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Berlin sees no automatic need for Greek debt restructure BERLIN: Germany said Friday that figures released by the International Monetary Fund on Greece's critical financing needs "by no means" automatically necessitate restructuring of its huge debt.Finance Ministry spokesman Martin Jaeger said despite IMF data published a day earlier that painted a grim overall fiscal picture, "by no means can one deduce that a debt restructure is imperatively required."Days before Greeks vote in a referendum on whether to accept its bailout terms, the IMF said the country needed 50 billion euros ($55 billion) over the next three years, including 36 billion euros more from European Union lenders.The report on Greece's finances highlighted a deterioration since Prime Minister Alexis Tsipras and his anti-austerity Syriza party took power at the beginning of 2015.Berlin, which would have to approve any further aid to Athens in the Bundestag lower house of parliament, still believes that Greece needs to resolve its problems through economic structural ...

Russia, Ukraine trade barbs over politics, gas as hostility deepens MOSCOW/KIEV: Russia expressed "deep concern" on Thursday over Ukraine's plans to decentralise power as part of a peace deal with separatist rebels, underlining the gulf between Moscow and Kiev as the conflict rumbles on despite a ceasefire. Differing interpretations of a February peace agreement signed in Minsk, Belarus, to end the fighting in Ukraine's eastern regions have left the conflict in limbo, with more than 6,500 people killed since it broke out in April last ...
Sweden cuts key interest rate to record low -0.35pc STOCKHOLM: Sweden's central bank on Thursday cut its repo rate by 10 basis points to a record low -0.35 percent, to avoid a strengthening of the krona amid the Greek crisis."Inflation is rising and economic activity in Sweden is continuing to strengthen. But uncertainty abroad has increased and it is difficult to assess the consequences of the situation in Greece," the bank said in a statement."In this uncertain environment, monetary policy needs to be even ...
German government drops plans for contested coal tax BERLIN: Germany has scrapped plans to tax its oldest and dirtiest coal-fired power plants after fierce opposition from unions and operators, Economy Minister Sigmar Gabriel said Thursday.Instead it will shutter some of the old coal plants in coming years and keep them on stand-by during power shortfalls, as it increasingly relies on renewable energy to meet its climate goals.Gabriel, who is also vice chancellor, announced that his planned levy on the biggest polluters had been ...
Sweden cuts key interest rate to -0.35pc STOCKHOLM: Sweden's central bank announced Thursday a 10-basis-point cut to its key interest rate, the repo rate, to -0.35 percent, and increased its bond purchases, citing uncertainty over the Greek crisis."Inflation is rising and economic activity in Sweden is continuing to strengthen. But uncertainty abroad has increased and it is difficult to assess the consequences of the situation in Greece," the bank said in a statement.Copyright AFP (Agence France-Presse), 2015 ...
Kuwait assembly approves 2015-16 budget, 8.18bn dinar deficit KUWAIT: Kuwait's parliament on Wednesday approved the country's budget for the fiscal year from 2015 to 2016, forecasting a deficit of 8.18 billion Kuwaiti dinars ($27 billion). The budget allocates 19.17 billion dinars in expenditure, revenues of 12.2 billion dinars, approved in a vote by lawmakers. The deficit of 8.18 billion assumes an oil price of $45 per barrel, while the deficit is expected to tighten to 4.5 billion if oil prices trade in the ...
German rail operator, train drivers end wage dispute FRANKFURT: German national rail operator, Deutsche Bahn, said Wednesday it has finally reached a deal with the train drivers' union GDL, putting an end to a long-running dispute that has caused months of chaos and misery for rail passengers around the country."Mediation between Deutsche Bahn and GDL has been successfully concluded. Both sides have agreed to the mediators' proposals," the company said in a statement. Management has been locked in a fierce battle with GDL ...


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Arrow DJIA 17,730.11 0.16
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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln