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Australia's Roy Hill iron ore mine said to be facing short delay SYDNEY: The start-up of the $10 billion Roy Hill iron ore mine under construction in Australia has been postponed until the second week of October because of bad weather and safety problems earlier this year, according to a media report.The mine, 70 percent owned by Australian billionaire Gina Rinehart's private Hancock Prospecting and the last of the mega-projects planned during a boom that is now over, was originally targeting a September start.The Australian Financial Review reported that because of bad weather in the Pilbara iron ore belt and safety incidents, the timetable had slipped slightly until the second week of October, citing Hancock executive director Tad Watroba. Contacted by Reuters, a spokeswoman for the project declined to confirm the new date and said the company was not prepared to make any further comment.Iron ore prices have slumped by more than 75 percent since construction of the mine began four years ...

Corn firms, dry weather forecast caps gains SYDNEY/PARIS: US corn rose more than 1 percent on Thursday to extend gains into a second straight session, though forecasts for more favourable weather provided some headwind.Soybeans rose 0.5 percent, while wheat was unchanged near a three-week low.Chicago Board of Trade September corn rose 1.0 percent to $4.34 a bushel, having closed up 0.2 percent on Wednesday.Analysts said a slightly wetter weather outlook was underpinning some gains."Feed demand seems to be impatient," said Tobin Gorey, ...
London copper up on Greece relief; China worries cap gains MELBOURNE: London copper climbed on Thursday as risk appetite revived after Greece's parliament passed severe austerity measures but gains were capped on persistent concern that China's volatile sharemarket could upset early signs of economic recovery.Euro zone jitters began to ease after the Greek parliament passed a sweeping package of austerity measures demanded by European partners.China stocks rebounded on Thursday, but traders were still cautious about whether China could contain its volatile sharemarket after last week's ...
Mining giant Rio Tinto cuts iron ore target SYDNEY: Anglo-Australian miner Rio Tinto Thursday cut its full-year guidance for iron ore shipments after poor weather hit its operations in the first half of the year.The mining giant said it now expects to ship around 340 million tonnes during the 2015 calendar year after unseasonal weather, including two cyclones, in Western Australia reduced capacity at its Pilbara operations by seven million tonnes. It had previously forecast annual shipments of around 350 million tonnes."Due to ...
Australian miners rally as iron ore price spikes 10pc SYDNEY: Shares in Australia's big miners rallied Friday as the price of iron ore spiked nearly 10 percent after China announced new measures to staunch a rout on its stock market.The spot price of the commodity bounced back from its biggest one-day fall the previous day when it slumped 10 percent to $44.59 a tonne on the back of the free-falling Chinese market.It regained virtually all of its losses, analysts said, to climb 9.9 percent ...
Wheat extends losses, soy up on wet US weather SYDNEY: US wheat fell more on Thursday, retreating from a two-week high, although forecasts for potential further harvest delays due to unfavorable weather provided a floor.Corn also fell, extending losses into a second session, while soybeans rose on the threat of potential US production shortfalls following wet weather.Chicago Board of Trade September wheat futures fell 0.3 percent to $5.16-1/2 a bushel by 1126 GMT. It had closed 0.6 percent lower the previous day after hitting ...
Inquiry threat into Australian iron ore industry SYDNEY: The huge iron ore industry in Australia faces the threat of a parliamentary inquiry amid claims the world's biggest miners, including BHP Billiton and Rio Tinto, are flooding the market to wipe out smaller competitors.The steel-making commodity is the nation's largest export with Australia accounting for 60 percent of the world's sea-borne supply, and the slumping price has hit government revenues hard.Budget figures last week showed that Australia's forecast tax receipts will be cut ...


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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