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Canada economic growth disappoints at start of 2nd quarter OTTAWA: Canadian economic growth unexpectedly edged down in April, hurt by a decline in activity in the mining and oil and gas extraction industry, data from Statistics Canada showed on Tuesday, boding poorly for an anticipated pick-up in growth in the second quarter. The country's gross domestic product fell 0.1 percent in April from the month before, short of analysts' expectations for a gain of 0.1 percent.The decline marked a disappointing start to the quarter and was the fourth monthly decrease in a row. The economy contracted in the first quarter at its worst pace in nearly six years, stung by the drop in oil prices, but analysts and policymakers have been expecting it to regain momentum, starting with the second quarter.Oil and gas extraction fell 3.4 percent, mainly due to a decline in the non-conventional oil extraction sector, which saw maintenance shutdowns and production difficulties in April. Mining and ...


Moody's raises Iceland's credit rating REYKJAVIK: Rating agency Moody's has raised Iceland's credit rating by a notch to Baa2, the government said in a statement on Tuesday after its decision to lift capital controls was welcomed.Iceland's rating, accompanied by a "stable" outlook, is now two steps above "speculative.""The gradual removal of the capital controls and the reduction of the external and economic vulnerabilities posed by the failed banks' estates constitute a significant milestone in Iceland's recovery and represent important upside ...

China new home prices rise in June: survey BEIJING: China's new home prices increased in June for the second straight month, a survey showed Tuesday, as official stimulus policies helped boost the market. The average price of a new home in China's 100 major cities rose 0.56 percent month-on-month to 10,628 yuan ($1,714) per square metre, the China Index Academy (CIA) said in a report.The result comes on the heels of a 0.5 percent gain in May, the first increase in four months. ...

German unemployment steady at historic low in June FRANKFURT: German unemployment remained at historically low levels in June as the recovery in Europe's biggest economy stayed on track, data showed on Tuesday. The number of people registered as unemployed in Germany fell by a seasonally-adjusted 1,000 to 2.786 million, the lowest level since December 1991, the Federal Labour Office said. That was slightly fewer than expected, as analysts had been pencilling in a decline of around 5,000. The unemployment rate -- which measures ...

EU roaming charges to be abolished in 2017 BRUSSELS: The European Union said Tuesday it had struck a deal to abolish mobile phone roaming charges in 2017, ending fees that are loathed by millions of holidaymakers and business travellers across Europe.The agreement will end the frustration of EU citizens on holiday or abroad for business who face steep charges for using their phones for calls and Internet browsing when in the bloc but outside their home country.Coming into force on June 15, 2017, ...

Liberia announces return of Ebola, with one new death MONROVIA: Liberia announced the return of the deadly Ebola virus on Tuesday, more than six weeks after the country eradicated the disease."A new case of Ebola has been reported in Margibi County. The person has died and was confirmed positive before death. He has been buried," said deputy health minister Tolbert Nyensuah.The official told a radio station experts had traced and quarantined anyone who may have had contact with the victim, without giving numbers or ...

EU's Juncker proposed 'last-minute' solution to Greece's Tsipras BRUSSELS: European Commission chief Jean-Claude Juncker set out a possible "last-minute" solution to Greek Prime Minister Alexis Tsipras to reach a debt deal before a referendum, a Commission source said Tuesday."Having been in contact with PM Tsipras yesterday, the President explained how a last-minute deal could look like," the source told AFP, adding that it would involve accepting reform proposals from the weekend and backing a "yes" vote.Copyright AFP (Agence France-Presse), 2015


 



 
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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