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Germany says won't delay plans to isolate risky bank business BERLIN: The German government will not delay its plans to isolate risky hedge fund activities from banks' normal retail business but will consider aligning its law with European rules to keep costs down for German banks, the finance ministry said on Friday. German banks have lobbied for the government to ease and postpone the law, which will come into force in 2016, as it is tougher than EU regulation currently under negotiation. After the collapse of Lehman Brothers in 2008, world leaders pledged to tackle banks that were "too big too fail". Yet during the crisis, many of Europe's biggest banks continued to grow. "The government does not plan a delay of Germany's law to split banks, as Germany's finance sector is demanding," Finance Ministry spokeswoman Marianne Kothe told Reuters."But the government will assess possible ways in which a disproportionate restructuring effort for German financial institutes can be kept within ...

Storm forces closure of Florence museums for damage checks FLORENCE: Florence officials ordered the closure of many of the Tuscan city's museums on Friday, including the famed Uffizi Gallery, while technicians checked for damage after a particularly violent storm. The museums house some of the greatest treasures of the Renaissance and the Uffizi is home to masterpieces by Fra Angelico, Boticelli, Raphael and others. Streets, cellars and ground floors of buildings in the city centre were flooded by the storm that felled trees in ...
Russian businessman freed from house arrest, his company says MOSCOW: Russian billionaire Vladimir Yevtushenkov was freed from house arrest on Friday, a company spokeswoman said, but the tycoon will have to stay in Russia to face money laundering charges over a deal to acquire a regional oil company. There were conflicting reports in Russian media over whether the head of the Sistema telecoms-to-oil conglomerate had seen a change in the conditions of his pre-trial detention, which some in Russia's business elite said were too ...
Ex-president Nicolas Sarkozy announces come-back to French politics PARIS: Former president Nicolas Sarkozy on Friday announced his return to French politics in a statement on his Facebook page."I am a candidate to be president of my political family," the conservative UMP party, said Sarkozy, putting an end to months of speculation that he would return to the political scene.Copyright AFP (Agence France-Presse), 2014 ...
Poland says will not arm Ukraine forces WARSAW: Poland will not send arms or otherwise get involved in the bloody conflict in neighbouring Ukraine, its prime minister-designate Ewa Kopacz said Friday."We shouldn't be an active participant in this armed conflict," Kopacz told reporters, while adding that Poland would adhere to all joint EU initiatives concerning Ukraine. "Poland should behave like a reasonable Polish woman. Our safety, our country, our home, our children are what's most important."Which doesn't mean we should now be ...
TANAP will be dream come true: Turkey's PM ISLAMABAD: The Trans Anatolian Natural Gas Pipeline, TANAP- a pipeline that will transport gas from Azerbaijan's Shah Deniz field to Europe through Turkey will be a dream come true, Turkey's Prime Minister Ahmet Davutoglu said Thursday ahead of his official visit to Azerbaijan.Following Davutoglu's upcoming talks on Friday on bilateral relations, regional and international developments with Azerbaijani officials, the TANAP project foundations will be laid Saturday which Davutoglu described as a 'peace project' that will ...
British PM urges unity after Scotland rejects independence LONDON: British Prime Minister David Cameron called for unity on Friday after Scotland rejected independence in a historic referendum, saying that the argument had been settled "for a generation"."Now is the time for our United Kingdom to come together and to move forward," Cameron said in a speech in front of his office at 10 Downing Street.Copyright AFP (Agence France-Presse), 2014 ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln