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Glencore plays down impact of possible debt rating downgrade LONDON: Commodity group Glencore, whose shares have been hammered by worries about its debt burden, sought to assure investors that the impact of any credit rating downgrade on its debt profile would be modest. Glencore has investment-grade credit ratings, of BBB from Standard and Poor's and Baa2 by Moody's Investors Services, but some analysts and investors have speculated about a possible downgrade if hard-hit commodity prices remain weak. Both agencies have Glencore on negative outlook and Glencore's credit default swap (CDS) prices, the cost of insurance against a firm's bankruptcy, have soared in recent weeks. Glencore said in a statement on Tuesday that its funding costs would only increase marginally if credit ratings were cut. The London-listed group said if ratings were downgraded by one notch, which would still be investment grade, there would be modest increase in margins on its $6.8 billion five-year revolving credit facility. But since that ...

Gold steadies on softer dollar, views on Fed's rate rise LONDON: Gold steadied on Tuesday as the dollar eased after a poor US jobs number last week rattled markets, raising doubts over a Federal Reserve rate rise this year.Spot gold ticked up 0.2 percent to $1,137.45 an ounce by 1011 GMT. Prices rose to a one-week high above $1,140 in the previous session, supported by a weaker dollar. The metal is still largely holding on to Friday's 2.2 percent jump, the biggest one-day rise since ...
Soy prices ease as US crop condition ratings raised LONDON: Soybean futures were slightly lower on Tuesday as the condition of US crops improved and the harvest pace remained well ahead of normal. Corn and wheat prices were little changed. "We have seen some real uncertainty in the US over weather and harvest and the market reacts to anything that may provide some clarity," said Phin Ziebell, agribusiness economist, National Australia Bank. The US Department of Agriculture estimated late on Monday that 64 percent ...
Copper slides as China worries resurface LONDON: Copper fell on Tuesday as concerns about slowing demand growth in top consumer China and an oversupplied market resurfaced, but falling inventories, planned output cuts and a weaker dollar helped limit losses. Benchmark copper on the London Metal Exchange was down 0.5 percent to $5,154 a tonne by 1101 GMT. "People are worried about the outlook in China and, increasingly, in other emerging markets," said Stephen Briggs, analyst at BNP Paribas, adding that output ...
Russian wheat prices broadly flat after state export tax cut MOSCOW: Russian export prices for wheat were broadly flat last week after the government agreed to cut its export tax from Oct. 1, making Russia's output more competitive on the global market, analysts said on Monday. The tax move had been widely expected by market players since early September, and prices for wheat had risen by between $7 and $9 per tonne in the last four weeks. Russia is one of the world's top wheat ...
Gold slips on higher shares, soft US jobs data caps decline LONDON: Gold slipped on Monday as investors turned to riskier assets, but a weaker dollar after a disappointing US jobs report pushed back expectations of a Federal Reserve rate hike to early 2016, helped limit the downside. Spot gold eased 0.3 percent to $1,134.50 an ounce by 0933 GMT. The metal had gained 2.2 percent on Friday, its biggest one-day rise since Jan. 15, after data showed US employers slammed the brakes on hiring over ...
Copper rises on weak dollar, equity rally LONDON: Copper rose on Monday alongside global equity markets after a disappointing US jobs report pushed back expectations for a US rate rise and weakened the dollar. Benchmark copper on the London Metal Exchange gained 1.4 percent to $5,169 a tonne by 1039 GMT. Friday's US nonfarm payrolls report showing the world's largest economy added only 142,000 jobs last month has led many to expect the Federal Reserve to delay hiking rates until 2016. The ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln