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Google unveils new Nexus phones aimed at high-end customers SAN FRANCISCO: Google unveiled two new smartphones Tuesday for its Nexus line of devices aimed at the high end of the market dominated by Apple and Samsung.The California tech giant said it was partnering with South Korea's LG for its 5.2-inch screen Nexus 5X, and with China's Huawei for its "phablet" sized 5.7-inch Nexus 6P.Both handsets will be sold unlocked, with Google hoping to capitalize on a trend in the US and other markets away from smartphone subsidies as part of long-term contracts."We care about making sure there are affordable, high quality smartphones for users around the world," said Sundar Pichai, the Google product chief who is slated to head the company's largest unit under a reorganization announced earlier this year.The phones, which aim to showcase the Google Android operating system, were available for ordering in the United States, Britain, Japan and Ireland, with more countries to be added next ...

Philippine central bank to use interest rate corridor system from Q2 2016 MANILA: The Philippine central bank will start using an interest rate corridor from the second quarter of next year, its governor said on Tuesday, and use a new auction facility to try to guide market interest rates towards its main policy rate.Bangko Sentral ng Pilipinas Governor Amando Tetangco said the policy-making Monetary Board approved the plan last week but authorities will consult the market before the mechanism is introduced next year.The overnight lending or repurchase ...

Japan orders diesel car emissions probe after VW scandal TOKYO: Tokyo on Tuesday ordered some of the country's biggest automakers to report on whether their diesel vehicles meet Japanese standards, in the wake of a scandal that saw Volkswagen admit it rigged vehicle software to dupe emissions tests.Japan's transport ministry told four automakers that sell diesel vehicles at home -- Toyota, Nissan, Mazda and Mitsubishi -- along with importers of European brands to report by Friday on whether their vehicles are fitted with the ...

Brazil's JBS buys European poultry producer for $1.5bn RIO DE JANEIRO: Brazilian group JBS, the world's largest meat producer, announced Tuesday it has completed the purchase of European poultry group Moy Park for $1.5 billion.The company indicated that the acquisition from Brazil's Marfrig had received the necessary approvals, including from the European Union.Moy Park, which is based in Northern Ireland, raises chickens and turkeys in the United Kingdom, Ireland, the Netherlands and France.In 2014, it had sales of some 5.5 billion reals, or ...

Volkswagen's home town announces budget freeze in wake of pollution scam FRANKFURT: Volkswagen's home town of Wolfsburg in northern Germany has imposed an immediate freeze on spending and hiring in case its finances are hit by the massive pollution test scam engulfing the carmaker, city officials announced."Even if our town is debt-free and we've been able to build up reserves, we can expect to see a sharp drop in business tax," Wolfsburg's mayor Klaus Mohrs said in a statement released late on Monday. "It is still ...

Glencore hammered in Hong Kong as global commodities slump HONG KONG: Shares in mining giant Glencore crashed 27.5 percent in Hong Kong Tuesday, hammered by weak commodity prices as Chinese demand stumbled while a brokerage warned about the group's future.The slump follows a near 30 percent dive in its London-listed arm and comes as an economic crisis in China convulses global markets, with stocks, commodities and emerging market currencies tumbling.Most resources-linked firms have taken a hit in recent months as the price of copper, ...

India's central bank cuts key interest rate to 6.75pc MUMBAI: India's central bank aggressively cut interest rates on Tuesday in a bid to kickstart economic growth, following a sharp drop in inflation. The Reserve Bank of India (RBI) surprised analysts by lowering the benchmark repo rate -- the level at which it lends to commercial banks -- to 6.75 percent from 7.25 percent with immediate effect.Economists had been expecting a cautious 25-basis-point cut, but were presented with a 50-basis-point reduction. "In India, a tentative ...


Index Closing Chg%
Arrow DJIA 17,084.49 0.20
Arrow Nasdaq 4,830.47 0.41
Arrow S&P 2,014.89 0.07
Arrow FTSE 6,416.16 0.65
Arrow DAX 10,096.60 1.04
Arrow CAC-40 4,701.39 0.54
Arrow Nikkei 18,438.67 1.64
Arrow H.Seng 22,458.80 0.46
Arrow Sensex 27,079.51 0.87

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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 $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln