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Australia's Commonwealth Bank annual profit soars 13pc SYDNEY: Australia's biggest bank, the Commonwealth, on Wednesday posted a bumper 13 percent jump in full-year net profit to a record Aus$8.63 billion (US$8.0 billion) with gains across each of its core divisions.The country's top home lender and biggest company by market capitalisation said net profit for the 12 months ending June 30 was up from Aus$7.68 billion the year before, slightly above analyst expectations.Cash profit -- the bank's preferred measure which strips out one-off costs -- was Aus$8.68 billion, up 12 percent, underlying a buoyant financial position.A final dividend of Aus$2.18 was declared, an increase of nine percent."This year we have again struck a balance between the group's short-term and long-term priorities," said chief executive Ian Narev. "At the same time as delivering a 12 percent increase in cash earnings, and a strong return on equity, we reinvested Aus$1.2 billion into the business." He said most of this was ...

India central bank governor warns on crony capitalism MUMBAI: India's central bank governor Raghuram Rajan has said crony capitalism is emerging as a "real concern" in India and a major threat to competition and economic growth.The term describes instances when governments give firms or individuals favourable treatment and allow conglomerates undue political influence."One of the greatest dangers to the growth of developing countries is... crony capitalism (which) creates oligarchies that slow down growth," Rajan said in a lecture late Monday in Mumbai.During the ...
Turkish central bank injects 15bn lira in repo, bids 28.18bn lira ISTANBUL: Turkey's central bank injected 15 billion lira ($6.96 billion) into the market in a one-week repo auction on Tuesday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Aug. 19, were 28.18 billion lira. Copyright Reuters, 2014 ...
Turkey's Vakifbank Q2 net profit falls 9pc, beats forecasts ISTANBUL: Turkish lender Vakifbank posted a net profit of 349.2 million lira ($162.4 million) in the second quarter, down 9 percent from a year earlier but exceeding a Reuters poll forecast of 318 million lira. The bank, which made the announcement in a statement to the Istanbul stock exchange late on Monday, had a net profit of 382.1 million lira in the same period a year earlier. Copyright Reuters, 2014 ...
Indonesia finance min sees 2014 budget deficit below 2.4pc of GDP JAKARTA: Indonesia's budget deficit for 2014 will be below 2.4 percent of gross domestic product (GDP), Finance Minister Chatib Basri told reporters on Tuesday, slightly lower than a previous forecast of 2.4 percent. Next year's budget deficit will be below 1.5 percent if the incoming government, which will take office on Oct. 20, decides to cut fuel subsidies, he added. Copyright Reuters, 2014 ...
PBOC to drain 20bn yuan via 14-day repos SHANGHAI: China's central bank will drain 20 billion yuan ($3.25 billion) from the money markets through 14-day bond repurchase agreements on Tuesday, traders said. Maturing repos will inject a net 64 billion yuan into the banking system this week. The People's Bank of China (PBOC) conducted a net drain of 20 billion yuan from the banking system last week.Copyright Reuters, 2014 ...
Banks targeted in 'enormous' Australian class action SYDNEY: An "enormous" class action over credit card late fees charged by financial institutions, including Citibank and Westpac, on behalf on all their customers was filed in an Australian court Tuesday.The action -- which could become Australia's biggest consumer lawsuit -- was filed by lawyers Maurice Blackburn against Westpac, Citibank, St. George, BankSA and ANZ in the New South Wales Supreme Court.The open class proceedings mean that "all customers who have ever been charged a ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 25, 2014
Reserves $13.925 bln