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Tesla struggling to electrify China car market SHANGHAI: Serial entrepreneur Elon Musk has launched spacecraft into orbit, but popularising his Tesla electric cars in China is proving to be tougher than rocket science.PayPal billionaire Musk -- co-founder and chief executive officer of Tesla as well as chief of rocket maker SpaceX -- visited China last month, and admitted sales in the world's largest auto market were below expectations."China is the only place on Earth that we have excess inventory," Musk told Chinese media, blaming "speculators" for ordering cars amid the early media hype and then not taking delivery.When China's premier auto show opens on Monday in commercial hub Shanghai, Tesla will be among the 2,000 exhibitors vying for the eyes -- and wallets -- of the massive market. China is the world's biggest polluter, but analysts say electric vehicles face key challenges: consumer reluctance due to perceived problems with safety, reliability and access to charging facilities.Tesla has ...

Saudi giant SABIC Q1 net profit down 39 percent RIYADH: Saudi petrochemicals giant SABIC on Sunday posted a 39 percent decline in net profits in the first quarter of 2015 compared with a year ago before global oil prices plunged.SABIC, the largest publicly traded firm in the Gulf, reported net profit of 3.93 billion riyals ($1.05 billion) for the three months ending March 31.That compared with a net profit of 6.44 billion riyals in the same quarter a year earlier.The drop in oil prices ...

China cuts bank reserve ratio requirement as growth slows BEIJING: China's central bank announced Sunday it would cut the level of funds that commercial banks must hold in reserve by one percentage point, the second such move this year to boost lending.The move, effective Monday, comes days after the world's second largest economy reported its worst quarterly growth figure for six years.In a statement on its website, the People's Bank of China (PBoC) said it will give an additional one-percentage-point RRR cut to banks ...

Vivendi shareholders grant long-term investors double voting rights PARIS: Vivendi shareholders rejected a resolution to deny long-term investors double voting rights at the group's general assembly in Paris on Friday, a move that critics say primarily benefits company chairman Vincent Bollore.The shareholder vote denied activist asset management group PhiTrust the two-thirds majority required to block application of a French law granting double voting power to investors whose holdings date back more than two years.The provisions were introduced by the so-called Florange law passed ...

Fiat Chrysler sets bonus scheme for Italian workers MILAN: US-Italian carmaker Fiat Chrysler Automobiles (FCA) announced an incentive system for employees in Italy tied to the group's productivity and profits in a move it hopes will improve prickly labour-management relations. FCA said in an announcement released late Thursday the scheme will pay bonuses to autoworkers tied to "productivity, quality and profitability targets established in the 2015-2018 business plan." The proposal -- which FCA says will cost a maximum of around 600 million euros ...

Emirates picks Rolls-Royce for $9.2bn engines deal LONDON: Dubai's Emirates Airline on Friday awarded a lucrative engines deal worth a record $9.2-billion (8.5-billion-euro) to British aircraft engine maker Rolls-Royce."Emirates has today announced an historic $9.2 billion deal with Rolls-Royce for Trent 900 engines and a long-term TotalCare package," it said in a statement.The engines will power 50 Airbus A380s that were ordered at the Dubai Air Show in 2013 and will start entering service next year.The deal -- the biggest ever for ...

GE reports $13.6bn loss due to finance sale charges NEW YORK: General Electric Friday reported a $13.6 billion first-quarter loss on charges from its plan to sell most of GE Capital as profits rose in four of seven industrial businesses.The big loss had been expected after GE said a week ago that it would take about a $16 billion charge due to the GE Capital divestment. GE reported $3 billion in profits in the year-ago period.The plan to sell most of its finance operations ...


Index Closing Chg%
Arrow DJIA 17,826.30 1.54
Arrow Nasdaq 4,931.82 1.52
Arrow S&P 2,081.18 1.13
Arrow FTSE 6,994.60 0.93
Arrow DAX 11,688.70 2.58
Arrow CAC-40 5,143.26 1.55
Arrow Nikkei 19,652.88 1.17
Arrow H.Seng 27,653.12 0.31
Arrow Sensex 28,442.10 0.78

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln