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India allows foreign investors to buy bonds in default MUMBAI: India's central bank is allowing foreign investors to buy corporate bonds that are either totally or partly in default, it said on Thursday, a potential boost to the country's nascent distressed debt market."This will provide an exit to existing investors and also help in reducing the level of stress in the banking sector," said a policymaker.India is struggling to clean up corporate balance sheets after years of expansion were followed by a sharp slowdown in growth. Companies are wrestling with more than $640 billion of debt, or more than 40 percent of India's gross domestic product, and a sluggish recovery means they struggle to repay.The result has been a bad debt pile of more than $50 billion in the country's banks and a rise in bond defaults. That number is not publicly disclosed.Indian companies typically rely on bank loans for financing, but rupee bond issuance has jumped in 2015.While ...

Lloyds to cut 945 jobs as part of 3-year restructuring plan LONDON: Taxpayer-backed Lloyds Banking Group said on Thursday it was cutting around 945 jobs in a restructuring plan first outlined a year ago with the aim of reducing the bank's workforce by 9,000.The staff affected are currently employed within the bank's retail, commercial banking and consumer finance teams, and in several back office divisions, the bank said.Europe's second-biggest bank by market value said it planned to cut around 9,000 roles - roughly 10 percent of ...
Euro area lending picks up, won't prevent ECB action FRANKFURT: Euro zone lending expanded at its fastest pace in nearly four years in October, a welcome sign for the bloc's tepid recovery but unlikely to stop the European Central Bank from easing policy further next week.Despite being a sign the ECB's quantitative easing scheme is finally having an impact, however, the figures are barely back in positive territory, and the lending is doing little to boost anaemic inflation, the central bank's chief concern.Growth in ...
Greek bank deposits drop 0.5pc in October ATHENS: Greek bank deposits fell slightly in October, data released by the country's central bank showed on Thursday.Business and household deposits dropped by 590 million euros or 0.5 percent month-on-month to 121.08 billion euros ($129.1 billion), to their lowest level since March 2003.They had risen slightly to 121.67 billion euros in September, up for the second month in a row after a 10-month decline.Greece saw a 42 billion euro deposit outflow from December to July. ...
Swedish central bank may be cautious before new measures STOCKHOLM: Sweden's Riksbank has taken a large number of policy measures in this year and will not be hurried into new action given the complexity of the current situation, Deputy Governor Cecilia Skingsley said on Thursday."A lot is happening and so there may be reason to dare to take a step back and be a bit cautious when it comes to possible further measures," she told reporters."We need to be good at seeing through the ...
Peru central bank chief sees November inflation above target level LIMA: Inflation in Peru during November will likely be higher than what the central bank would like due to an increase in some food prices, bank president Julio Velarde said on Wednesday, a sign an interest rate hike may be in the works. Velarde said that Peru's economy is growing below its potential of 4.5 percent and underscored that the sol currency has been hit by a sharp drop in prices for copper, one of ...
European banks regulator corrects capital adequacy numbers MADRID: The European Banking Authority on Wednesday corrected some of the capital adequacy ratio numbers it published on European Union banks after shares in Spanish lenders took a hit. The EBA is tasked with coordinating banking rules across the 28-country EU and was told of its mistake by banks and national supervisors shortly after the data was published at 1730 GMT on Tuesday. It published a correction on Wednesday, saying the average core equity capital ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln