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Spain urges common stance as euro zone at odds over ABS guarantees MILAN: Spain called on Saturday for the euro zone to find a common stance on whether to provide guarantees for the European Central Bank's debt-buying programme after governments dragged their feet and the ECB said the programme risked being less effective. As part of efforts to spur lending in the euro zone and revive its stagnating economy, the ECB has pledged to buy senior tranches of repackaged debt issues, or asset-backed securities (ABS).It could also buy riskier, so-called 'mezzanine' tranches if the 18 countries sharing the euro provided necessary guarantees.But euro zone governments have diverging views on the possibility of granting such guarantees, with Germany flatly refusing and France also expressing reservations. Italy has suggested each country could take its own decision."It's important for Europe to find a common position on this," Spain's Economy Minister Luis de Guindos said after a meeting of European Union finance ministers in Milan."We need ...

Merkel warns SPD to shun coalition with Left in eastern state APOLDA: Chancellor Angela Merkel warned the centre-left Social Democrats (SPD), her junior partners in national government, against forming a coalition to install the first hardline Left party regional premier after Sunday polls in the eastern state of Thuringia."There's something strange happening in Thuringia," Merkel said, referring to speculation the SPD might switch allegiances in Thuringia, where they are now junior partners in a similar grand coalition as at the national level in Berlin, and join ...
Putin trying to destroy Ukraine, says its PM KIEV: Ukraine's prime minister said on Saturday Russian President Vladimir Putin aimed to destroy Ukraine as an independent country and said only NATO could defend the ex-Soviet republic from external aggression.Kiev and its Western backers accuse Moscow of sending troops and tanks into eastern Ukraine in support of pro-Russian separatists battling Ukrainian forces in a conflict that has killed more than 3,000 people. Russia denies the accusations.A fragile ceasefire negotiated by envoys from Ukraine, Russia, ...
Turkey needs Asian markets to boost growth ISLAMABAD: Turkey needs to focus on exporting to Asia, the world's largest and most dynamic market, to reduce its trade deficit and increase growth, the United Nation's development representative said.Kamal Malhotra, the UN Development Program's resident representative in Ankara, said Turkey needed to turn its attention east instead of concentrating on trade with Europe, Anadolu news agency reported.Malhotra's remarks came after Turkey announced 2.1 percent growth in the second quarter of 2014, a fall on ...
Russia's Foreign Ministry promises swift retaliatory measures to US sanctions MOSCOW: Russia's Foreign Ministry said it would respond quickly with retaliatory measures to the latest round of US sanctions that it criticised as another "hostile step". "Of course our retaliatory measures will not keep you waiting," the ministry said in an online statement."We see Washington's introduction of new anti-Russian sanctions as another hostile step in line with the confrontational course taken by the American administration."Copyright Reuters, 2014 ...
Second Russian aid convoy arrives in Ukrainian city of Luhansk MOSCOW: More than half the vehicles of a Russian humanitarian aid convoy have arrived in the eastern Ukrainian city of Luhansk, Russian media reported on Saturday.News agency RIA Novosti said that 100 lorries arrived on Saturday morning, with around 100 more lorries expected to reach the city during the course of the day.The convoy, the second sent by Russia to the rebel-held city, contains 1,880 tonnes of aid including canned food, sugar, flour and diesel ...
Tories pick London Mayor Boris Johnson to run for parliament LONDON: London Mayor Boris Johnson was on Friday chosen by his Conservative Party as their candidate to fight for a west London seat at next year's parliamentary election, raising the spectre of a future tilt at becoming prime minister.Johnson said he was "obviously thrilled" after seeing off the challenge of three rivals to win the backing of the Tories in the safe seat of Uxbridge and South Ruislip.Johnson won on the first count following a ...


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Banking Review 2013

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln