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China August official PMI seen hitting 3-month high BEIJING: China's factory activity in August may have expanded at the fastest pace in three months, a Reuters poll showed, adding to evidence that the world's second-largest economy may be stabilising after slowing for more than two years.The median forecast of 12 economists polled by Reuters showed China's official manufacturing managers' index (PMI) in August may have risen to 50.6 from July's 50.3.A reading above 50 indicates expanding activity while one below it points to a contraction.Beijing has stepped up efforts in recent months to prevent a sharp economic slowdown by quickening railway investment and public housing construction and introducing a series of measures to help smaller companies, which could sustain the revival of internal demand in the coming months."PMI data for August could further confirm a stabilising trend of the economy, which is mainly underpinned by infrastructure and property investment," said Nie Wen, an analyst at Hwabao Trust in ...

US durable goods post largest drop WASHINGTON: Orders for long-lasting US manufactured goods recorded their biggest drop in nearly a year in July and a gauge of planned business spending on capital goods tumbled, casting a shadow over the economy early in the third quarter.The Commerce Department said on Monday durable goods orders dropped 7.3 percent as demand for goods ranging from aircraft to computers and defense equipment fell. That was the biggest decline since last August and snapped three consecutive ...
ING to sell South Korean insurance arm for 1.24bn euros THE HAGUE: Dutch banker ING on Monday said it was selling it South Korean insurance arm ING Life Korea to the Asian country's largest private equity firm MBK Partners in a deal worth 1.24 billion euros ($1.6 billion)."This transaction is a major step in the divestment of our Asian insurance and investment management activities," the Amsterdam-based ING said in a statement.Copyright AFP (Agence France-Presse), 2013 ...
ANA Dreamliner hit by weather radar glitch in Japan TOKYO: A Dreamliner flight from Tokyo made a U-turn after its weather radar malfunctioned on Monday, its Japanese operator said.While the error is not uncommon among other plane models it is the latest glitch for the once-grounded high-tech plane after a run of more serious setbacks.Flight 641, a Boeing 787 operated by All Nippon Airways (ANA), left Tokyo's Haneda airport at 9:00 am (0000 GMT) for the southern Japanese city of Kumamoto, carrying 234 passengers ...
Telefonica says America Movil to vote in favour of KPN's E-Plus deal MADRID: Spain's telecom giant Telefonica on Monday said America Movil, KPN's main shareholder, had given an irrevocable commitment to approve the sale of KPN's German subsidiary, E-Plus.In a statement to the Spanish stock market regulator, Telefonica also said it had improved its offer for E-Plus, for which KPN will now receive 20.5 percent of Telefonica Deutschland instead of 17.6 percent previously.Telefonica will sign an option to buy back 2.9 percent of its subsidiary after a ...
Fiat Industrial and CNH appoint Massimiliano Chiara CFO MILAN: Italian truck and tractor maker Fiat Industrial and its US unit CNH said on Monday Massimiliano Chiara is taking over as chief financial officer from Pablo Di Si, who is leaving the group.Chiara was previously chief financial officer and head of business development at Fiat Automobiles Latin America.Fiat Industrial is in the process of buying the 12 percent of CNH it does not already own and plans to rename the combined entity CNH Industrial. ...
Hypo Real to start Depfa auction in next few weeks: report FRANKFURT: Hypo Real Estate (HRE) plans to start a bidding process in the next few weeks to sell its public finance specialist unit, Depfa, German magazine Der Spiegel said, without saying where it obtained the information or what that process entailed.Possible buyers for the state-rescued German bank are financial investors and non-European banks, Der Spiegel said.Reuters reported in May that HRE had appointed Citi to organise the sale, which it must complete by the end ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln