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Saudi's SAFCO completes work on urea plant DUBAI: Saudi Arabian Fertiliser Co (SAFCO) has completed mechanical and construction work on a new urea plant at its industrial complex in Jubail, it said. Trial operations will now take three months before the project starts up commercially, it said in a statement on the Saudi bourse. Annual production capacity is estimated at 1.1 million tonnes of urea, it added. The plant was originally scheduled to start up in the third quarter of 2014, but was delayed due to construction work falling behind the original timetable, the company, a unit of Saudi Basic Industries Corp (SABIC), said in June.Copyright Reuters, 2014


China's money policy ‘appropriate,’ but importance of liquidity management rising SHANGHAI: The head of China's central bank's research department told a forum in Beijing on Friday that China's current monetary policy is appropriate but that liquidity management is increasingly important in the face of high funding costs.The remarks by the People's Bank of China (PBOC) research bureau head Lu Lei were reported in the official Securities Times newspaper on Saturday."On the one hand, we can see the difficulties in fundraising in the real economy, being ...

Uber broke Indian financial rules: central bank chief NEW DELHI: India's central bank chief blasted Uber, already under fire over the alleged rape of a passenger, saying the US taxi-hailing firm violated the country's financial regulations by using an overseas payment system.A row over the highly valued start-up's financial transactions erupted in India earlier this year after domestic taxi firms complained Uber was not following the country's two-step authentication system for e-commerce credit card payments."They (Uber) were using a way of bypassing our ...

Credit Suisse bid to dismiss US mortgage suit denied NEW YORK: Swiss banking giant Credit Suisse can be prosecuted for its role in the US housing finance meltdown, according to a court decision, which dismissed the company's bid to halt a suit.The bank had filed a motion to have a suit for fraud over the sale of questionable mortgage securities that dealt buyers $11.2 billion in losses in the housing crisis dismissed.But Justice Marcy Friedman of New York's Supreme Court authorized the state's attorney ...

VW's Audi to step up investments in 2015-19 on models, plants BERLIN: Volkswagen's Audi luxury division said on Saturday it will increase spending on new models, plants and technology by 2 billion euros ($2.44 billion) to a record 24 billion euros over the next five years.Audi, which contributes 40 percent to operating profit at Europe's largest automotive group, said more than half of planned investments will be assigned to its two German factories in Ingolstadt and Neckarsulm, confirming a Reuters story.Audi, the world's second biggest luxury ...

India working to fix e-commerce payments post-Uber case: central bank MUMBAI: US taxi-hailing company Uber Technologies violated Indian regulations by "bypassing" rules when it used an overseas gateway to conduct transactions in the country, Reserve Bank of India Governor Raghuram Rajan said in a television interview.The central bank is working to set a legal framework for the use of advanced e-commerce technologies but in the meantime no one can treat the absence of a solution as an excuse to violate Indian rules, Rajan told NDTV ...

China's Nov industrial profits suffer sharpest fall in 27 months SHANGHAI: Chinese industrial profits dropped 4.2 percent in November to 676.12 billion yuan ($108.85 billion), official data showed on Saturday, the biggest annual decline since August 2012 as the economy hit major unexpected headwinds in the second half.Despite last month's drop, profits for January-November were 5.3 percent higher than in the first 11 months of 2013, according to the National Bureau of Statistics (NBS) data. The NBS attributed November's profit drop to declining sales and ...


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyDecember 26, 2014
Reserves $15.09 bln