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UK banks' home loan approvals fall to 12-month low LONDON: British banks approved the smallest number of home loans in a year during August, industry data showed on Tuesday, adding to recent signs some of the heat in the housing market is fading.The British Bankers' Association said its members approved 41,588 loans for house purchases in August, down from 42,715 in July and the smallest number in 12 months.Still, the number of loans approved was still about 5 percent higher compared with August 2013.In terms of monetary value, the amount of net new mortgage lending in August rose to 1.12 billion pounds from a six-month low of 902 million pounds in July."Housing market activity appears to be moderating," the BBA said in a statement.Britain's Financial Conduct Authority required lenders to introduce tighter affordability checks on mortgages in late April, and the Bank of England imposed further restrictions on how much most Britons can borrow in June."Though approval processes were ...

Serbia, IMF discussing 5pc cut in state administration BELGRADE: Serbia is discussing with the International Monetary Fund cutting the work force in the state administration by five percent, a minister was quoted as saying on Tuesday, as the Balkan country pursues a new loan deal.It follows the announcement last week by Prime Minister Aleksandar Vucic of pension and public sector wage cuts in an effort to curtail a budget deficit forecast at 8.3 percent of national output.Serbia is expected to start full loan ...
UK August public finances show further slippage, income tax weak LONDON: Britain's public finances deteriorated again in August after a weak start to the financial year, posing a challenge for finance minister George Osborne as next year's national election approaches.The Office for National Statistics said public sector net borrowing, excluding state-controlled banks, totalled 11.6 billion pounds in August, up 6.1 percent from a year earlier, broadly in line with economists' expectations in a Reuters poll.Public borrowing for the tax year to date, excluding banks, was ...
China's trade minister concerned about falling Japanese investment BEIJING: China's trade minister is worried about Japan's falling levels of direct investment in his country, Japanese business officials who met him said on Tuesday, against a backdrop of strained ties between the world's second- and third-biggest economies.Japan's direct investment in China fell nearly a fifth in 2013, and dropped another 40 percent to 300.8 billion yen ($2.8 billion) during the first half of 2014 from a year earlier.The delegates, who spoke to reporters after ...
Philippines' August coconut oil exports more than double MANILA: Exports of coconut oil from the Philippines, the world's biggest supplier, more than doubled last month, boosted by delayed July shipments, an industry group said on Tuesday.Shipments of the vegetable oil used in food, detergents and biofuels totalled 84,800 tonnes in August compared with 40,953 tonnes in the same month last year, preliminary figures from the United Coconut Associations of the Philippines (UCAP) showed.The August volume exceeded this year's monthly average shipment of 55,224 ...
Taiwan August export orders slower, but smartphone sales raise hopes TAIPEI: Taiwan's export order growth was below forecast in August, but prospects in coming months will be helped by solid demand for tech goods, especially as Apple's newest iPhone hits the market.Some delays have affected orders but they are starting to build up for the iPhone 6 and 6 Plus since Apple Inc's launch earlier this month, Lin Li-jen, an official with the Ministry of Economic Affairs, told a news conference. "We have not seen ...
Italy revises down 2013 deficit and debt-to-GDP ratios ROME: Italy on Monday revised up its gross domestic product for 2013 after a series of methodological changes and as a result the budget deficit and public debt-to-GDP ratios were lowered, national statistics institute ISTAT reported.Due to the upward revisions to GDP, the 2013 deficit-to-GDP ratio was cut to 2.8 percent from 3.0 percent, more comfortably inside the European Union's 3 percent ceiling. The deficit in 2012 was left unchanged at 3.0 percent.The GDP revisions, ...


Index Closing Chg%
Arrow DJIA 17,172.68 0.62
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Arrow S&P 1,994.29 0.80
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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