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Hyundai Motor Group chief says considering third India factory SEOUL: South Korea's Hyundai Motor Group said on Tuesday it is looking at building a third factory in India, highlighting its growing appetite for expanding globally after an unofficial two-year moratorium on boosting capacity.The world's fifth-largest auto group, which is comprised of Hyundai Motor Co and its sister company Kia Motors Corp, already has several car plant projects underway. It signalled in early 2014 that it would expand again after spending about two years focusing on improving quality.Hyundai has started to build one of two new factories planned for China and is considering a new plant in the United States, while Kia is building a factory in Mexico.After meeting Indian Prime Minister Narendra Modi in Seoul, the group's chairman, Chung Mong-koo, told reporters that a new plant in India was under review, according to a Hyundai spokesman.But the spokesman added that the group has not made a final decision or ...


Fiji Airways warns of delays after runway prang SUVA: Fiji Airways on Tuesday warned of likely delays across its international network for up to a week after a runway shunt damaged one of its Airbus planes.The carrier, formerly known as Air Pacific, said one of its A330-200 aircraft was preparing to leave the western city of Nadi for Los Angeles on Saturday night when there was "an unforeseeable tarmac incident".It said equipment operated by ground handling company ATS damaged the plane, forcing it ...

Mongolia and Rio Tinto sign Oyu Tolgoi deal HONG KONG: Anglo-Australian mining giant Rio Tinto and Mongolia agreed a multi-billion-dollar expansion of a vast copper and gold mine, officials said Tuesday, ending a two-year dispute as Ulan Bator seeks to restore its foreign investor appeal.The deal on the underground second phase of the Oyu Tolgoi project, estimated to cost $5.4 billion, comes with Mongolia looking to boost its flagging economic growth after foreign direct investment plummeted by three quarters last year."Mongolia is back ...

Societe Generale 'knew about rogue trader's actions': report PARIS: Bosses at French banking giant Societe Generale were aware of the activities of "rogue trader" Jerome Kerviel, a top detective working on the case told an investigating judge, according to Mediapart.The French investigative news website quoted Nathalie Le Roy as telling judge Roger Le Loire she was "certain" that Kerviel's superiors "could not have been unaware" he was taking wildly risky bets on derivatives.Kerviel nearly brought Societe Generale to its knees in 2008 with ...

Rolls-Royce says to cut 600 jobs at marine unit LONDON: British engines maker Rolls-Royce on Monday announced plans to cut 600 jobs at its struggling marine division that has been hit by sliding oil prices.Rolls-Royce said half the losses would occur in Norway. Rolls' marine unit employs about 6,000 staff in 34 countries but is reducing the headcount by 10 percent as oil companies involved in offshore exploration cut investment after crude futures plunged at the end of last year and start of 2015."We ...

Renault, Fiat workers on strike in Turkey wage dispute ANKARA: Thousands of workers from factories of European car giants Fiat and Renault in western Turkey were on strike Monday in a rare wage dispute to hit the flourishing Turkish car sector.The production lines in Bursa, the centre of the Turkish car industry, were not working due the industrial action for higher pay, sources from both factories told AFP.The strike began Thursday in Turkey's biggest car plant which is managed by Oyak Renault, a joint ...

Bundesbank urges German banks to re-think business model FRANKFURT: Germany's banking sector proved its strength during the financial crisis, but needs to examine its business model to increase stability in the future, Bundesbank board member Andreas Dombret told AFP in an interview. Dombret, in charge of banking and financial supervision at the German central bank, called on banks to diversify their revenue sources, which are currently too dependent on interest rates, and cut costs. "Fundamentally speaking, German banks can't all be lumped together ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln