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South Korea parliament passes 11.5 trillion won supplementary budget SEOUL: South Korea's parliament passed a government-proposed supplementary budget on Friday to combat the economic fallout from an outbreak of Middle East Respiratory Syndrome (MERS) that dealt a blow to growth in the second quarter. The budget that was approved by lawmakers stood at a total of 11.5 trillion won ($9.84 billion), slightly less than the 11.8 trillion won initially proposed by the government in early July. The newly passed supplementary budget includes new spending plans of about 6.2 trillion won and 5.4 trillion won to cover a tax shortfall, compared with 6.2 trillion won and 5.6 trillion won proposed before, respectively. The figures have been rounded up. The budget aims to revive an economy reeling from a collapse in exports, the spread of MERS and a drought which caused the economy to grow by a weaker-than-expected 0.3 percent in the second quarter from the first. Although second-quarter growth was ...

Obama's thoughts, prayers with Louisiana shooting victims WASHINGTON: President Barack Obama's "thoughts and prayers" are with the victims of a shooting at a US cinema that killed two people dead and injured nine others, the White House said on Friday.Obama was traveling to Kenya late Thursday when he learned about the deadly incident, White House spokesman Josh Earnest said in a statement."The president received a briefing from Lisa Monaco, his homeland security adviser, on the mass shooting at a movie theater in ...

Ukraine makes crunch bond payment, staving off default KIEV: Ukraine on Friday made a crucial Eurobond interest payment that kept the war-torn country from slipping into technical default and potential isolation from global credit markets.Two sources close to the situation told AFP that money to cover the $120 million (110 million euro) coupon was transferred as soon as business hours opened in Kiev.The $2.6 billion note matures in July 2017.The cash-strapped former Soviet nation now has two more months to negotiate a debt ...

Lonmin says likely to cut 6,000 jobs in South Africa JOHANNESBURG: Lonmin, the world's third largest platinum producer, said Friday it was set to cut 6,000 jobs in South Africa due to falling prices and high costs, dealing another blow to the country's fragile economy.The cutbacks represent a large reduction in Lonmin's workforce, which employs 28,000 staff as well as 9,000 contractors, and will add to South Africa's dire unemployment woes."The Board is taking firm action to further reduce Lonmin's cost base in the current ...

Turkey PM vows to pursue operations against IS, PKK ISTANBUL: Prime Minister Ahmet Davutoglu vowed Friday Turkey would continue operations against Islamic State (IS) militants and Kurdish militants after it bombed IS targets in Syria and made nearly 300 arrests. "The operations that were started today are not a single event but a process," Davutoglu told reporters in Ankara in televised comments.Davutoglu said 297 people, including 37 foreigners, had been arrested in nationwide raids against suspected members of IS, Kurdistan Workers Party (PKK) and ...

IMF expects 'difficult' discussions on new Greek bailout WASHINGTON: The International Monetary Fund said Thursday that talks soon to open on a third EU-IMF huge bailout for the Greek economy will not be easy."To move forward we need sufficient progress to assess policy reforms, commitment, and implementation and financing," said Fund spokesman Gerry Rice. "Clearly it's a difficult path ahead, we're just at the beginning of the process."According to Greece's finance ministry, representatives from the European Union, European Central Bank and International Monetary ...

Greek public spending dives in first half of 2015 ATHENS: Greek public spending fell sharply in the first half of 2015, according to figures released Thursday by the finance ministry.The state spent 23.2 billion euros ($25.5 billion) between January and the end of June, compared to 26 billion euros over the same period last year.But state revenues also took a hit, amounting to 21.8 billion euros compared to 23.6 billion in first-half 2014.Greek economic analysis site Macropolis said the government had cut spending in ...


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln