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Bank of England policymakers see scant need for rate cut LONDON: Three Bank of England policymakers said on Wednesday they saw little chance of a cut in interest rates in the face of tumbling inflation, distancing themselves from the position of the central bank's chief economist.BoE chief economist Andy Haldane surprised some observers by saying last week that a recent sharp slowdown in inflation meant the bank was as likely as not to cut rates - a view previously rejected by BoE Governor Mark Carney.David Miles, a member of the BoE's Monetary Policy Committee who repeatedly voted for more stimulus in 2013, said in an interview with the Financial Times that deflationary pressures were "striking by their absence" in Britain. British consumer price inflation hit an all-time low of zero percent last month, but the BoE has forecast that any foray into negative territory will be fleeting as falling unemployment and a gradual pick-up in wages should ensure strong consumer ...


Greek central banker optimistic on chances of debt deal LONDON: The chances of Greece doing a deal with its European creditors have grown since a meeting in Berlin this week, Greek central bank governor Yannis Stournaras said on Wednesday, adding that an exit from the euro would only bring his country more pain. Speaking to a packed hall at the London School of Economics, Stournaras also said the European Central Bank's latest increase in emergency funding for Greek banks showed that their situation going ...

India raises $17.6 billion on record spectrum auction MUMBAI: India raised a record $17.6 billion during intense bidding on a government auction of mobile phone airwaves which ended Wednesday, as analysts warned of price hikes for subscribers.Communications and IT minister Ravi Shankar Prasad said total bids of 1.1 trillion rupees ($17.6 billion) had been received during the 19-day auction of wireless spectrum in one of the world's largest smartphone markets.The battle among eight mobile phone carriers, including market leaders Vodafone, Bharti Airtel and ...

Brazil central bank allows currency support program to end BRASILIA: Brazil's central bank announced the end of a program to support the strength of the national currency, the real, despite its continued decline.In a statement sent Tuesday night, the bank explained its intervention program that expires on March 31 had "provided a sufficient volume of foreign exchange protection" and would not be extended.The central bank announced in August of 2013 it would spend over $50 billion in defense of the real through the auction ...

Yields fall as concern over low inflation persists NEW YORK: US Treasury yields fell on Tuesday as investors bet that low inflation is likely to persist, and that it may make the Federal Reserve less likely to increase interest rates until later this year.Treasuries have gained since last week's Fed statement, when the US central bank cut its inflation outlook and growth forecast. A majority of Wall Street's top banks now see the Fed holding off at least until September before raising interest ...

Ford recalls over 220,000 vehicles in North America for 3 issues DETROIT: Ford Motor Co said on Wednesday it is recalling more than 220,000 vehicles in North America for potential issues with door handles, vacuum pump relays and sensors.The No. 2 U.S. automaker said it is recalling 212,911 Ford Explorer SUVs and Ford Police Interceptor utility vehicles from model years 2011 to 2013 because a spring that controls the interior door handle may become loose and cause the door to become unlatched in a side-impact crash, ...

Weak durable goods data sends yields lower NEW YORK: US Treasury yields fell on Wednesday after data showed that business investment spending plans fell for a sixth straight month in February, which could lead economists to further lower their first-quarter growth estimates.The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 1.4 percent last month after a revised 0.1 percent dip in January."It was a very weak number," said Gennadiy Goldberg, ...


 



 
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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