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Bank of America to pay for illegal credit-card actions WASHINGTON: Bank of America will pay $772 million over illegal credit-card practices that lured consumers into signing up for added products and services, US regulators said on Wednesday.Bank of America will provide about $727 million in relief to consumers harmed by the practices, estimated to number 1.4 million, the Consumer Financial Protection Bureau said.The second-largest US bank also will pay a $20 million civil penalty to the CFPB, and a $25 million civil penalty to the Treasury Department's Office of the Comptroller of the Currency, which cooperated in the case."We have consistently warned companies about illegal practices related to credit card add-on products," the director of CFPB, Richard Cordray, said in a statement."Bank of America both deceived consumers and unfairly billed consumers for services not performed. We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market."BofA marketed ...

Spain's Bankia says will sell Iberdrola stake MADRID: Spain's state-owned bank Bankia, which was nationalised in 2012 to save it from collapse, said Wednesday it would sell its stake of 4.94 percent in Spanish utility Iberdrola.The stocks, one of Bankia's last remaining corporate stakes, are worth about 1.6 billion euros ($2.2 billion) at Ibedrola's closing price of 5.002 euros a share.The operation will be carried out through an accelerated book-building process, which involves offering shares in a short time period with little ...
RBI says reserve money grew 12.6pc on year in week to April 4 MUMBAI: India's reserve money rose an annualised 12.6 percent in the week to April 4, faster than 6.0 percent a year earlier, the Reserve Bank of India said on Wednesday.Currency in circulation grew 9.0 percent year-on-year in the week to April 4, compared with 11.2 percent a year earlier.Copyright Reuters, 2014 ...
Bank of America shuts down in Costa Rica, lays off 1,400 SAN JOSE: Bank of America announced on Tuesday it was shutting down its operations in Costa Rica, where it employed 1,400 people in a technological unit.The company said in a statement the closure of its center in the Central American country would take place over the next nine to 12 months, in order for it to concentrate its activities in other countries.Copyright AFP (Agence France-Presse), 2014 ...
Scotiabank focused on Latin America growth rather than Asia: CEO TORONTO: Bank of Nova Scotia has shifted its growth focus away from Asia, and will instead drive expansion in four Latin American countries as the bank seeks to focus on "fewer things," Chief Executive Brian Porter said on Tuesday.The Canadian bank, which operates in more than 50 countries, mostly in Latin America and Asia, will seek growth in Peru, Colombia, Mexico and Chile, where Porter sees strong economic fundamentals and sound regulatory systems.Porter has singled ...
Indonesia holds key interest rate at 7.5pc JAKARTA: Indonesia's central bank held its key interest rate at 7.50 percent Tuesday for the fifth consecutive month as inflation slowed and the trade balance improved in Southeast Asia's top economy.A higher-than-expected February trade surplus and a deceleration of inflation last month to 7.32 percent have added to signs the economy has turned a corner after being hit by emerging market turmoil last year.The rupiah and stocks have also bounced back after steep falls, which ...
BoJ chief doubts Bitcoin's future as a currency TOKYO: The head of the Bank of Japan on Tuesday cast doubt on Bitcoin's future, saying the scandal-plagued digital unit "cannot be a currency" unless it proves its reliability.The computer-generated currency has suffered a series of blows since February when the Tokyo-based Bitcoin trading exchange MtGox filed for bankruptcy, after admitting it had lost about half a billion dollars of the virtual unit.Unlike most currencies, Bitcoin is not backed by a government or central bank."It ...


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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