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German insurer Talanx buys Chilean rival to counter slow Europe FRANKFURT: Germany's third-largest insurer Talanx has agreed to buy a majority stake in Chilean rival Inversiones Magallanes, a $220 million deal that pushes the group further into growing markets to offset a stagnant European economy.The deal, under which Talanx will buy a stake of around 70 percent in the Chilean insurer from its controlling family, will make Talanx one of the five largest insurers in Chile.Talanx, already present in Chile, will launch a public offer aimed at buying out minority shareholders in Inversiones Magallanes. It has set a threshold of at least 80 percent ownership for the deal to go through."We are confident," a Talanx spokesman said, adding that a 100 percent stake in the company would cost around 180 million euros ($221 million).This implies a sale price of around 126 million euros for the family-owned stake and 54 million for the remainder, which is held mainly by employees and ...

European bank watchdog tightens online payment rules to fight fraud LONDON: Europe's banking watchdog said on Friday that Internet payment service providers must tighten security procedures by August next year to combat a jump in online fraud.The European Banking Authority (EBA) set guidelines for minimum security requirements that payment services providers across the EU's 28 member states must meet by August.Losses from fraud on card Internet payments alone was 794 million euros ($975 million) in 2012, up 21 percent from the previous year.The EBA guidelines ...

Swedish central bank picks academic to board, limited policy impact seen STOCKHOLM: Sweden's central bank said on Friday it had picked Uppsala University professor Henry Ohlsson for the vacant seat on its rate-setting board, replacing policy dove Karolina Ekholm who quit the Riksbank in October.As well as his academic post, Ohlsson is also a member of the board of the Swedish Public Employment Service and is Chair of the Economic Council of Swedish Industry.He will take up his post on Jan. 12 and will take part ...

China auto firm BYD recovers partially after 40PC plunge HONG KONG: Shares in Chinese car maker BYD, which plunged almost 30 percent in the previous session amid speculation about its business outlook, recovered partially in Hong Kong Friday after it moved to quash the rumours.The firm, which is backed by US billionaire Warren Buffett, ended up 14.17 percent at HK$28.60 in the afternoon Friday after it issued a statement denying talk that the investment icon intended to sell a large part of his stake.The ...

Nissan gaining Russia market share, less hurt than peers by rouble fall: CEO TOKYO: Japanese automaker Nissan Motor Co is faring better than peers in Russia as domestic production via an alliance with the country's biggest auto firm shields it against the rouble's plunge, Chief Executive Carlos Ghosn said on Friday. The Russian currency has plunged by about 50 percent against the dollar so far this year, raising questions for global auto makers operating in the country.Russia is Nissan's fifth-largest market and the Japanese firm's alliance with Renault ...

IMF urges Zambia to resolve tax issues with mining companies LUSAKA: The International Monetary Fund has urged Zambia, Africa's second-largest copper producer, to quickly resolve issues with mining companies over value-added tax refunds and an increase in royalties.Lower world copper prices and the announced shift to a royalty-only mining tax regime with high rates were likely to adversely affect the companies, the IMF said in a statement late on Thursday.Barrick Gold Corp said on Thursday it would suspend operations at its Lumwana copper mine in ...

BOC Aviation adds two more Boeing jets to earlier order spree SINGAPORE: Singapore-based aircraft leasing firm BOC Aviation has finalised an order for two more Boeing 737 jets, adding to the 80 it placed orders for earlier this year to meet booming Asian travel, the two firms said Friday.The two Boeing 737-800 jets are valued at $186 million in total based on 2014 catalogue prices, Boeing and BOC Aviation, owned by the Bank of China, said in a joint statement."Building on our order of 80 737 ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln