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Sri Lanka holds rates at multi-year lows for 6th straight month COLOMBO: Sri Lanka's central bank on Monday kept policy rates steady at multi-year lows for a sixth straight month, as expected, and said it anticipates that previous cuts will bring lower lending rates to more sectors of the economy. Between December 2012 and January 2014, the central bank cut the repurchase rate by 125 basis points (and the reverse repurchase rate by 175 bps to stimulate growth. Despite the policy-easing measures, growth of credit extended to the private sector slowed to 2.2 percent year-on-year in May from 3.3 percent in April. "The Monetary Board also noted the ongoing downward adjustments in market lending rates, which would result in the expected benefits of low cost of finance being fully transmitted to productive sectors of the economy," the central bank said in a statement. The repurchase rate and reverse repurchase rate were left at 6.50 percent and 8.00 percent, respectively. A Reuters ...

China's June fiscal spending jumps 26.1pc y/y BEIJING: China's fiscal expenditure surged 26.1 percent in June from a year earlier to 1.65 trillion yuan ($265.84 billion), the finance ministry said on Monday, reflecting the government efforts to speed up spending to shore up the economy. The spending growth accelerated from a rise of 24.6 percent in May. China's fiscal revenues rose 8.8 percent in June from a year ago to 1.3 trillion yuan, the ministry said in a statement.The government reports second-quarter ...
Oman's Bank Dhofar Q2 net profit rises 23pc, meets expectations DUBAI: Bank Dhofar, currently in talks to merge with smaller rival Bank Sohar, met analysts' expectations as it posted a 23 percent rise in second-quarter net profit on Sunday. Oman's second-largest bank by market value made a profit of 10.28 million rials ($26.7 million) in the three-month period to June 30 compared to 8.36 million rials in the same timeframe last year, according to Reuters calculations. An average of three analysts polled by Reuters had ...
Saudi's Al Rajhi Bank posts fourth straight quarterly profit dip DUBAI: Al Rajhi Bank posted a fourth successive quarterly profit decline as its second-quarter earnings fell 8.2 percent year-on-year, with Saudi Arabia's largest listed lender hit again by higher provisioning. The bank said it made 1.95 billion riyals ($520 million) in the three months ending June 30, compared with 2.12 billion riyals in the same period a year earlier, citing an increase in total operating expenses for the drop without elaborating. Saudi companies issue brief ...
ECB interest rates too low for Germany, says Bundesbank chief FRANKFURT: The European Central Bank's interest rates are too low for Germany, Bundesbank chief Jens Weidmann said on Saturday, adding that ECB monetary policy should remain expansive for no longer than absolutely necessary.Speaking at a Bundesbank open day for the public, Weidmann noted that many savers in Germany were irritated by low interest rates but said these were aimed at supporting investment and consumption.The ECB cut interest rates to record lows last month as part ...
Mexico central bank holds rates, eyes pickup in growth MEXICO CITY: Mexico's central bank kept interest rates on hold on Friday, highlighting signs of stronger economic growth while still pointing to slack in the economy that bodes for steady borrowing costs ahead. The Banco de Mexico maintained its benchmark interest rate at a record low of 3 percent, as expected by analysts polled by Reuters, after policymakers surprised markets by delivering a 50 basis point cut last month. Board members said growth picked up ...
Wells Fargo earnings edge up on higher loans, deposits NEW YORK: US banking giant Wells Fargo Friday reported slightly higher earnings as loan and deposit growth offset the effects of lower revenues from leading mortgage categories.Wells Fargo opened second-quarter earnings season for big banks with profits of $5.7 billion, up 3.8 percent from the year-ago period. Wells Fargo executives have been bullish on the momentum in the US economy. On Friday, they pointed to continuing signs of improvement."By continuing to serve customers we grew ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
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Arrow FTSE 6,788.07 0.05
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Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln