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UK 10-year government bond yield touches 3-week high LONDON: British 10-year gilt yields reached their highest in almost three weeks on Friday, with the campaign against Scottish independence gaining ground and US Treasury yields rising. The 10-year gilt yield climbed to 2.555 percent, its highest level since Aug. 25, when there was a change of bonds used for the 10-year benchmark and major global government bond prices slumped following US data. The 10-year gilt yield ended the session at 2.53 percent, up 3 basis points on the day The yield spread between 10-year gilts and the equivalent German Bund narrowed sharply by 5 basis points to its lowest level since Aug. 22.Solid US retail sales data cemented expectations that next week the US Federal Reserve will signal its intention to raise interest rates, pushing short-dated US Treasury yields close to a three-year high. "It's mostly international," said Marc Ostwald, strategist at ADM Investor Services, explaining why gilt yields ...


Danfoss to pay 1.0bn euros for Finnish Vacon HELSINKI: Danish engineering company Danfoss announced on Friday a bid worth 1.04 billion euros ($1.341 billion) for Finnish air conditioning equipment firm Vacon which, it said, was recommending its shareholders to accept.The two groups said they aimed to become a "global player" in the air conditioning (AC) drives market.Vacon makes drivers which control electric motors.Vacon chief executive Vesa Laisi said in a joint statement that "customers will benefit significantly from the two companies joining forces" ...

Volkswagen deliveries rise 2.7pc in August FRANKFURT: Volkswagen Group on Friday said it delivered 740,500 vehicles in August, a rise of 2.7 percent compared with the year-earlier period.Between January and August, Volkswagen handed 6.52 million cars to customers, a rise of 5.6 percent compared with the year-earlier period.A gain of 6.9 percent in Europe in January-August and a 16.5 percent increase in deliveries in China helped to offset a 4.8 percent drop in demand in the United States."Deliveries by the Volkswagen ...

Ford to launch 4 new car models in India over 18-20 months MUMBAI: Ford Motor Co plans to launch four new car models in India and is looking to increase the amount of locally-made parts to reduce the cost of its vehicles sold in the country, the head of its local unit said on Friday.Ford's sales in India have increased 9.5 percent to 84,469 vehicles in the fiscal year that ended on March 31, pushing up its market share to 3.4 percent from 2.9 percent a year ...

Russian Central Bank leaves rates on hold as economic growth ebbs MOSCOW: The Russian Central Bank left its key interest rates on hold at a regular meeting on Friday, signalling it is more worried about the sanctions-hit economy than high inflation which remains above the bank's target.The decision keeps the bank's central policy rate, the one-week minimum auction repo rate, at 8 percent, and was broadly expected.Several waves of sanctions against Moscow for its policy on Ukraine have brought the Russian economy to a near standstill, ...

Barclays bank appoints new chairman LONDON: Barclays chairman David Walker will step down next year, the British bank said on Friday, having spent more than two years steering the business through fallout from the Libor rate-rigging scandal.John McFarlane, chairman of British insurer Aviva, will replace Walker following Barclays' annual general meeting on a date to be decided in 2015, Barclays said in a statement."I am delighted that Barclays has appointed John McFarlane to succeed me as chairman," Walker added. "We ...

Schaeuble to wait for French budget draft before assessing new deficit goals MILAN: Germany will withold its assessment of slower budget deficit cuts planned by France until it sees the 2015 French budget draft, German Finance Minister Wolfgang Schaeuble said on Friday.The chairman of euro zone finance ministers Jeroen Dijsselbloem expressed the same opinion.France announced on Wednesday that it would postpone by two years to 2017 a reduction of its budget deficit below 3 percent of GDP, pushing back a deadline set by EU finance ministers in ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln