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World Bank arm to raise $2.5bn in India bond sale NEW DELHI: The World Bank's private sector financing arm said on Wednesday it would raise $2.5 billion in Indian rupee-denominated bonds to fund much-needed infrastructure projects across the country.The debt sale by the International Finance Corporation (IFC), the largest global development institution focused on the private sector, marks one of India's biggest-ever financing offers.The proceeds of the bond sale will be used to help finance India's ambitious infrastructure programme to overhaul its shabby roads, ports and airports among other projects.India requires big investment to carry out the planned infrastructure programme, expected to cost around $1 trillion in the five years to 2017.But a shallow bond market and lack of other longterm financing have hampered efforts to raise the necessary money.Leading Indian financial daily, The Economic Times, called the bumper debt sale a "vote of confidence in the Indian economy" under the country's new right-wing premier Narendra Modi.The IFC will use ...

Bank of England splits over rate hike for first time in 3 years LONDON: Bank of England policymakers have broken ranks over interest rates for the first time in three years, with two of them unexpectedly voting to tighten policy, in a move that revives speculation about a 2014 rate hike.Martin Weale and Ian McCafferty - external members of the BoE's nine-member Monetary Policy Committee - voted to raise interest rates to 0.75 percent from 0.5 percent, according to minutes of the MPC's Aug. 6-7 meeting released on ...
StanChart's $300 million fine raises heat on board NEW YORK/LONDON: A $300 million fine on Standard Chartered for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had already prompted calls for change at the top.Chief Executive Peter Sands has faced criticism following big losses in Korea, a slowdown in investment banking and the impact of tougher regulations. The bank warned in June that profit would fall in ...
Turkish central bank injects 2bn lira in repo, bids 3.38bn lira ISTANBUL: Turkey's central bank injected 2 billion lira ($924 million) into the market in a one-week repo auction on Wednesday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Aug. 27, were 3.38 billion lira. Copyright Reuters, 2014 ...
Bank of England split adds muddle to confusion LONDON: Two of the nine members of the UK central bank's rate-setting committee voted to increase rates. There is good evidence of job market tightening. But inflation is still falling. Markets don't know which way to turn. Neither, it seems, does the BoE.Copyright Reuters, 2014 ...
Australia says Bitcoin not taxable as currency SYDNEY: Crypto-currencies such as Bitcoin should not be considered as money or a foreign currency when it comes to taxation, Australia's tax authority ruled Wednesday.In guidance designed to help people finalise their tax returns, the Australian Tax Office said Bitcoins were a form of property, disappointing those hoping they would be seen as a currency. The decision follows a similar move by the US Inland Revenue Service in March."Transacting with Bitcoins is akin to a ...
Citigroup eyes sale of Japan retail banking business: reports TOKYO: Citigroup is eyeing the sale of its Japanese retail banking operations, reports said Wednesday, more than a century after setting up shop in the Asian nation.The Nikkei business daily said the US financial giant was talking to Japan's three top lenders about a possible deal, among others.The bidding process was expected to begin as early as September, the daily said, adding that a number of domestic banks have expressed an interest, aiming to gain ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln