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South Korea to donate warship to Philippines amid sea tensions MANILA: South Korea will donate a corvette warship to the poorly-equipped Philippine navy amid growing tensions -- particularly with China -- over maritime territorial disputes in the region, the government said Thursday.The "Pohang-class corvette" will be decommissioned by the end of the year and donated to the Philippines, the Department of Foreign Affairs in Manila said in a statement issued this week.It was unclear if the donation would include the ship's weapons systems.South Korean Defence Minister Kim Kwang-jin informed his Filipino counterpart Voltaire Gazmin of the donation during his visit to Seoul on May 30, the statement added.The gift follows South Korea's recent donation of a landing craft and 16 rubber boats to the Philippines, it added."South Korea's gesture is a small token compared with the great contribution of Filipino troops during the Korean War," the South Korean minister was quoted as saying.Officials at the Manila's foreign ministry and the ...


Russia makes failing to declare dual citizenship a crime MOSCOW: Russia on Friday introduced legislation that makes failing to declare dual citizenship or foreign residency a crime punishable by fines or community service.The legislation is the latest to target those who have ties to other countries, after Russia also forced political NGOs that receive funding from abroad to register as "foreign agents."Under the new law, Russians are obliged to inform the federal migration service within two months after they obtain citizenship or residency of ...

Three dead, 'many' injured in Kosovo power plant blast PRISTINA: At least three people were killed and "many" injured in a blast at a major Kosovo power plant outside Pristina on Friday, an official told AFP."Until now we have three confirmed dead and many injured," Derat Rukiqi, the chairman of plant's management board told AFP.The blast could be heard in the capital Pristina 10 kilometres (six miles) away and thick black smoke could be seen above the plant.Copyright AFP (Agence France-Presse), 2014

Greek economy gains ground in first quarter, growth in sight ATHENS: The Greek economy did markedly better than expected in the first quarter of this year, shrinking by 0.9 percent over a year instead of 1.1 percent estimated in May, the statistics office said on Friday.The bailed-out and austerity-shocked economy has been in recession for six years, but the latest figures support the government's hopes that this year the economy will switch into growth of 0.6 percent.That would mark rapid progress, since in the last ...

Greece says economy stronger than thought in Q1, shrinking 0.9pc ATHENS: The Greek economy did markedly better than expected in the first quarter of this year, shrinking by 0.9 percent over a year instead of 1.1 percent estimated in May, the statistics office said on Friday.The bailed-out and austerity-shocked economy has been in recession for six years, but the latest figures support the government's hopes that this year the economy will switch into growth of 0.6 percent.Copyright AFP (Agence France-Presse), 2014

Spain's factories get boost to output in April MADRID: Spain's factories enjoyed a four-year record surge in output in April in a fresh sign of a gathering, yet jobs-scarce economic recovery, official data showed Friday.Spanish industry boosted production by 4.3 percent over the year to April, the sharpest increase since March 2010, the National Statistics Institute said.Spain, the eurozone's fourth-largest economy, has now reported six straight months of rising industrial output, according to the data, which are corrected for seasonal blips.The economy emerged ...

Putin to visit Austria on June 24: official VIENNA: Russian President Vladimir Putin will pay a working visit to Austria on June 24, where he will meet with leaders to discuss the situation in Ukraine, official sources in Vienna said Friday. Putin was to hold talks with President Heinz Fischer and Chancellor Werner Faymann during the one-day flying visit, their respective offices told AFP. The programme of the visit was not yet set but likely topics of discussion were the continuing unrest in ...


 



 
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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%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln