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Deflation "ogre" probably won't come to life LONDON: Talk that some of the world's major developed countries are flirting with deflation, a damaging and sustained spiral of falling prices, probably won't turn to reality, according to the consensus of market economists.Described last week by the head of the International Monetary Fund as the "ogre that must be fought", deflation is so feared because it sparks a vicious cycle of behaviour that is difficult to reverse - as the last 20 years in Japan has shown.If consumers and businesses start to expect prices of goods and services to fall in future they will postpone spending, depressing the economy and causing prices to fall further.But that is not on the cards, according to hundreds of economists polled last week.While inflation will remain weak through this year for most developed countries, none of the more than 150 economists polled by Reuters forecast even a quarter of consumer price declines in ...

China December home prices rise 9.9 percent year on year BEIJING: Average new home prices in China's 70 major cities in December 2013 rose 9.9 percent from a year earlier, the same as the previous month's record gain, according to Reuters calculations based on official data published on Saturday.In month-on-month terms, prices rose 0.4 percent in December, slowing from November's rise of 0.5 percent.The National Bureau of Statistics said new home prices in Beijing rose 16 percent in December from a year earlier, compared with ...
EU GDP revision to have small impact BRUSSELS: The European Union will revise upwards its members' economic growth data from September but the change will have little effect on indicators that are relevant to the EU's fiscal discipline regime, the European Commission said. The upward revision of annual Gross Domestic Product data, by an average of 2.4 percent, will be a result of a switch to a new accounting standard that is being implemented around the world. The United States ...
New richest man in Asia is Macau gambling tycoon: report HONG KONG: Macau gambling tycoon Lui Che-woo has replaced Hong Kong multi-billionaire Li Ka-shing as Asia's richest man, according to Bloomberg on Friday.Lui, the head of Macau casino operator Galaxy Entertainment, saw his fortune rise $3.5 billion this month to $29.6 billion, about $100 million ahead of Li, whose fortune stood at $29.5 billion on the Bloomberg Billionaires Index on Thursday.Lui's family fled war-torn China for Hong Kong in 1934 where he reportedly made money ...
China's first stock listing in 14 months surges on debut SHANGHAI: The first stock market listing in China for more than a year leaped more than 30 percent on its debut Friday after authorities ended a freeze on initial public offerings.Neway Valve (Suzhou) Co. was briefly suspended on the Shanghai Stock Exchange after its shares surged by almost a third from its listing price to 23.31 yuan ($3.82) shortly after the market opened.The exchange temporarily halts trading in a newly listed share if it rises ...
Japan says economy 'recovering', first time in six years TOKYO: A Japanese government report Friday said the economy was "recovering", its first use of the word since the 2008 global financial crisis, as Prime Minister Shinzo Abe works to revive years of tepid growth.Tokyo's monthly checkup on the world's third-largest economy used some of its most upbeat language in years as it pointed to a pick-up in consumer and capital spending."The Japanese economy is recovering at a moderate pace," it said."Concerning short-term prospects, the ...
German industry confident on economy in 2014 BERLIN: Germany, Europe's top economy, could notch up growth of 2.0 percent or more this year if investment picks up and the eurozone stabilises, the powerful BDI industry federation said on Thursday."The BDI is confident about the economic outlook this year. It should be possible to achieve growth with a 'two' before the decimal point," BDI president Ulrich Grillo said. "That would be five times the growth we saw in 2013," Grillo said.A day earlier, ...


Index Closing Chg%
Arrow DJIA 17,730.11 0.16
Arrow Nasdaq 5,009.22 0.08
Arrow S&P 2,076.78 0.03
Arrow FTSE 6,585.78 0.67
Arrow DAX 11,058.39 0.37
Arrow CAC-40 4,808.22 0.57
Arrow Nikkei 20,539.79 0.08
Arrow H.Seng 26,064.11 0.83
Arrow Sensex 28,092.79 0.53

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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