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Hyundai India to raise car prices by up to 30,000 rupees MUMBAI: South Korea's Hyundai Motor Co will raise prices on all but one of its car models in India by up to 30,000 rupees ($469) from Aug. 1 as input costs rise, the company said in a statement on Saturday.The newly launched sport-utility vehicle Creta was excluded from the price rise, it said."The price increase has been necessitated by increase of input costs. We have been absorbing most of the costs but now we are constrained to consider the price increase in these challenging market environment," said Rakesh Srivastava, senior vice president, sales and marketing, Hyundai Motor India Ltd. Hyundai is India's second-largest carmaker by sales and largest exporter. India's car market, the world's sixth largest, is expected to grow to number three by 2020 as incomes rise.Copyright Reuters, 2015

Square exploring stock market debut: reports SAN FRANCISCO: Payments company Square has informed US regulators privately that it is exploring going public with a stock market debut, according to reports Friday.The mobile payments and financial services startup launched by Twitter co-founder Jack Dorsey is stealthily looking into an initial public offering of stock.He's doing so under legislation that lets young, growing companies secretly begin the process if they bring in less than a billion dollars in annual revenue, media reports said.The ...

Fiat Chrysler recalls 1.4mn vehicles after Jeep hacked NEW YORK: Fiat Chrysler Automobiles issued a safety recall for 1.4 million cars and trucks Friday after hackers demonstrated that they could remotely control the vehicles' systems while they are in operation."The recall aligns with an ongoing software distribution that insulates connected vehicles from remote manipulation, which, if unauthorized, constitutes criminal action," said FCA US, the American arm of the Italian auto group, in a statement.Copyright AFP (Agence France-Presse), 2015

Nigeria central bank keeps benchmark rate at 13pc ABUJA: Nigeria's central bank kept its benchmark interest rate on hold at 13 percent on Friday, saying concerns about rising inflation and expected normalisation of US interest rates meant monetary policy in Africa's biggest economy had to remain tight. Governor Godwin Emefiele said the bank's monetary policy committee voted 8-4 in favour of keeping the rate at its current level, one of the world's highest benchmark borrowing rates. Its last move was in November. The ...

India's Reliance Q1 profits up despite oil price slump MUMBAI: India's Reliance Industries announced better-than-expected profits Friday as income from core operations of refining and petrochemicals offset the impact from the slump in global oil prices.The Mumbai-based firm owned by Mukesh Ambani, India's wealthiest man, said in a statement that standalone profit in the three months until June 30 rose 11.8 percent to 63.18 billion rupees ($987.19 million) from 56.49 billion rupees a year ago.This outpaced the profit estimate of 62.5 billion rupees predicted ...

Russian central bank withdraws licence from top 50 bank MOSCOW: Russia's central bank on Friday withdrew the licence of Rossiysky Kredit Bank, one of the top 50 banks, saying it had broken federal laws and central bank regulations, presented inaccurate financial reports and engaged in high-risk activity. Rossiysky Kredit Bank was the 45th largest Russian bank by assets as of July 1, according to its financial reporting. The central bank said in a statement that Rossiysky Kredit Bank had hidden grounds for bankruptcy proceedings ...

ECB stimulus may finally reach Greece, but ‘what's the use anyway? LONDON: European Central Bank purchases of Greek bonds, which may start in a month at the earliest, will be too small to push the country's borrowing costs low enough for Athens to regain market access soon.ECB President Mario Draghi has said the bank might have a two-month window after a bailout deal is settled to buy Greek bonds, after which it will quickly hit its self-imposed limit of holding a third of a country's eligible ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln