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Mercedes, BMW chase ultra rich clients with new high end cars BEIJING: Premium auto maker BMW unveiled a luxury concept sedan in Beijing on Sunday, to gauge customer appetite for a car that would cost more than German manufacturer's current flagship 7 series limousine.The 5 meter long vehicle, officially called the "Vision Future Luxury" but also referred to as the 9-series, is aimed at a growing class of ultra wealthy clients which are coveted by rival brands such as Bentley.Ian Robertson, BMW Group's board member responsible for sales and marketing said the car is being presented the Auto China show in Beijing as a way to test customer opinion in the world's largest car market."There are a number of elements in that car and we will gauge what people say and then we will take a view," Robertson said, declining to comment on whether the vehicle, which featured carbon fibre, lime wood, and aluminium, will ever go in to production.Robertson said ...


GM to battle VW in China with $12bn investment and new plants BEIJING: US car giant General Motors Corp (GM) plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it competes with aggressive rivals in the world's largest auto market.GM expects its China sales to expand 8-10 percent this year, in line with the overall growth of the Chinese market, where foreign firms, such as Volkswagen AG, and domestic players like SAIC Motor Corp vie for more market ...

Italy's Treasury to give Monte Paschi more time to pay interest in cash: paper MILAN: Italy's Treasury may allow loss-making Banca Monte dei Paschi di Siena more time to pay interest on a state bailout, to ensure the sum is paid in cash rather than in bank shares, Corriere della Sera reported on Saturday.Citing sources close to the Treasury, the paper said the Treasury had told the bank it may extend the July 1 deadline for paying 360 million euros ($498 million) by a few days.The Treasury said it ...

VW aims for double-digit growth in China BEIJING: German carmaker Volkswagen is targeting double digit sales growth in China this year and will launch two new hybrid cars in the world's leading auto market, the group's chief said on Saturday."For 2014 we have once again set our sights on double-digit growth in China and are aiming to deliver more than 3.5 million vehicles to customers for the first time in a calendar year," Martin Winterkorn, said in a statement released in Beijing. ...

Italy PM Renzi cuts taxes for 10mn low earners ROME: Italian Prime Minister Matteo Renzi on Friday cut taxes for 10 million low earners to try to boost household spending after a two-year recession, making good on a promise he made after taking office two months ago.Renzi's cabinet passed a decree to reduce taxes for those earning between 8,000 and 26,000 euros a year by about 80 euros per month, starting next month.The 6.9 billion euros in tax cuts will be funded by a ...

Airbnb rental site raises $450mn NEW YORK: Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.The agreement, which also included Dragoneer Investment Group, mutual fund T. Rowe Price Group and Sequoia Capital among its investors, valued the startup at $10 billion, according to The Wall Street Journal.That figure would make the website, that lets individuals rent out their homes to travelers, one of the most ...

Fiat-Chrysler to produce iconic Jeep in China from 2015 SHANGHAI: Automaker Fiat-Chrysler said on Saturday that it would begin producing the iconic American brand Jeep in China from 2015 to meet demand in the world's largest car market.Fiat-Chrysler -- created by Italy's Fiat acquiring Chrysler of the United States -- will produce three Jeep sport utility vehicle (SUV) models in China, including one specifically designed for the Chinese market, the company said in a statement.The announcement came ahead of the Beijing auto show, which ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln