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Tropical Storm Linfa brings floods to northern Philippines MANILA: Floods inundated towns in the northern Philippines as Tropical Storm Linfa struck the northern edge of the archipelago, where relief agencies were braced for disaster on Sunday.The region's civil defence chief Chito Castro said that at least 11 coastal towns had been affected by floodwaters and swelling rivers as Linfa passed over the area."The rain is strong, the wind is strong. Major roads are impassable. Some houses are half-covered (with water), some are completely covered," he told reporters.He said there were still no reports of casualties from the storm, but this could be because the focus was on relief efforts.Power has also been knocked out in large areas of the north, hampering communications.The storm, packing maximum winds of 120 kilometres (75 miles) per hour, is moving northwest at nine kilometres per hour and is expected to curve northwards, moving off Luzon by Sunday evening.National civil defence chief Alexander Pama ...

Eleven dead in China building collapse, three missing: state media BEIJING: Eleven people died after a shoe factory collapsed in eastern China, state media reported Sunday, with more than 40 escaping on their own or being rescued.More than 50 workers were in the building in the city of Wenling in Zhejiang province when it came down on Saturday afternoon, state-run China Central Television (CCTV) and the official Xinhua news agency reported.Thirty-three suffered injuries, four of them serious, the report said. Nine others escaped and three ...

Car bombs kill 11 in Baghdad at end of Ramadan fast BAGHDAD: Two car bombs killed 11 people in the Iraqi capital Baghdad on Saturday, police and medical sources said, striking as many people were ending their daily Ramadan fast.One bomb hit the mainly Shia Amil district in the southwest of the city around dusk, killing eight people and wounding 27. The other hit a bus garage in Doura in the south of the capital, killing three people.Northeast of Baghdad, in the town of Balad Roz, ...

Hillary Clinton hopes for 'strong verifiable deal' with Iran GLEN: US Democratic presidential candidate Hillary Clinton said on Saturday that even if a deal is reached with Iran over its nuclear program, Tehran's "aggressiveness will not end" and it will remain a principal state sponsor of terrorism."They will continue to destabilize governments in the region and beyond. They will continue to use their proxies like Hezbollah. And they will continue to be an existential threat to Israel," Clinton said at a campaign event.Copyright Reuters, ...

Egypt says 25 militants killed in air strikes as Sisi inspects troops ISMAILIA: Egyptian warplanes killed 25 Islamist militants in North Sinai on Saturday, security sources said, as the Egyptian president visited the province after a major escalation of the conflict there.The sources said the air strikes hit militant targets near the town of Sheikh Zuweid, destroying weapons and explosives caches.They also said security forces had found about half a tonne of explosives in a tunnel on the border between the Sinai and Gaza.Egyptian President Abdel Fattah ...

Austria Finance Minister says Europe can easily cope economically with Grexit VIENNA: Europe would suffer little economically should Greece leave the euro zone but the consequences for Greece would be considerably worse, Austria's Finance Minister Hans Joerg Schelling said on Saturday."For Europe, this would be easy to manage economically. For Greece, it would indeed be considerably more dramatic," Schelling was quoted as saying in an interview with online newspaper Die Presse.Schelling said Greece would need humanitarian aid in case of "Grexit" but described fears of widespread ...

Afghan parliament rejects second defence minister nominee KABUL: Afghanistan's parliament rejected the second nominee for defence minister, leaving the key position in limbo after nine months and as the Taliban insurgency makes gains against foreign-backed government forces.Mohammed Masoom Stanekzai received 84 out of the 107 votes required to pass the vote. A total 231 were cast.Copyright Reuters, 2015


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln