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Euro zone lending improves in June FRANKFURT: Lending to euro zone households and firms picked up slightly in June, European Central Bank data showed on Monday.Loans to the private sector in June grew by 0.6 percent on the year, compared with a rate of 0.5 percent in May. The June result was in line with expectations in a Reuters poll.Sparse lending to companies had dogged the struggling euro zone economy although the picture has been improving since late 2014 and policy setters including ECB President Mario Draghi believe that the bloc is recovering. The M3 measure of money circulating in the euro zone, which is often an early indicator of future economic activity, grew by 5.0 percent in June, in line with the previous month, the ECB said.Copyright Reuters, 2015 ...

Fed policy meeting: is Yellen turning bullish? WASHINGTON: Bullishness is not a word much associated with Janet Yellen since she became Federal Reserve chair 18 months ago, but that could change with the Fed's next policy meeting.With a global focus on when the US central bank will begin raising interest rates after nearly seven years locked at zero percent, analysts will be looking for a shift in how the Yellen-led Federal Open Market Committee on Wednesday describes the US economy.No decision to ...
Nigeria central bank keeps benchmark rate at 13pc ABUJA: Nigeria's central bank kept its benchmark interest rate on hold at 13 percent on Friday, saying concerns about rising inflation and expected normalisation of US interest rates meant monetary policy in Africa's biggest economy had to remain tight. Governor Godwin Emefiele said the bank's monetary policy committee voted 8-4 in favour of keeping the rate at its current level, one of the world's highest benchmark borrowing rates. Its last move was in November. The ...
Russian central bank withdraws licence from top 50 bank MOSCOW: Russia's central bank on Friday withdrew the licence of Rossiysky Kredit Bank, one of the top 50 banks, saying it had broken federal laws and central bank regulations, presented inaccurate financial reports and engaged in high-risk activity. Rossiysky Kredit Bank was the 45th largest Russian bank by assets as of July 1, according to its financial reporting. The central bank said in a statement that Rossiysky Kredit Bank had hidden grounds for bankruptcy proceedings ...
ECB stimulus may finally reach Greece, but ‘what's the use anyway? LONDON: European Central Bank purchases of Greek bonds, which may start in a month at the earliest, will be too small to push the country's borrowing costs low enough for Athens to regain market access soon.ECB President Mario Draghi has said the bank might have a two-month window after a bailout deal is settled to buy Greek bonds, after which it will quickly hit its self-imposed limit of holding a third of a country's eligible ...
UniCredit says working to simplify management structure MILAN: UniCredit is working to simplify its management structure, a spokesman for the Italian bank said on Friday when asked about a possible departure of Managing Director Roberto Nicastro. "The company is considering simplifying its structure in a plan that will be discussed at a board meeting on August 5," the spokesman said. Financial daily Il Sole 24 Ore reported on Friday Nicastro would soon leave UniCredit, possibly headed for BNP Paribas' Italian unit BNL. ...
New Zealand cuts rates again, flags more to come WELLINGTON: New Zealand cut interest rates for the second consecutive month on Thursday, warning more easing was likely amid "softening" growth and low inflation in the farm-reliant economy.In a widely expected move, the Reserve Bank trimmed the Official Cash Rate (OCR) 0.25 percentage points to 3.0 percent, building on a similar decrease in June which was the first cut in New Zealand for four years."A reduction in the OCR is warranted by the softening in ...


Index Closing Chg%
Arrow DJIA 17,751.39 0.69
Arrow Nasdaq 5,111.73 0.44
Arrow S&P 2,108.57 0.73
Arrow FTSE 6,631.00 1.16
Arrow DAX 11,211.85 0.34
Arrow CAC-40 5,017.44 0.81
Arrow Nikkei 20,302.91 0.13
Arrow H.Seng 24,619.45 0.47
Arrow Sensex 27,563.43 0.38

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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln