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India signals won't intervene for now in foreign tax row WASHINGTON: Foreign investors should not look to the Indian government for now to provide relief from a ruling requiring them to pay taxes on years of previously untaxed capital gains, Indian Finance Minister Arun Jaitley said on Thursday.U.S. and European investor groups are upset with the Minimum Alternate Taxation (MAT) measure, which would apply levies for past years at a higher rate than they had been subject to in the past. Tax experts say the foreigners may owe $8 billion.Many foreign investors have been receiving notices requesting their MAT calculations for financial year 2011-2012. The tax office has said it would also apply the tax to previous years.Jaitley pointed out to a seminar in Washington on Thursday that the 2015 budget exempts foreign profits from the MAT as of April 2015.But he said that with regard to previous years, the foreign institutional investors had gone to a judicial tribunal and ...

IMF's Lagarde says Greece should not delay payments WASHINGTON: The head of the International Monetary Fund on Thursday signaled that the IMF would not agree to let Greece delay a scheduled bailout payment, saying the Fund needed to protect its sterling reputation as a global lender.Greece is fast running out of cash and its euro zone and IMF lenders have frozen bailout aid until the new leftist-led government in Athens reaches agreement on a package of reforms.That has raised fears the Greek government ...

Putin dismisses France's non-delivery of warships MOSCOW: Russian President Vladimir Putin said on Thursday that France's refusal to deliver two Mistral-class helicopter carriers to Moscow over the Ukraine crisis would not affect its defence capabilities."Of course not delivering the ships according to a valid contract is a bad sign, but from the point of view of supporting our defence capabilities, to tell you frankly, this has no importance." Putin said the main reason Moscow signed the 1.2 billion euro deal for ...

US housing starts creep higher in March WASHINGTON: New construction of homes in the United States was stuck in the doldrums for a second straight month in March, according to government data released Thursday.Housing starts rose 2.0 percent in March to an annual rate of 926,00 units, but were down 2.5 percent from March 2014, the Commerce Department said.Starts increased less than expected as severe winter weather in February eased in March. On average, analysts expected a March rate of 1,045 units.Starts ...

MH370 search zone to double if nothing found: officials KUALA LUMPUR: The search zone for missing Malaysia Airlines flight MH370 will be doubled if nothing is found in the huge undersea area now being scanned for wreckage, government officials from Malaysia, Australia and China said Thursday.A joint statement released by the officials after a meeting in Kuala Lumpur said the Indian Ocean search zone would be expanded to 120,000 square kilometres (46,300 square miles) if the current area comes up empty.Copyright AFP (Agence France-Presse), ...

German economic institutes hike 2015 growth forecast to 2.1pc BERLIN: Germany's leading economic institutes sharply raised their growth forecast Thursday, predicting Europe's top economy will expand 2.1 percent this year thanks to cheap oil, the low euro and strong consumer spending.The forecast by four research institutes was sharply higher than the 1.2 percent growth for 2015 they had predicted last autumn.Copyright AFP (Agence France-Presse), 2015

New York protesters demand $15 minimum wage NEW YORK: Thousands of demonstrators, including many fast-food workers, protested in New York on Wednesday demanding a minimum wage of $15 an hour to escape poverty in America's largest city.Fast-food workers held strikes in more than 230 American cities, joined by airport, construction and child care staff, as well as people working in education, organizers said, calling it the largest mobilization of underpaid workers in the US. Between 10,000 and 15,000 took part in the ...


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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln