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Philippine July inflation seen easing to 0.7pc MANILA: Philippine inflation likely eased for a fifth straight month to a record low in July, allowing the central bank to keep its accommodative policy to support economic growth, the chief economist of the Department of Finance said on Wednesday.Inflation likely cooled to 0.7 percent in July from a year earlier due to slower price increases for food and falling fuel and electricity costs, Finance Undersecretary Gil Beltran said in an email to reporters.His estimate falls within the central bank's 0.5-1.3 percent forecast for the month."Lower inflation will allow BSP (the central bank) to maintain accommodative monetary policy that will sustain rapid economic growth," Beltran said, adding it will help dampen the adverse impact from Greek debt crisis, China's economic slowdown and an expected rise in US interest rates.Central bank Governor Amando Tetangco, in an interview with Reuters on July 22, said he saw no need to alter monetary policy ...


Fabius says time to warm up Iran-France relations TEHRAN: French Foreign Minister Laurent Fabius arrived on Wednesday in Iran and said it was time to kickstart relations between the two countries after a nuclear deal made such a change possible."It's an important trip," Fabius told reporters at the French embassy in Tehran as he started a short but much-heralded visit following the historic July 14 accord between Iran and six world powers.As France's chief diplomat in those negotiations, Fabius gained a reputation for ...

Lingering Greece jitters weigh on German consumer morale BERLIN: German consumers' outlook for Europe's biggest economy declined sharply in July due to fears the Greek crisis will rumble on in the coming months, a poll found on Wednesday."The long and difficult struggle to resolve the debt crisis in Greece has kept the country from default for now," market research company GfK said in a statement."However, this has not allowed German consumers' expectations to take flight but rather led the indicator to fall for ...

Earhquake rocks Colombia near Panama border BOGOTA: A powerful earthquake with a magnitude of 6.1 rocked northern Colombia near its border with Panama on Tuesday, authorities said, though there were no immediate reports of injuries or damage.The quake struck at 7:10 pm (0010 GMT Wednesday) at a depth of 30 kilometers (18 miles) in Choco department.The epicenter was in a jungle area about 36 kilometers from the town of Unguia."At the moment, local authorities are checking to determine what, if any, ...

Turkey's Erdogan in China for talks amid Uighur strains BEIJING: Turkish President Recep Tayyip Erdogan headed for China Wednesday having secured NATO's backing for Ankara's fight against Islamic State militants, but facing tensions with Beijing over China's mostly Muslim Uighur minority.Ankara is expanding a cross-border campaign against the Islamic State (IS) group in Syria, and also attacking positions of the outlawed Kurdistan Workers' Party (PKK) in northern Iraq after deadly attacks inside Turkey.At the same time China blames separatists for violence in the Uighur ...

Brazil investment grade rating is at risk, S&P warns SAO PAULO: Standard & Poor's on Tuesday said Brazil could lose its coveted investment-grade rating in the coming year if fallout from a number of corruption investigations further stymies economic growth and the implementation of austerity measures. The warning, which sent Brazil's currency tumbling, is a setback to Finance Minister Joaquim Levy's efforts to win back investor confidence in Latin America's largest economy, now in a steep recession. S&P affirmed Brazil's credit rating of BBB-minus, ...

British economy bounces back in second quarter LONDON: Britain's economy accelerated in the second quarter of 2015, helped by rebounding services activity and industrial output, official data showed on Tuesday.Gross domestic product grew 0.7 percent between April and June, the Office for National Statistics (ONS) said in an initial estimate. That matched analysts' forecasts.The dominant services sector helped the economy improve on a disappointing first quarter when GDP increased by just 0.4 percent, following 0.8-percent expansion in the fourth quarter of last ...


 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln