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Venezuela's inflation soars to 63.4pc CARACAS: Venezuela's inflation rate has soared to 63.4% -- the highest in Latin America -- the Central Bank announced Tuesday.It was the first time the figure was announced since May. Critics charge that President Nicolas Maduro's socialist government has withheld data for its political benefit.Maduro's government has applied many measures trying to rein in inflation, to no avail. It has imposed mandatory price controls, set limits on commercial space rents; and even closed the border at night to clamp down on smuggling, which it blames for worsening shortages. Venezuela, which sits atop the world's largest proven oil reserves, imports 96 percent of the goods it needs. Shortages of everyday goods such as toilet paper, have become common.Most economists say runaway inflation and shortages are caused by massive government spending, including overseas; and by exchange rate controls and price controls in effect since 2003. That makes many products artificially inexpensive to ...

Imposter passed as Lebanese diplomat in Colombia BOGOTA: A Colombian man is being investigated for posing as a Lebanese diplomat after giving lectures on the Middle East and advising the Colombian military under a false identity, local media reported.Jeyson Puello, a resident of the northeast city of Valledupar, was using diplomatic papers with a UN seal to pass himself off as Jason Ali Hakim Abdullaziz Al Nayb, supposedly a high-ranking diplomat and former Lebanese foreign minister, news reports said.Despite his perfect Spanish ...
Moody's threatens to downgrade Brazil as economy stalls RIO DE JANEIRO: Moody's Investors Service on Tuesday said it may cut Brazil's credit rating in the next couple of years as the economy slows down, putting added pressure on whoever is elected president in October to change course on economic policy.Brazil will go to the polls on Oct. 5 with the debate about whether to tighten fiscal policy a hot campaign topic. President Dilma Rousseff, seeking re-election, faces a strong challenge from her main ...
Argentina eyes debt move to dodge US court BUENOS AIRES: Argentina's congress will likely pass Wednesday a measure aimed at side-stepping a US court order that has blocked the country from paying back debt tied up in a feud with hedge funds.The lower house will vote on legislation approved by the Senate last week that would move the repayment location from New York to either Buenos Aires or Paris.It is the latest move by President Cristina Kirchner's administration in a legal tussle with ...
Chiquita suspends Fyffes deal vote, to discuss Cutrale-Safra bid SAO PAULO: Banana producer Chiquita Brands International Inc adjourned a shareholder vote on a plan to merge with Fyffes Plc in order to engage in discussions with Grupo Cutrale and Safra Group regarding a $611 million unsolicited takeover bid.US-based Chiquita said in a statement on Monday that Irish tropical fruits producer Fyffes had granted it a waiver to negotiate with Cutrale and Safra. Chiquita's planned Sept. 17 shareholder meeting to vote on the Fyffes deal was ...
Petrobras scandal shakes up Brazil presidential race RIO DE JANEIRO: Brazil's October presidential race has been shaken up by a corruption scandal allegedly involving state-run oil firm Petrobras and dozens of lawmakers, with both leading candidates forced onto the defensive after colleagues were implicated. Media reported on Friday night that a jailed former Petrobras director had named dozens of politicians who allegedly received kickbacks off the company's contracts. The revelations are a headache for President Dilma Rousseff, undermining her reputation for zero ...
Ten killed in plane crash in Colombian jungle BOGOTA: A small airplane crashed minutes after take-off in Colombia's southern jungle on Saturday, killing all 10 people aboard, the country's civil aviation agency said."The airplane was found, broken apart and burned, 10 km (6 miles) from populated areas in the municipality of Puerto Santander, Amazonas department," the agency said in a statement. The Air Force was carrying out the effort to retrieve the bodies of the eight passengers and two crew members, who were ...


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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