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US housing starts dip in October WASHINGTON: New US housing construction slowed in October from September, weighed down by a drop in starts on multifamily properties, government data released Wednesday showed.Housing starts fell 2.8 percent to an annual rate of 1.009 million units, down from 1.031 million units the previous month, the Commerce Department said.The September rate was revised higher from the previous estimate of 1.018 million units.Single-family home construction, a key indicator of the strength of the residential construction industry, rose 4.2 percent in October. Multifamily housing starts declined 15.5 percent.Year-over-year, housing starts rose 7.8 percent, with single-family homes up 15.4 percent and multifamily units down 6.8 percent.Building permits, an indicator of future construction, rose 4.8 percent to 1.08 million units but were only up 1.2 percent from October 2013."Despite the disappointing headline on US housing starts, the guts of the report were decent," said Jennifer Lee, senior economist at BMO Capital Markets, in a ...

US retail stocks jump but overall market slips from highs NEW YORK: Wall Street stocks retreated from record highs in early trade Wednesday but major retailers like Lowes and Target were sharply higher on buoyant earnings reports.About 35 minutes into trade, the Dow Jones Industrial Average stood at 17,634.94, down 52.88 points (0.30 percent).The broad-based S&P 500 slid 8.69 (0.42 percent) to 2,043.11, while the tech-rich Nasdaq Composite Index fell 33.82 (0.72 percent) to 4,668.62.The overall market paused after the Dow and S&P 500 notched ...

Brazil inflation returns to government target range in mid-November BRASILIA: Brazil's annual inflation rate eased more than expected in mid-November, falling back within the official target range despite a recent increase in fuel prices.Consumer prices rose 6.42 percent in the 12 months through mid-November, statistics agency IBGE said on Wednesday. Market consensus in a Reuters poll was for an increase of 6.54 percent.The top end of the government's target range is 6.5 percent.When compared to mid-October, prices rose 0.38 percent , down from 0.48 ...

German exporters see 2015 growth, expect more Russia sanctions BERLIN: German exports will likely grow by 4 percent in 2015 if no new global conflicts emerge, even though Western economic sanctions against Russia are likely to last a long time and may expand further, Germany's BGA exporters' group said on Wednesday.Germany is Russia's biggest trading partner in the European Union, which along with the United States has imposed financial and economic sanctions against Moscow this year over its backing for pro-Russian separatists in eastern ...

Brazil's jobless rate falls to 4.7 percent in October RIO DE JANEIRO: Brazil's unemployment rate fell unexpectedly in October despite widening layoffs in manufacturing and construction, in welcome news for President Dilma Rousseff's plan to shore up public finances without painful economic adjustments.Brazil's non-seasonally adjusted jobless rate fell to 4.7 percent in October from 4.9 percent in September, statistics agency IBGE said on Wednesday. The number was below the median forecast of 4.9 percent in a poll of 28 economists.It was the lowest unemployment ...

US mortgage applications rise in the latest week: MBA NEW YORK: Applications for US home mortgages rose last week as interest rates edged lower, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, gained 4.9 percent in the week ended Nov. 14.The MBA's seasonally adjusted index of refinancing applications rose 0.9 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, ...

UK real earnings sink to decade-low but some see pay pick up LONDON: British workers' real earnings fell to levels not seen in more than a decade in the 12 months to April but there were also signs of above-inflation wage growth for many employees, a broad survey of incomes showed.Adjusted for inflation, weekly earnings dropped by 1.6 percent, the Office for National Statistics said, figures that the opposition Labour party said showed the failure of the government's economic record.Inflation-adjusted earnings have fallen every year since 2008 ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln