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WTO rules against US dolphin-safe canned tuna labels WASHINGTON: The World Trade Organization found on Tuesday that US rules on dolphin-safe labels for canned tuna run counter to international trade laws, siding with Mexico in a long-running dispute and opening the door to retaliation against US exports. The ruling, which the United States said it would appeal, upholds Mexico's complaint that revamped US labeling rules are still discriminatory because they disqualify Mexican tuna from bearing dolphin-safe labels, unlike other countries' tuna."We recommend that the dispute settlement body request the United States bring its measure, which we have found to be inconsistent with (the WTO rules) into conformity with its obligations," the WTO panel said. Mexico has been fighting for more than 20 years over rules the country argues have frozen its fishing industry out of a US imported canned tuna market worth $680 million in 2014. Mexico has about a 3.5 percent share. The clash arose because yellowfin ...

Brazil finmin says IMF called for rapid fiscal adjustment BRASILIA: Brazil's Finance Minister Joaquim Levy said on Tuesday following a meeting with representatives of the International Monetary Fund that the officials had stressed the need to carry out the country's full fiscal adjustment as soon as possible. The IMF lowered its 2015 forecast for Brazil's economic performance last week, but said the economy could return to growth in 2016 if its austerity drive succeeds. Copyright Reuters, 2015

Renzi hails Milan design fair as symbol of recovery, not just for ‘hipsters’ MILAN: Prime Minister Matteo Renzi kicked off a showpiece Milan trade fair promoting modern Italian design on Tuesday, hailing it as a symbol of potential economic recovery in a country battered and discouraged by years of recession. "We are not just talking about stuff for hipsters here, we are talking about a piece of the Italian economy today and even more importantly tomorrow," Renzi said on the first day of Milan's week-long international design fair. ...

Somali Shebab kill 15 in education ministry attack MOGADISHU: Somalia's Al-Qaeda-linked Shebab militants on Tuesday blasted their way into the higher education ministry with a car bomb before storming the building, killing 15 people.Police and witnesses said the car bomb caused a huge explosion which allowed the gunmen to force their way into the fortified building.Ambulance officials said at least 15 people were killed and 20 wounded in the attack.Six Shebab gunmen were also killed, with two of those blowing themselves up, internal ...

IMF: Global economy steady but risks abound WASHINGTON: The International Monetary Fund said Tuesday that the global economy remains tepid, with slowdowns in emerging markets offsetting progress in the Japanese and European economies.While the plunge in oil prices has mostly been positive for world output growth, currency and capital market volatility, geopolitical crises and inadequate investment and reform for the future could hold the global economy back, the IMF warned.In its semi-annual World Economic Outlook, the crisis lender projected the global economy ...

EU slams Kosovo justice mission's handling of corruption charges BRUSSELS: The EU published a report Tuesday saying its justice mission in Kosovo poorly handled allegations of corruption by opening a belated internal probe that only fuelled suspicions of a cover-up.The report was made by Frenchman Jean Paul Jacque who spent several months examining how the EU Rule of Law Mission (EULEX) managed allegations that some top EULEX officials accepted bribes to drop high-profile cases against local criminals.The controversy was given widespread coverage in the ...

Brazil police clash with evicted squatters in central Rio RIO DE JANEIRO: Police clashed with illegal squatters at an abandoned building in Rio de Janeiro Tuesday, using pepper spray and arresting several people as some of the 300 occupants refused to leave the property.Police surrounded the building, where several children were staying, in one on Rio's most affluent areas on Rui Barbosa Avenue, as they demanded that the squatters leave, an AFP reporter said. The 20-story building, across from the famous Sugarloaf mountain 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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln