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China gives pension funds access to stock market SHANGHAI: China on Sunday allowed pension funds managed by local governments to invest in the stock market for the first time, potentially channelling hundreds of billions of yuan into the country's struggling equity market. China published a draft rule on the move for public consultation on June 30, at the height of a recent stock market rout. Despite a series of official measures aimed at supporting the market, investor sentiment has remained fragile amid continued signs of slowing economy. The State Council, or cabinet, published the finalised rules on Sunday after shares slumped nearly 12 percent last week, the worst weekly performance since June. Pension funds will be able to invest up to 30 percent of their net assets in the country's stocks, equity funds and balanced funds, according to rules published on the State Council's website. Previously, the pension funds could only invest in bank deposits and treasuries.Together the ...

IMF official says ‘premature’ to speak of Chinese crisis RIMINI: China's economic slowdown and a sharp fall in its stock market herald not a crisis but a "necessary" adjustment for the world's second biggest economy, a senior International Monetary Fund official said on Saturday.Fresh evidence of easing growth in China hammered global stock markets on Friday, driving Wall Street to its steepest one-day drop in nearly four years."Monetary policies have been very expansive in recent years and an adjustment is necessary," said Carlo Cottarelli, ...
Colombia slashes gold holdings by two-thirds amid July rout: IMF NEW YORK: Colombia slashed its gold holdings by two-thirds in July, adjusting its reserves for the first time in years, and Russia continued to buy bullion as spot prices sank in a bullion rout, International Monetary Fund data showed on Friday.The South American country slashed its gold holdings by 6.5 tonnes, leaving just 3.77 tonnes, the data showed. It was the first time in at least two years the country had changed its reserves of ...
Sri Lanka's June trade deficit widens 52pc COLOMBO: Sri Lanka's trade deficit in June widened 51.9 percent to $689.2 million from $453.7 million a year earlier, central bank data showed on Friday.Exports for the month were $944.1 million, down 4.2 percent from a year earlier. Imports rose 13.5 percent to $1.63 billion.The trade deficit for the first half of 2015 widened 15.6 percent to $4.09 billion. Sri Lanka's balance of payments showed a $791.7 million deficit for the first six months of ...
Greece dampens German consumer confidence FRANKFURT: Consumer confidence in Germany is being dampened slightly by the enduring wrangle over Greece's debt crisis, a poll found on Friday."The hitherto marked optimism among consumers has received a slight knock," market research company GfK said in a statement. "Despite the deal reached with Greece over its debt, the downward trend in economic expectations has intensified with the third consecutive monthly decline," the statement said. That, in turn, has weighed on consumers' willingness to ...
US existing-home sales rise for third straight month WASHINGTON: Sales of existing homes in the United States rose for the third straight month in July, holding at the highest pace since 2007, the National Association of Realtors said Thursday.Sales of previously owned single-family homes rose 2.0 percent to a seasonally adjusted annual rate of 5.59 million, the strongest level since February 2007, about nine months before the US economy entered the Great Recession.Sales were up 10.3 percent from a year ago. Analysts had ...
Malaysia PM says economy sound, as fears mount KUALA LUMPUR: Prime Minister Najib Razak said on Thursday that Malaysia's economy was on a sound footing, seeking to assuage growing public and investor fears over the nation's plummeting currency and slowing growth."Malaysia's financial system resilience remains intact," Najib said, according to a statement from his office.Najib, who is also finance minister, added that the plunging ringgit would not be pegged against the greenback to stem its decline, a step taken in the late 1990s ...


Index Closing Chg%
Arrow DJIA 16,351.38 1.82
Arrow Nasdaq 4,749.98 2.46
Arrow S&P 1,948.86 1.83
Arrow FTSE 6,083.31 0.41
Arrow DAX 10,048.05 0.32
Arrow CAC-40 4,554.92 0.30
Arrow Nikkei 18,095.40 0.39
Arrow H.Seng 20,934.94 1.18
Arrow Sensex 25,453.56 0.95

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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln