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Australia's RBA cuts rates, markets wonder if that's all SYDNEY: Australia's central bank cut interest rates for the second time this year on Tuesday, seeking to buttress the economy against sliding mining investment while heading off a harmful increase in the local dollar. The currency did initially drop after the Reserve Bank of Australia (RBA) trimmed its cash rate a quarter point to a fresh all time trough of 2.0 percent. Yet it soon rallied as investors wondered whether the easing cycle might now be over. Indeed, the statement announcing the move noted some improvement in the economy while omitting a mention that further action could prove necessary. "The Board judged that the inflation outlook provided the opportunity for monetary policy to be eased further, so as to reinforce recent encouraging trends in household demand," said RBA Governor Glenn Stevens. He also offered a nod to recent better data. "The available information suggests improved trends in household demand over ...

Indonesia central bank says sees stronger growth in Q2 JAKARTA: Indonesia's central bank said on Tuesday that the country's economic growth will rebound in the second quarter of this year after slowing more than expected in the first quarter.Bank Indonesia said in a statement issued after the data that government spending will improve in the second quarter. Investment is also seen rising in April-June period when the government starts infrastructure projects. It maintained its view for full-year 2015 growth at the lower end of ...
Credit Suisse dropped SEC waiver request amid opposition WASHINGTON: Credit Suisse has quietly withdrawn a request for a waiver to raise capital more easily, after US Securities and Exchange Commission staffers told the bank in recent weeks it would not win approval, people familiar with the matter told Reuters. The bank had applied for the waiver following its agreement last year to pay $2.5 billion to resolve criminal charges that it helped wealthy Americans evade U.S taxes. The criminal charges automatically triggered a ...
Turkey's real effective exchange rate falls to 102.62 in April ISTANBUL: Turkey's central bank said on Tuesday the real effective exchange rate of the lira, which the bank is monitoring to avoid excessive volatility, fell to 102.62 in April from a revised 104.01 in March. The rate measures the weighted average of domestic prices relative to those of Turkey's trading partners. The bank said it had changed the way it calculates the real effective rate because of higher foreign trade volumes. Copyright Reuters, 2015 ...
Poland's PKO Q1 net seen 21pc down year-on-year WARSAW: Poland's largest lender, PKO BP , is seen reporting a 21 percent fall in its first-quarter net profit because of costs associated with the bank's merger with its smaller peer Nordea Bank Polska, a Reuters poll showed.The state-controlled bank is expected to report net profit of 638 million zlotys ($176.11 million) for the first quarter of 2015, based on the average of estimates from 11 banks and brokerages. Copyright Reuters, 2015 ...
UBS net profit surges 88pc in first quarter ZURICH: Switzerland's biggest bank UBS on Tuesday reported an 88 percent surge in first quarter profits, despite a strong franc, outstripping analysts' forecasts.Profits soared to 1.9 billion Swiss francs (1.8 billion euros, $2 billion) from 1.05 billion Swiss francs in the previous year as its wealth management business raked in the biggest profit since the global economic crisis struck in 2008.The results were far higher than the 1.1 billion Swiss francs forecast by analysts polled ...
Morgan Stanley warns it could lose $292mn in subprime suit NEW YORK: Morgan Stanley warned on Monday it could lose some $292 million in a lawsuit filed by Deutsche Bank over subprime mortgages.Deutsche Bank, through the Deutsche Bank National Trust Company, filed a suit against Morgan Stanley last month.The German bank says Morgan Stanley knowingly passed on to it mortgages with an original principal balance of $735 million that were in fact toxic, according to a statement from Morgan Stanley.A New York court has rejected ...


Index Closing Chg%
Arrow DJIA 18,010.68 0.64
Arrow Nasdaq 5,070.03 0.55
Arrow S&P 2,107.39 0.63
Arrow FTSE 6,984.43 0.80
Arrow DAX 11,413.82 2.26
Arrow CAC-40 5,007.89 2.53
Arrow Nikkei 20,563.15 0.06
Arrow H.Seng 27,424.19 0.11
Arrow Sensex 27,828.44 1.17

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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln