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Sterling hits 7-year high against euro on strong wages data LONDON: Sterling hit a seven-year high against the euro on Wednesday after data showed British wages growing strongly, outstripping inflation by the widest margin since before the financial crisis.Minutes from the Bank of England's latest policy meeting showed pay -- watched closely by the Bank -- was rising faster than rate-setters expected. Though they still elected unanimously to keep policy on hold, two BoE policymakers voted to increase rates in the second half of the year.British interest rates have been at a record low of 0.5 percent for six years, and investors reckon they could stay there for at least another year due to low inflation, even as the economy heads for its strongest growth in nearly a decade.Average weekly earnings, including bonuses, rose 2.4 percent in annual terms in December, well above inflation of 0.5 percent and picking up from November. The Office for National Statistics also said Britain's ...

C$ slips with crude, markets eye Fed minutes TORONTO: The Canadian dollar softened against the greenback on Wednesday, as the market awaited the minutes of the most recent Federal Reserve meeting and crude prices retreated.Markets were also digesting a flurry of data, mostly out of the US, including figures that showed plunging crude prices were keeping a lid on inflation, which could argue against an interest rate hike by the Fed.US housing starts fell in January as ground breaking for single-family projects slipped ...

Russian rouble slump pushes Severstal's Q4 margin to 6-year high MOSCOW: Russian steelmaker Severstal reported its best core earnings margin in six years in the last quarter of 2014, helped by a weakened rouble which lifted exports and cut its costs, the company said on Wednesday. Severstal is the first Russian steelmaker to report financials for the final quarter of last year, when the rouble lost 30 percent against the dollar due to weak oil prices and Western sanctions over Ukraine crisis. While many Russian ...

Sterling surges on upbeat UK economic outlook, euro struggles LONDON: Sterling was the biggest mover on major currency markets on Wednesday, driven higher by the latest in a batch of more optimistic signals on Britain's economic prospects ahead of elections in May. In Europe, all eyes remained on Greece and the associated risks to the euro while the yen steadied after a jump driven by the Bank of Japan's confirmation that it saw no need to print more money to stimulate its economy. Average ...

Egyptian pound steady at both official and black market exchange rates CAIRO: Egypt's central bank kept the pound EGP steady at 7.53 to the dollar at a foreign exchange auction on Wednesday and the currency was also stable on the black market, traders said. The central bank has now kept the official exchange rate steady for the past two weeks after letting the pound weaken since Jan. 18 in an effort to wipe out black market trading.It typically holds auctions every Sunday, Monday, Wednesday and Thursday. ...

Polish zloty slightly weaker as rate cut expectations persist BELGRADE: The Polish zloty, the most liquid currency in Central Europe, was a touch weaker on Wednesday on persistent expectations for an interest rate cut early next month.Uncertainty about whether Greece will secure a debt deal with its euro zone partners and concerns about the situation in eastern Ukraine also made investors in Central Europe cautious.Poland was due to release industrial output and retail sales data, but that was unlikely to change market expectations for ...

Sterling rises towards 7-yr highs after upbeat UK jobs, wages data LONDON: Sterling rose towards recent seven-year highs against the euro while gilt futures fell on Wednesday after data showed British pay growth outstripped inflation by the most in several years in December and the jobless rate fell.Average weekly earnings, including bonuses, rose 2.4 percent in annual terms in December, well above inflation of 0.5 percent and beating forecasts.The Office for National Statistics also said Britain's unemployment rate fell to 5.7 percent, its lowest level in ...


Index Closing Chg%
Arrow DJIA 18,132.70 0.45
Arrow Nasdaq 4,963.53 0.49
Arrow S&P 2,104.50 0.30
Arrow FTSE 6,946.66 0.04
Arrow DAX 11,401.66 0.66
Arrow CAC-40 4,951.48 0.83
Arrow Nikkei 18,797.94 0.06
Arrow H.Seng 24,823.29 0.32
Arrow Sensex 29,220.12 1.65

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln