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Russia's energy, economy ministries oppose plan to raise mineral tax MOSCOW: Russia's economy and energy ministries are opposed to a proposal to change the way the Mineral Extraction Tax (MET) is calculated because it could hit oil output, officials said on Wednesday. With state revenues falling, the finance ministry has proposed changing the MET formula to raise around an extra 600 billion roubles ($9.2 billion) for the budget next year. "This measure would adversely affect the economics of existing deposits and essentially 'kill' production at the most efficient deposits in terms of tax proceeds," Nikolai Podguzov, a deputy economy minister, said in a statement. Interfax news agency, citing oil companies estimates, said that a higher MET would cut overall oil production by 100 million tonnes in next three years, while investments would decline by 2 trillion roubles. The agency said the companies had drafted the estimates for a letter to be sent the government. Russian oil output is near post-Soviet ...

Eurozone growth slows in September BRUSSELS: Growth in the eurozone economy slowed in September but despite the monthly dip, it still expanded at the fastest quarterly rate in four years, a key business survey showed Wednesday.Data company Markit said the flash reading of its eurozone Purchasing Managers Index fell to 53.9 points in September from 54.3 points in August. Despite the dip, the reading was still comfortably above the 50 points mark signifying expansion in the economy.The readings "pointed to ...
China's economy is fundamentally strong: Australian Treasurer SYDNEY: China's economy is fundamentally strong despite slowing growth, Australia's new Treasurer Scott Morrison said Wednesday, urging his country's opposition to support a new free trade pact with Beijing.Disappointing manufacturing figures from China Wednesday renewed fears about the world's second largest economy and global growth, and sent commodity-linked currencies falling along with Asian stocks.Growth in resource-rich Australia is closely tied to its largest trading partner China, which is also the world's largest commodities consumer. In ...
China factories slow again: survey BEIJING: Chinese factory activity shrank at its fastest pace in six and a half years in September, data showed Wednesday, the latest in a litany of bad news undermining hopes of an uptick in the world's second-largest economy.The news sent Chinese stock markets down and will come as a further worry to global investors already fretting about the spillover effects of China's slowdown.It also comes a day after the Asian Development Bank became the latest ...
IMF chief urges all lenders to join Ukraine debt deal KIEV: IMF chief Christine Lagarde on Tuesday pressed Ukraine's hold-out creditors such as Russia and a handful of Western investment houses to write off some of the crisis-wrecked country's massive debt.Lagarde's statement came as an International Monetary Fund mission arrived in Kiev to assess Ukraine's committment to economic restructuring and belt-tightening measures that would warrant the release of another portion of its $17.5 billion (15.7 billion euro) loan.A group of smaller private lenders have reportedly ...
Canada inflation holds at 1.3pc OTTAWA: Canadians paid 1.3 percent more for goods and services in August than a year earlier, as rock bottom oil prices continued to temper inflation, the government statistical agency announced Friday.The rise matched the previous month's increase, and was a tick more than the 1.2 percent analysts had expected.Higher food prices led the increase. Beef and restaurant meals cost more in the month.The cost of running a Canadian household also rose due to slightly higher ...
US jobless claims tumble WASHINGTON: New claims for US unemployment insurance benefits tumbled last week, continuing to point to a tightening labor market as the Federal Reserve mulls an interest rate hike, government data released Thursday showed.Initial jobless claims dropped by 11,000 to 264,000 in the week ending September 12, the Labor Department said.The sharp decline pulled the four-week moving average down by 3,250 to 272,500. A year ago the average was 300,000.The improving labor market is a key ...


Index Closing Chg%
Arrow DJIA 16,912.29 0.73
Arrow Nasdaq 4,791.15 0.90
Arrow S&P 1,995.83 0.80
Arrow FTSE 6,336.35 0.16
Arrow DAX 9,970.40 0.68
Arrow CAC-40 4,667.34 0.14
Arrow Nikkei 18,322.98 0.75
Arrow H.Seng 22,515.76 3.13
Arrow Sensex 27,035.85 0.38

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln