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Obama urges Congress to back new US housing regulator WASHINGTON: President Barack Obama urged lawmakers on Saturday to back his nominee to oversee mortgage financiers Fannie Mae and Freddie Mac, Democratic Representative Mel Watt."Mel's represented the people of North Carolina in Congress for 20 years, and in that time, he helped lead efforts to put in place rules of the road that protect consumers from dishonest mortgage lenders and give responsible Americans the chance to own their own home," Obama said in his weekly radio and Internet address."He's the right person for the job, and that's why Congress should do its job, and confirm him without delay," Obama said.The North Carolina lawmaker is expected to face a tough confirmation battle in the Senate, where Democrats are likely to need some Republican support to get Watt approved.If confirmed, Watt would replace Edward DeMarco, a career civil servant who has led the Federal Housing Finance Agency in an acting capacity since ...

US kidnap suspect Castro charged in court CLEVELAND: Unemployed American bus driver Ariel Castro appeared in court Thursday to face charges that he kidnapped and raped three young women and held them and a young child in his home for a decade.The 52-year-old from Cleveland, Ohio did not enter a plea and stood with his head bowed while the court set large bonds of two million dollars in each of four cases, effectively ensuring that he will remain in detention.He was presented ...
Hillary Clinton praises China's 'pragmatic' Xi LOS ANGELES: Former US secretary of state Hillary Clinton hailed China's President Xi Jinping on Wednesday as "pragmatic," saying he was more of a politician than his predecessor.In an address to a think tank in Los Angeles she said Xi, who took office last November, should ensure that there is "no daylight" between the ruling Communist Party and China's vast military."The new president appears to be a pragmatic leader," she told the Pacific Council of ...
Mexico volcano covers towns in ash SAN PEDRO BENÍTEZ: Mexico's Popocatepetl volcano has spewed ash over several towns in the central state of Puebla, just 55 kilometers (35 miles) southeast of Mexico City, but the country's capital was spared.The volcano blew a huge stack of smoke that went 3,200 meters (10,500 feet) skyward late Tuesday, but surrounding residents were not in danger, said Jesus Morales, Puebla's civil protection director.A three-centimeter (one-inch) thick carpet of ash covered nearby towns, forcing people to ...
US welcomes Azevedo as WTO chief WASHINGTON: The United States welcomed the choice of Roberto Azevedo Wednesday to lead the World Trade Organization, after he beat out Mexico's Herminio Blanco in the final round of the selection process."WTO members had an excellent pool of candidates from which to choose our next director-general, particularly in the case of the two finalists. Both are strong leaders," said acting US Trade Representative Demetrios Marantis."The United States is pleased to join the consensus decision that ...
Corn, soybeans supported by US weather worry HAMBURG: US corn futures rose on concern rain will make fields too wet for farmers to complete sowings, while cold and wet weather were stalling wheat development and seen lowering the chances of double-cropping soybeans after the wheat harvest.Stalled by rain and late-season snow last week, US farmers have planted just 12 percent of their intended corn area, the slowest pace since 1984, the US Department of Agriculture (USDA) said."The corn and soybean markets are ...
North Korea has gained nothing from recent threats: Obama WASHINGTON: The United States and South Korea vowed on Tuesday to keep up their guard and not reward bad behavior by North Korea, which President Barack Obama said had won no benefits or prestige from recent war threats."If Pyongyang thought its recent threats would drive a wedge between South Korea and the United States or somehow garner the North international respect, today is further evidence that North Korea has failed again," Obama said at a ...


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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 $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln