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Kuwait assembly approves 2015-16 budget, 8.18bn dinar deficit KUWAIT: Kuwait's parliament on Wednesday approved the country's budget for the fiscal year from 2015 to 2016, forecasting a deficit of 8.18 billion Kuwaiti dinars ($27 billion). The budget allocates 19.17 billion dinars in expenditure, revenues of 12.2 billion dinars, approved in a vote by lawmakers. The deficit of 8.18 billion assumes an oil price of $45 per barrel, while the deficit is expected to tighten to 4.5 billion if oil prices trade in the mid-$60s range, finance minister Anas Al Saleh told MPs on Wednesday. Kuwait's provisional budget deficit for the fiscal year from 2014 to 2015 stands at 2.314 billion, after contributions to the country's future generations fund, Al Saleh said. That figure compares with a surplus of 4.955 billion dinar a year earlier, he said. Copyright Reuters, 2015


German rail operator, train drivers end wage dispute FRANKFURT: German national rail operator, Deutsche Bahn, said Wednesday it has finally reached a deal with the train drivers' union GDL, putting an end to a long-running dispute that has caused months of chaos and misery for rail passengers around the country."Mediation between Deutsche Bahn and GDL has been successfully concluded. Both sides have agreed to the mediators' proposals," the company said in a statement. Management has been locked in a fierce battle with GDL ...

Russia blasts Finland over visa denial for parliament speaker MOSCOW: Russia on Wednesday slammed Finland for refusing parliament speaker Sergei Naryshkin a visa, the first time he has been denied entry to the European Union after being put on a blacklist over Ukraine."Without question we consider this outrageous," Kremlin spokesman Dmitry Peskov was quoted as saying by Russian agencies, pointing out that Naryshkin was to head Russia's delegation to an international event of the Organization for Security and Cooperation in Europe. Finland has barred ...

Brazil lawmakers narrowly reject criminal age reduction BRASÍLIA: Brazilian lawmakers narrowly rejected a proposed constitutional change early Wednesday that would have reduced the age of criminal responsibility from 18 to 16 years of age.The Chamber of Deputies was five votes short of passing the proposal to the Senate: 303 lawmakers voted for the reduction of the 308 required, while 184 legislators were in opposition.The measure was opposed by President Dilma Rousseff's leftist's government, the Catholic Church, human rights groups and the United ...

US, Cuba reach deal to reopen embassies WASHINGTON: The United States and Cuba have reached a deal to reopen embassies in Washington and Havana, in a major step toward ending decades of Cold War enmity.President Barack Obama is expected to issue a statement at 11:00 am (1500 GMT) Wednesday in the White House Rose Garden about the deal, which constitutes one of the major foreign policy achievements of his presidency."We will formally announce tomorrow that the United States and Cuba have reached ...

Malaysia's outlook now 'stable' says Fitch, surprising analysts KUALA LUMPUR: Credit ratings agency Fitch surprised analysts by upgrading Malaysia's sovereign outlook to "stable" from "negative", boosting the country's currency on Wednesday and providing welcome relief to the country's controversy-plagued government.In a statement just before midnight on Tuesday, Fitch affirmed the country's credit rating at "A-", the fourth-lowest investment rating, and said Malaysia's fiscal finances had improved since 2014, citing progress on a newly-introduced consumption tax and fuel subsidy reforms."Malaysia's rating remains supported by ...

Greek crisis hits hard Albanians living from remittances SUK: Lorenc Toska returned from Greece to his village in central Albania with empty hands and pockets. He had been working there hoping to secure a better life for his family back home, but the crisis in the neighbouring country ruined his dreams."I returned penniless, with my only luggage being a small bag with my work clothes," the 25-year-old Toska told AFP while hugging his baby boy.During his last visit in January, Toska bought him ...


 



 
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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%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln