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GM's Opel to cut Russia production as slowdown bites BERLIN: US carmaker General Motors is cutting production and shedding around 500 jobs at its Opel division in Russia, hit by a plunge in local demand due to a slowing economy and Western sanctions.Opel said on Tuesday it would scale back production at its plant in St. Petersburg to a total of 16 days during the three-month period from August to October.It will also offer voluntary severance packages to about a quarter of the plant's 2,000 staff and accelerate a move to use more local suppliers - a shift that will help it to cope with a weakening Russian rouble.Auto sales have slumped in Russia this year as slowing economic growth is causing people to put off purchases.Western sanctions over the crisis in Ukraine and the devaluing rouble are causing further strains to carmakers. The rouble is this year's biggest-declining major emerging currency, having lost more than 15 percent in ...


BP to cut 275 jobs in Alaska after oil field disposals LONDON: BP will cut around 275 staff and contractor jobs in its Alaska operations in early 2015 following the sale of its interests in four oil fields in the North Slope area, it said on Tuesday.BP, one of the largest oil producers in Alaska, last April announced the sale of the fields to privately held Hilcorp, though it remains committed to developing Alaska's Prudhoe Bay, the largest oil field in North America.BP has a total ...

Lufthansa agrees with cabin crew on no-frills service: source FRANKFURT: Lufthansa on Tuesday struck an agreement with cabin crew union UFO over work conditions and pay at the German airline's proposed new low-cost long haul business, a person familiar with the talks told Reuters on Tuesday.A Lufthansa spokeswoman said the airline was happy to have come to an agreement with UFO over an "important collective bargaining matter" but declined to specify.Lufthansa Chief Executive Carsten Spohr in July unveiled plans to offer no-frills long haul ...

Spain sells 5bn euros of short-term debt, yields rise MADRID: Spain sold 5 billion euros ($6.5 billion) of short term debt on Tuesday at higher yields than a month ago, days ahead of a vote on Scottish independence that has unsettled some buyers of debt from countries with separatist movements. Spain's wealthy Catalonia region wants to hold a referendum on Nov. 9 on separating from the rest of Spain, which government of Prime Minister Mariano Rajoy says would be illegal. The Treasury had aimed ...

Indonesia sells 10 trillion rupiah at bond auction, as targeted JAKARTA: Indonesia sold 10 trillion rupiah ($836.1 million) of conventional bonds at an auction on Tuesday, as targeted, the finance ministry's debt office said. Most yields were higher compared with previous sales in the first week of September. The 10-month T-bills had the weighted average yield of 6.61560 percent. The yields for 5-year and 10-year bonds were 8.04980 percent and 8.30677 percent, respectively, higher than 7.99000 percent and 8.21812 percent from the previous auction on ...

South Korea central bank to sell 2.3 trillion won MSBs on Wednesday SEOUL: South Korea's central bank said on Tuesday it will sell 2.3 trillion won ($2.22 billion) worth of 2-year monetary stabilisation bonds via an auction on Wednesday. The auction will be held at 0100 GMT for 10 minutes, the Bank of Korea said. Copyright Reuters, 2014

BoJ's Kuroda says stable yen key for Japan businesses OSAKA: Bank of Japan Governor Haruhiko Kuroda said stable yen moves are crucial for the country's business sector, nodding to complaints from some companies that rising import costs from sharp yen declines were starting to hurt their bottom line. But he stressed that the reversal of past "excessive" yen gains is prompting some Japanese companies to boost domestic investment instead of shifting production overseas, suggesting that he still broadly sees yen weakness as a welcome ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln