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China Construction Bank opens first branch in Italy MILAN: China Construction Bank Corp (CCB) , the country's second-biggest bank, opened its first Italian branch in Milan on Friday, further expanding its presence in Europe. CCB opened branches in Barcelona and Amsterdam in the past few days. A foothold in Italy's financial capital would help CCB promote trade between the euro zone's third-largest economy and China, which rose 8 percent in value last year to $47 billion, the bank said. CCB said it was targeting medium- and large-sized Italian companies that have commercial ties with China or invest there. "The opening of our Milanese branch ... is an important step towards improving our network abroad," CCB Chairman Wang Hongzhang said in a statement. Copyright Reuters, 2015 ...

Indonesia central bank governor says higher fiscal deficit not a worry JAKARTA: Indonesia's central bank governor said on Friday he was not worried that the government's fiscal deficit this year might reach 2.23 percent of gross domestic product, significantly higher than in the budget.The government will not issue additional bonds but will use foreign loans to cover any increase in the deficit, Agus Martowardojo told reporters."The government does not have a plan to issue additional bonds, but will get foreign loans," he said.On Wednesday, Finance Minister ...
ECB eyes stress tests for non-bank financial institutions VILNIUS: European regulators need a broader toolkit and should develop stress tests to tackle possible systemic risks coming from the shadow banking sector, ECB Executive Board member Vitor Constancio said on Friday.Non-bank financial institutions such as insurance companies, pension funds and investment funds in equity markets are becoming increasingly linked to the wider financial sector, Constancio said in the text of a speech."The more policymakers are effective in using macroprudential tools to constrain excessive credit ...
Egypt's central bank lets pound weaken by 1.3pc CAIRO: The central bank let the Egyptian pound depreciate for the first time in five months on Thursday, a move analysts said would please the international investors that Cairo is courting. The bank said it sold $38.8 million at a cutoff price of 7.63 pounds per dollar at a regular auction, sending the currency to its weakest level since auctions began in December 2012. The new rate is 1.3 percent weaker than the rate of ...
Kenya's central bank to mop up 21bn shillings NAIROBI: Kenya's central bank sought to mop up 21 billion shillings ($212 million) from the market on Thursday saying there was excess liquidity.The bank uses repurchase agreements (repo) and term auction deposits (TAD) to try and minimise liquidity, in order to make it a bit more expensive for people to bet against the shilling, thus offering a measure of stability in the currency market.Copyright Reuters, 2015 ...
Romania central bank governor: continuing IMF aid deal is key to reforms BUCHAREST: Romania should continue to have some sort of aid agreement with the International Monetary Fund and the European Commission, as this is key to continuing economic reforms, Central Bank Governor Mugur Isarescu said on Wednesday. Romania has a standby aid deal with the IMF that expires in September and it is unclear whether it will be renewed. Romania has defied the lenders with a programme of sweeping tax cuts, despite warnings that these would ...
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 ...


Index Closing Chg%
Arrow DJIA 17,598.20 0.52
Arrow Nasdaq 5,115.38 0.25
Arrow S&P 2,098.04 0.25
Arrow FTSE 6,688.62 0.11
Arrow DAX 11,443.72 1.19
Arrow CAC-40 5,120.52 0.75
Arrow Nikkei 20,548.11 0.11
Arrow H.Seng 24,411.42 0.91
Arrow Sensex 28,187.06 0.26

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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 $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln