Germany's largest bank by market value said it might not reach its 2020 performance targets, which include a return on tangible equity of over 10 percent compared to 5.7 percent now, should fines and settlements continue to batter ...
Royal Bank of Scotland reports profits rise LONDON: State-rescued Royal Bank of Scotland on Thursday announced a 27-percent rise in net profits for the second quarter, with the sale of US operations offsetting higher exceptional costs. Profit after tax climbed to £293 million ($457 million, 418 million euros) in the three months to the end of June compared with a net gain of £230 million in second quarter of 2014, the group said in a statement.The latest update comes after the British ...
Barclays boss McFarlane seen speeding asset sales, cost cuts LONDON: Barclays' new chairman John McFarlane is expected to speed up cost cuts and asset sales at the British bank on Wednesday, when quarterly results will be eclipsed by his strategic plans and the search for a new chief executive. McFarlane fired chief executive Antony Jenkins earlier this month, saying Barclays' turnaround was not happening quickly enough, so he is expected to give more details on his strategy alongside results for the second quarter.McFarlane, who ...


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Arrow DJIA 16,654.77 2.27
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Arrow S&P 1,987.66 2.43
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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln