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Former Petrobras executive sentenced to five years jail SAO PAULO: A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe. Federal Judge Sergio Moro said there was ample evidence to support charges by prosecutors that the former director, Nestor Cervero, used bribe money stolen from the company to buy a luxury apartment in Rio de Janeiro. Cervero was fired from Petrobras, as the company is known, in 2014 and arrested in January as he stepped off a plane from Europe.He is also suspected of receiving bribes in exchange for awarding drilling ship contracts. The massive kickback scandal has paralyzed Petrobras' infrastructure plans and undermined President Dilma Rousseff's political standing. More than 100 people have been indicted and 50 politicians are under investigation for taking bribe money. Paulo Roberto Costa, former Petrobras director of ...


UNHCR slashes Burundi refugee figure from earlier ‘guesstimate’ GENEVA: The UN refugee agency UNHCR said on Tuesday that 72,618 people have fled Burundi in recent weeks, cutting its estimate of how many had sought asylum in neighbouring countries by more than 30,000. The UNHCR had previously said 110,000 Burundians had fled to Rwanda, Democratic Republic of Congo and Tanzania, where a cholera epidemic hit thousands taking refuge in the Kagunga peninsula. "A head count of Burundian refugees in Kagunga and the reconciliation of ...

Congress makes Wall St look like paragon of virtue NEW YORK: US lawmaker Paul Ryan and colleagues claim a recent court ruling exempts them from a self-imposed ban on insider trading. That's lame in any event, but also hypocritical: They're mulling bills to expand constituents' liability. They should get their own houses in order. The US Securities and Exchange Commission on May 18 criticized the House Ways and Means Committee, including Chairman Paul Ryan, for claiming that a recent federal court ruling immunizes members ...

South Korea's Park to visit Obama June 16: White House WASHINGTON: President Barack Obama will welcome South Korean President Park Geun-hye to the White House on June 16, the White House National Security Council said on Twitter on Tuesday. Copyright Reuters, 2015

US business spending plans rise solidly in April WASHINGTON: US business investment spending plans increased solidly for a second straight month in April, a hopeful sign for manufacturing activity after a recent long spell of weakness.The Commerce Department said on Tuesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 1.0 percent last month after an upwardly revised 1.5 percent increase in March.The so-called core capital goods orders were previously reported to have increased 0.6 percent in ...

Danish government raises 2015 growth forecast as election looms COPENHAGEN: The Danish government raised its economic growth forecast for 2015 on Thursday and said it saw a lower budget deficit than previously expected, according to a report seen by Reuters.In the report, due to be published later on Tuesday, the government predicted growth of 1.7 percent this year, compared to a forecast given in December of 1.4 percent.It said it sees a budget deficit of 1.3 percent of GDP, compared with a previous forecast ...

India's adequate food stocks to help contain inflation: adviser NEW DELHI: India's adequate food stocks would help contain inflation, even if summer monsoon rains turn out to be weak, Chief Economic Adviser Arvind Subramanian said on Tuesday.The June-September monsoon season is vital for India as half its croplands lack irrigation, but a forecast of less rain than usual this summer due to the emergence of the El Nino has threatened farm output.India's retail inflation in April cooled to a four-month low of 4.87 percent ...


 



 
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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%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln