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General Motors recalls 70,000 autos from Russia MOSCOW: General Motors is recalling 70,200 Chevrolet Aveo cars in Russia due to potential steering problems in extremely cold temperatures, Russian federal regulatory agency Rosstandart said Monday.The agency said the recall concerned vehicles sold between November 2011 and last month.Tests have shown the cars' hydraulic assisted steering system could develop cracks in temperatures below minus 40 Celsius (-40 Fahrenheit). Rosstandart said.GM is still digesting a $900 million fine imposed last month in the United States for the recall last year of 2.6 million cars with faulty ignitions worldwide.The problem was linked to at least 124 deaths, US officials found.GM announced last spring a near-total pull out of Russia save for topline Chevy models, idling its factory in Saint-Petersburg after the local market collapsed as the ruble plunged in value and the economy slowed.Copyright AFP (Agence France-Presse), 2015

Twitter confirms co-founder Jack Dorsey to stay on as CEO NEW YORK: Twitter confirmed Monday that co-founder Jack Dorsey will stay on as CEO, announcing his shift from interim to permanent chief in a document filed with the Securities and Exchange Commission.Dorsey will also continue to run digital payments service Square, which he founded about five years ago, Twitter said. Copyright AFP (Agence France-Presse), 2015

South Africa plans to build 1,500 MW solar park CAPE TOWN: South Africa, which is battling with power shortages, plans to build a solar park in the Northern Cape province to produce an additional 1,500 megawatts, a senior energy official said on Monday. "We are putting the project plan in place and could open up the bidding process this year or early next. It's a question of a couple of months," Omphi Aphane, deputy director general in the energy ministry, told Reuters at a ...

UK plans $3bn Lloyds share sale to private investors LONDON: Britain's finance ministry said it will sell at least 2 billion pounds ($3 billion) worth of shares in Lloyds Banking Group to private retail investors in spring 2016 to return the bank to full private ownership. The sale is set to be the biggest privatisation in Britain since the 1980s, when Margaret Thatcher's government sold 3.9 billion pounds worth of shares in British Telecom and 5.6 billion pounds worth of British Gas shares. As ...

German car parts supplier Schaeffler scales down IPO amid VW crisis BERLIN: German car equipment manufacturer Schaeffler on Monday substantially scaled back its stock offering expectations, after the auto sector was rocked by the massive pollution-cheating scandal at Volkswagen.The group, which had already on Friday announced a delay on its planned stock market flotation, said it would now float 75 million shares at between 12 and 14 euros on October 9.The company is therefore expecting to raise 975 million euros from the market -- only a ...

Facebook, Eutelsat in African Internet satellite hook-up PARIS: European satellite operator Eutelsat Communications and social media giant Facebook said Monday they are working jointly to deliver satellite broadband Internet to connectivity-hungry sub-Saharan Africa.The firms revealed they have reached a multi-year agreement with satellite communication firm Spacecom to use the entire broadband payload of the AMOS-6 satellite due to come on stream in the second half of next year and provide coverage for large swathes of sub-Saharan Africa, after identifying "pent-up demand for ...

Glencore shares up 34pc on unit sale talks HONG KONG: Shares in mining giant Glencore soared 33.64 percent in mid-afternoon trade in Hong Kong, following reports it is in talks to sell its agriculture business.Shares in the Swiss-based firm have fluctuated wildly amid investor fears that sinking commodity prices will affect its ability to meet outstanding debt obligations.Singapore's sovereign wealth fund, Japanese trading house Mitsui & Co., and a Canadian pension fund are among potential buyers, Bloomberg News reported.The firm plunged in trading ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln