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Obama hits out at HATFIELD: President Barack Obama warned Friday that Republicans would present Americans with a lump of coal for Christmas if they kill his plan to raise $1.6 trillion from higher taxes on the wealthy.   Obama traveled to a toy factory in Pennsylvania to press his case for a plan to stop the US economy tipping off a "fiscal cliff" with a year-end deadline looming on a set of automatic tax hikes and spending cuts.   Republicans have rejected Obama's first offer to end the stalemate as "ridiculous" and negotiations between the two sides have hit a roadblock with just a month to go, punctuated by the holiday season, until the deadline.   "The sooner Congress gets this done, the sooner our economy will get a boost," Obama said, pushing his plan to extend tax cuts for the middle class but to raise rates on American families earning $250,000 or more.   "If Congress does nothing, every family in ...


Mexican inflation seen continuing easing streak in November  MEXICO CITY: Mexico's annual inflation rate is seen continuing to ease in November, after notching a 2-1/2 year high just two months earlier, according to a Reuters poll.   Annual inflation was expected to slide to 4.34 percent this month, according to the median of 12 analysts, down from October's 4.60 percent rate.   Mexico's annual inflation has slid off a 2-1/2-year high reached in September, backing the central bank's forecast of an easing in the price pressures that ...

Spain caps pension rise to meet deficit target  MADRID: Spain will not make its usual end-of-year review to adjust pensions for 2012 inflation, the government said on Friday - a move to meet deficit goals that hits around 9 million retired people.   The government, breaking an electoral campaign pledge, said it would instead raise pensions by 1 to 2 percent in 2013 and tap reserve funds to ease liquidity tensions around pension payments.   Spain's fiscal situation left no choice over the decision as meeting a ...

IMF renews $73bn credit line for Mexico  WASHINGTON: The International Monetary Fund renewed a $73 billion standby credit line for Mexico on Friday, with the aim of giving the country a backstop amid global financial turbulence.   The new two-year "flexible credit line" is mainly precautionary, the IMF said as it renewed the facility for the third time since 2009.   "Since the global crisis, Mexico's economic growth has been resilient, supported by both external and domestic demand," said IMF deputy managing director David Lipton.   "However, important ...

Chemicals freight train falls off broken US bridge  NEW YORK: Part of a freight train carrying toxic chemicals fell into a creek in New Jersey on Friday when a bridge collapsed, prompting an evacuation of the area, officials said.   Authorities near Paulsboro, New Jersey, said the accident occurred early in the morning, causing seven train cars to derail and sending three into the water.   The train was carrying vinyl chloride and other industrial chemicals, the Coast Guard said. Vinyl chloride is used to make the ...

BRAZZAVILLE: A cargo plan crashed at Brazzaville airport as it was trying to land in a storm Friday, killing around 20 residents and the crew, emergency services and witnesses said.   The Ilyushin plane, registered with local company Aero-services, was flying in from the western port city of Pointe Noire. The crew, numbering three or four people, are thought to have died in the ensuing fire.   A journalist at the scene said the crash happened during a violent ...

Brazil grew a paltry 0.6pc in third quarter  BRASILIA: The Brazilian economy grew a paltry 0.6 percent in the third quarter of 2012 compared with the previous three months, signaling a weaker than anticipated recovery, the Brazilian statistics office said Friday.   The Institute of Geography and Statistics (IBGE) said the economy rose 0.9 percent in the July-to-September quarter compared with the same period of last year, and a mere 0.7 percent so far this year.   "This third-quarter result signals an improvement. We are on a ...


 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln