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Volvo Cars to build first US factory STOCKHOLM: Swedish carmaker Volvo Cars announced plans Monday to build its first factory in the United States, 60 years after it started selling cars in the country. It will be Chinese-owned Volvo's fifth factory, and comes in the wake of a two-year turnaround of the Swedish brand's fortunes since it was sold by Ford in 2010."Volvo Cars cannot claim to be a true global car maker without an industrial presence in the US. Today, we became that," chief executive Haakan Samuelsson said in a statement.The manufacturer said it has not decided on the location of the new plant, but said it would invest about $500 million (461 million euros) on the project, "underscoring its long term commitment to the US market."The new factory will join existing plants in Sweden, Belgium, China and Malaysia.Despite its presence in the US since 1955, Volvo is a small player in the country. Last year ...


Bank of England to put banks through global slump scenario in new tests LONDON: Britain's top seven banks and building societies will have to show they could withstand a global slump triggered by a sharp slowdown in China and a crash in the euro zone in this year's stress tests.The Bank of England also said the 2015 tests would exclude the Co-operative Bank which failed last year's health check and is deep in a restructuring programme.The theoretical global downturn that the banks will have to prove they could ...

China central bank says to ease lending policies for second home buyers SHANGHAI/BEIJING: China's central bank on Monday eased lending policies for purchases of second homes, as Beijing moves to head off a sliding real estate prices that have amplified deflationary pressure and put economic growth at risk.The People's Bank of China said in a statement on its website that it will adjust the minimum downpayment for second home buyers and improve lending policies to promote the "healthy development of the real estate market."The Ministry of Finance ...

South Korea central bank chief says weak consumption holding back recovery SEOUL: Weak consumption is the biggest factor holding back South Korea's economic recovery, the country's central bank governor said, cautioning that a return to solid growth is some way off."Sluggish domestic demand centred around consumption is the main factor that we see harming the pace of economic recovery," Bank of Korea Governor Lee Ju-yeol told reporters at a lunch briefing at the central bank headquarters in Seoul on Tuesday."Meanwhile looking at exports, they are expanding ...

China's central bank denies talk of Monday press conference BEIJING: China's central bank denied rumours that it is holding an emergency news conference on Monday, tempering speculation that the government is set to unveil more support for the cooling economy."We have indeed not received any notice for a press conference," said an official at the press office at the People's Bank of China (PBOC), asking not to be identified.China's property sub-index surged more than 7 percent on Monday in its biggest gain in over ...

Peru's central bank loosens local currency reserve requirement LIMA: Peru's central bank said on Sunday that it would lower local currency bank reserve requirements to 7.5 percent from 8.0 percent from April, as part of its ongoing bid to boost lending in soles to counteract a slowing economy. The central bank, which has said that it prefers loosening reserve rules to lowering the benchmark interest rate as a way of stimulating economic activity, has gradually lowered the reserve floor for deposits in soles ...

ECB, BoE reach accord allowing UK clearers to handle euro deals LONDON/FRANKFURT: The European Central Bank and the Bank of England have struck a deal that will allow clearing houses in Britain to handle euro-denominated securities, ending a long-running legal battle.The agreement follows a court ruling, which led the ECB to shelve a policy requiring clearing houses that handle euro-denominated securities to be located in the euro zone.Britain had challenged the policy in the European Union's second-highest court, fearing it would damage London's role as a ...


 



 
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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%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln