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Judge pauses Detroit's bankruptcy trial again DETROIT: US Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case.The hearing will be adjourned from Friday and reconvene on Sept. 29. It was also placed on hiatus last week for three days while the city applied finishing touches to a settlement with another creditor, Syncora Guarantee Inc. Syncora formally withdrew its objections to the plan in on Tuesday, leaving Financial Guaranty Insurance Co (FGIC), which has $1.1 billion on the line, to lead the fight against the plan and the questioning of witnesses. The insurer said it needed time to organize its case. The hearing to determine if the plan is fair and feasible began on Sept. 2 and was expected to stretch through the middle of October.Even with the recess, the judicial and legislative processes of the largest ...

US House passes Fed audit bill; measure seen doomed in Senate WASHINGTON: The US House of Representatives overwhelmingly passed a bill on Wednesday that would open up Federal Reserve monetary policy decisions to a congressional audit, reviving a measure passed in 2012. But the legislation approved by the Republican-dominated House is expected to meet a fate similar to its predecessor's: death in the Democratic-controlled Senate. The "Federal Reserve Transparency Act" passed 333-92 in a bipartisan vote. It is largely similar to the 2012 "Audit the Fed" ...
US accuses payday lenders of taking money from unwitting consumers WASHINGTON: Two federal agencies on Wednesday took legal action against two different payday lending operations, in both cases alleging that lenders took money from unwitting consumers, as part of an ongoing crackdown on the industry. A federal court in Missouri issued a restraining order on an online payday scheme that allegedly trapped consumers in unauthorized loans and took money out of their bank accounts, the US Federal Trade Commission said on Wednesday. Between 2012 and ...
US cools talk of combat role in Iraq WASHINGTON: The White House and the US military on Tuesday scrambled to play down a suggestion by the nation's top officer that deploying ground forces in Iraq to fight Islamic State militants was an option.General Martin Dempsey, chairman of the US Joint Chiefs of Staff and President Barack Obama's top military advisor, had said US military advisors could be sent into combat alongside Iraqi forces. Dempsey said the US personnel could "provide close-combat advising," but ...
Iran's current uranium enrichment not acceptable: US WASHINGTON: Iran cannot convince the world that its current ability to enrich uranium is acceptable, the top US negotiator said Tuesday ahead of new nuclear talks with global powers.After months of intense negotiations the two sides have "identified potential answers to some key questions," Under Secretary of State Wendy Sherman said in a speech at an award-giving ceremony at Georgetown University.But she warned "we remain far apart on other core issues, including the size and ...
Seven police dead in Colombia ambush BOGOTA: At least seven police officers were killed and seven wounded when gunmen from the FARC rebel group ambushed their convoy Tuesday in remote northwestern Colombia, officials said."This is a cowardly attack that deserves condemnation by all Colombians," President Juan Manuel Santos said during a speech in which he attributed the violence to the FARC and Colombia's "Clan Usuga" criminal gang.Colombia is the scene of a 50-year-old conflict between the government and leftist rebels that ...
Obama to send 3,000 military to fight Ebola in Africa WASHINGTON: US President Barack Obama will Tuesday seek to "turn the tide" in the Ebola epidemic by ordering 3,000 US military personnel to West Africa and by launching a major health care training and hygiene program.Obama will travel to the Centers for Disease Control and Prevention in Atlanta to meet US health chiefs and make the announcement. It is meant to spur a global effort to fight an outbreak that has already killed 2,400 people, ...

 



 
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Banking Review 2013


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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln