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Rio Tinto to slash costs further to endure bumpy ride in iron ore LONDON: Rio Tinto, the world's second largest mining company, warned of "continued bumps" in its key iron ore market and vowed to stay focused on slashing costs to be the last man standing at a tough time for the sector. The London-listed company and its rivals BHP Billiton and Vale are trying to cut production costs to the bone to remain competitive after a tumble in the price of iron ore in the last couple of years.After losing almost three quarters of its value from a peak of about $190 per tonne in 2011, the outlook for the steel ingredient remains dire, due to a wave of new supply, mostly from the large producers themselves, smothering weaker demand growth."The reality is tough out there and as an organization all that we can do is to respond as best as we can in a tough environment," said Rio Tinto's Chairman Jan ...


RUBBER-Tokyo futures rise on higher oil, hopes for China stimulus TOKYO: Benchmark TOCOM rubber futures rose on Thursday, nearing a key technical barrier of 200 yen, as a higher yen against the US dollar was outweighed by a jump in oil prices overnight and expectations of additional monetary stimulus in the world's top buyer China.Copyright Reuters, 2015

London copper prices firm as weak US data drags on dollar MELBOURNE: London copper edged higher on Thursday, but stayed near four-week lows, after weak US factory growth dragged on the dollar, easing pressure on commodity prices.US industrial output posted its biggest drop in more than 2-1/2 years in March, pushing the dollar to its lowest against a basket of currencies in more than a week. A weaker greenback gives commodity buyers holding other currencies more purchasing power.Still, malaise in China's economy, where growth hit its ...

LME aluminium targets $1,840 SINGAPORE: LME aluminium may break a resistance at $1,822 per tonne and rise further to $1,840, as indicated by a Fibonacci ratio analysis.The resistance is at the 50 percent Fibonacci retracement on the fall from the Feb. 3 high of $1,898 to the March 12 low of $1,745, temporarily blocking the way towards the 61.8 percent level at $1,840.Wave pattern suggests aluminium is riding on a wave c, the third wave of a three-wave cycle ...

Shanghai copper may rebound to 43,570 yuan SINGAPORE: Shanghai copper may rebound a bit more to 43,570 yuan per tonne, as it has climbed above a resistance at 43,100 yuan.The resistance was at the 38.2 percent Fibonacci retracement on the rise from the March 19 low of 41,080 yuan to the March 27 high of 44,340 yuan. The next resistance will be at 43,570 yuan, the 23.6 percent level.It is hard to categorize the gain from the April 14 low of 42,580 ...

Palm oil's target at 2,214 ringgit aborted SINGAPORE: A bullish target at 2,214 ringgit per tonne has been temporarily aborted for palm oil , as it failed to hover above a support at 2,157 ringgit.The support is at the 50 percent Fibonacci retracement on the rise from the Sept. 2, 2014 low of 1,914 ringgit to the March 4 high of 2,400 ringgit. A small double-bottom forming around 2,100 ringgit has thus been made invalid.The target will be resumed only when palm ...

Iron ore struggles as Goldman sees peak demand in 2016 SINGAPORE: Iron ore futures edged higher on Thursday, but weak buying interest in top consumer China and a well-supplied market suggest more downside risk for prices as Goldman Sachs predicts global demand peaking next year.Spot iron ore slipped back below $50 a tonne after a two-day rally this week spurred by a recovery in futures markets. Gains in Dalian iron ore futures on Thursday were more modest compared to earlier in the week.Up to half ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln