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Brazil government slashes 2014 budget surplus goal BRASILIA: Sharp depletion of Brazil's fiscal accounts has prompted the government to slash its key budget surplus goal to a fraction of its original target, according to a planning ministry report released on Friday.In the report, the government says it plans to deduct 106 billion reais in investments from its original primary surplus goal of 116 billion reais ($46.12 billion) or the equivalent of 2.15 percent of GDP. That leaves a surplus of only 10 billion reais for the year or about 0.19 percent of gross domestic product.Brazil's original 2014 budget law allowed the government to deduct up to 67 billion reais from the goal.The primary surplus, or excess of revenue over expenditure before debt payments, is closely watched by markets and serves as a gauge of the country's capacity to repay its loans.A sharp deterioration of Brazil's finances under Rousseff has put the once-booming economy in the sights of ...

South Korea Nov 1-20 exports rise 3.6pc y/y, imports down 3.1pc SEOUL: South Korean exports rose 3.6 percent in the first 20 days of November compared with the same period last year while imports fell 3.1 percent, customs agency data showed on Friday.Exports for the Nov. 1-20 period totaled $29.854 billion and imports were $28.567, Korea Customs Service said on its website.It said the trade surplus for the 20 days was $1.287 billion.The trade ministry will release preliminary trade figures for all of November on Dec. ...
UK retail sales rebound, set to counter growth slowdown LONDON: British retail sales jumped in October, suggesting that shoppers will take the edge off an end-of-year economic slowdown as Europe's weak growth takes its toll on Britain's factories.Sales volumes rose by a much stronger-than-expected 0.8 percent on the month, helped by purchases of furniture after the housing market surged earlier this year and by falling prices, data from the Office for National Statistics showed on Thursday.Consumer spending has driven Britain's strong economic recovery which ...
US consumer prices unchanged, but underlying inflation picking up WASHINGTON: US consumer prices were unexpectedly flat in October, but there are signs that underlying inflation pressures are starting to push higher.The Labor Department said on Thursday falling gasoline prices, which offset rising shelter and medical costs, had restrained its Consumer Price Index last month.The CPI had gained 0.1 percent in September and economists polled by Reuters had it slipping 0.1 percent last month. The CPI increased 1.7 percent in the 12 months through October, ...
US jobless claims fall; continuing claims lowest since 2000 WASHINGTON: The number of Americans filing new claims for unemployment benefits fell less than expected last week, but continued to point to strengthening labor market conditions.Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 291,000 for the week ended Nov. 15, the Labor Department said on Thursday.The prior week's data was revised to show 3,000 more applications received than previously reported.The four-week moving average of claims, considered a better measure of labor ...
US existing home sales hit one-year high in October WASHINGTON: US home resales jumped to their highest level in more than a year in October and outpaced the sales level a year ago for the first time in 2014, further evidence the housing market is on a recovery path.The National Association of Realtors (NAR) on Thursday said existing home sales rose 1.5 percent to an annual rate of 5.26 million units, the highest rate since September of last year. Sales rose 2.5 percent compared ...
Taiwan export orders hit record high on iPhone 6 demand TAIPEI: Booming shipments of smartphones including Apple's iPhone 6 pushed Taiwan's export orders to a new record high in October, the ninth straight month of gains, the government and media said Thursday.Orders, a key indicator for the island's export-reliant economy, jumped 13.4 percent year-on-year to $44.91 billion, according to the economic affairs ministry.Orders for information and mobile devices surged 21 percent from a year ago to a record $12.9 billion, thanks to brisk sales of ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln