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Wells Fargo expands metals business with London desk LONDON: Wells Fargo Securities will open a metals desk in London in a push into the sector as other larger players have bowed out due to regulatory pressures and thinning margins, sources said.The US bank, which already trades base metals from New York, will open the metals desk in London in the next few weeks. It has hired Michael Cuoco, previously with Swiss bank Credit Suisse, to head the metals business in Europe, the Middle East and Africa.At Credit Suisse Cuoco was mainly involved in base and precious metals but also focused on iron ore, dry freight, coal and minor metals."Wells Fargo Securities continues to develop its platform in Europe to meet the financial needs of our clients," the bank said after confirming the new hire in London.Wells Fargo has applied for Category 2 membership of the London Metal Exchange, giving it electronic and telephone trading rights, but not open-outcry ...

Prices rise as Ukraine gas transit risks resurface LONDON: British natural gas prices rose on Tuesday as Russia's Gazprom warned of "serious" risks to gas transit to Europe via Ukraine after Kiev failed to make a pre-payment and as Norwegian gas flows through the Vesterled pipeline fell to zero.Prices for day-ahead delivery rose by 1.75 pence or 3.59 percent from the previous settlement to 50.50 pence per therm at 1043 GMT.The within-day contract was 1.10 pence or 2.24 percent higher at 50.20 pence ...
IMF approves next tranche of $457mn loan for Albania WASHINGTON: The International Monetary Fund's board on Monday signed off on its latest review of Albania's $457 million loan program, and released 58.8 million euros ($66 million) of cash for the Balkan state.The approval came after an IMF team visited Tirana in November to evaluate Albania's economic reforms, especially in the electricity sector.Albania loses $150 million a year from thefts of electricity and the government is forced to finance pricy energy imports. The government has ...
Brazil monthly inflation seen still racing at over 1pc BRASILIA: A recent fuel tax hike likely kept Brazil's monthly inflation speeding at around the highest rate in more than a decade in early February, according to a Reuters poll on Monday.Consumer prices as measured by the IPCA-15 index probably rose 1.29 percent in the month to mid-February, up from 1.24 percent in the full month of January, according to the median of 25 estimates.January's monthly inflation clocked in at its highest since February 2003, ...
US existing home sales at nine-month low, supply limited WASHINGTON: US home resales fell sharply to their lowest level in nine months in January amid a shortage of properties on the market, a setback that could temper expectations for an acceleration in housing activity this year.The National Association of Realtors said on Monday existing home sales declined 4.9 percent to an annual rate of 4.82 million units, the lowest level since last April."Existing home sales are taking a bumpy road towards recovery," said Patrick ...
IMF signs off on $1.4 billion loan for Serbia WASHINGTON: The International Monetary Fund on Monday signed off on a three-year, 1.2 billion euro ($1.4 billion) loan program for Serbia to help the eastern European country restore its financial health and reassure investors.The IMF said Serbia plans to treat the funds as precautionary, as it seeks to deal with a ballooning deficit and public debt since the onset of the global financial crisis six years ago.Under the program, Serbian officials committed to restoring the ...
British government body urges 3pc rise in minimum wage LONDON: A British government body recommended a 3 percent rise in the minimum wage on Monday, which would take it to 6.70 pounds ($10) an hour, the biggest real-terms increase since 2007.Although the wage rise is not due to take effect until October, the prospect of more pay could boost morale among Britain's lowest earners in the run-up to a national election in May, when the cost of living is likely to be a major ...


Index Closing Chg%
Arrow DJIA 18,132.70 0.45
Arrow Nasdaq 4,963.53 0.49
Arrow S&P 2,104.50 0.30
Arrow FTSE 6,946.66 0.04
Arrow DAX 11,401.66 0.66
Arrow CAC-40 4,951.48 0.83
Arrow Nikkei 18,797.94 0.06
Arrow H.Seng 24,823.29 0.32
Arrow Sensex 29,220.12 1.65

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln