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ELA, the ECB's financial lifeline for Greek banks FRANKFURT: The European Central Bank meets again Wednesday to decide whether to keep open the Emergency Liquidity Assistance or ELA programme for Greece.ELA was originally intended as a lifeline for solvent lenders that get into a cash jam, but has become a tool to keep the entire Greek economy alive while Athens and its creditors try to find a way out of their current deadlock. With bailout talks having failed and Greece since defaulted on an IMF payment, the ECB's governing council is scheduled to meet on Wednesday afternoon to decide whether to keep the level of its emergency cash support for Greek banks unchanged, increase it or shut it down altogether.If the ECB shuts down the programme it could propel Grece towards a collapse of its financial system.Here is a quick look at the ELA programme:Normally, the ECB provides eurozone banks with liquidity on a day-to-day basis via its ...

Deutsche Bank's new chief wants time to decide on strategy FRANKFURT: Deutsche Bank's new chief, John Cryan, said Wednesday that he intends to take until the autumn to consider how to tackle the current challenges facing Germany's biggest lender. Without calling into question his predecessors' strategy, which he himself approved as member of Deutsche Bank's supervisory board, the 54-year old Briton said he felt it "right to take the summer and early autumn to decide how to best execute those decisions. "We will therefore update ...
Japan business confidence hits best level since March 2014: BoJ TOKYO: Confidence among major Japanese manufacturers increased in the three months to June, beating expectations to rise to its highest level in more than a year, a Bank of Japan survey showed Wednesday.The central bank's closely-watched quarterly Tankan report showed the confidence index stood at plus 15 in June, up from plus 12 for the two previous surveys.The reading beat economists' median forecast that the index would stay flat at plus 12 and marked the ...
Chinese media see international bank as diplomatic coup BEIJING: The creation of the Chinese-led Asian Infrastructure Investment Bank is a bigger coup for Beijing than its hosting of the 2008 Olympics, state-run media said Tuesday after 50 countries signed its legal framework.China was spurred to create the AIIB after "unfair treatment" by Washington-led institutions, the Global Times said in an editorial, apparently referring to the World Bank and International Monetary Fund.The AIIB has been viewed by some as a rival to the World ...
ECB chief Mario Draghi in front line of Greek crisis FRANKFURT: European Central Bank chief Mario Draghi famously vowed in 2012 to "do whatever it takes" to save the euro.As the single currency area hurtles towards a possible "Grexit" three years later, the 67-year-old central banker is seeing that pledge put to the test.With the debt-battered Greek economy essentially cut off from normal financing, the breakdown of talks between Athens and its creditors last weekend has placed Draghi -- who insists the ECB is not ...
BNP Paribas in talks to buy GE's European fleet management business PARIS: BNP Paribas's Arval unit signed a memorandum of understanding to buy GE Capital's European fleet management business, the group said in a statement on Monday.The completion of the transaction is expected in the fourth quarter of this year, The French bank said.Copyright Reuters, 2015 ...
Framework for China-led international bank signed BEIJING: Countries from five continents formally signed up to the China-led Asian Infrastructure Investment Bank at a ceremony on Monday, officials said, as Beijing steps up its global diplomatic and economic role.Australia was the first country to sign the articles of association creating the AIIB's legal framework in the Great Hall of the People, an AFP journalist saw, followed by 49 other founding members. Seven more are expected to do so by the end of ...


Index Closing Chg%
Arrow DJIA 17,6630.27 1.09
Arrow Nasdaq 5,089.21 0.98
Arrow S&P 2,093.25 1.24
Arrow FTSE 6,555.28 0.77
Arrow DAX 11,173.91 1.06
Arrow CAC-40 4,977.32 1.01
Arrow Nikkei 20,328.89 0.10
Arrow H.Seng 24,503.94 0.62
Arrow Sensex 27,459.23 0.37

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln