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ECB loosens collateral rules  FRANKFURT: The European Central Bank will offer banks easier access to central bank loans by loosening its collateral standards for debt from countries getting bailouts or bond market support, ECB President Mario Draghi said on Thursday. The ECB "decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements" for debt issued or guaranteed by euro zone governments that are eligible for its new bond-buying programme "or are under an EU/IMF programme and comply with the attached conditionality," Draghi said. He was speaking at a news conference where he outlined plans for the new 'outright monetary transactions' programme. This will allow the ECB to buy the bonds of countries that meet strict conditions, to help it bring short-term interest rates closer to its benchmark rate across the euro zone. Copyright Reuters, 2012


Nokia cuts prices of older Windows phones, shares fall  HELSINKI: Loss-making Nokia has slashed prices of its older smartphone models using Microsoft Windows software, industry sources said on Thursday, a day after investors gave its latest Lumia phones a rapid thumbs-down. Two industry sources told Reuters that the Finnish group, which is struggling to recoup ground lost to its rivals, cut the price of its mid-range Lumia 800 Windows Phone by around 15 percent this week and made smaller reductions on other Windows models. Nokia shares ...

Brazil auto production jumps 10.6pc in Aug from July  SAO PAULO: Automobile production in Brazil rose 10.6 percent and sales gained 15.3 percent in August from July, the national automakers' association said on Thursday. Automakers in Brazil produced 329,300 new cars and trucks last month, while sales totaled 420,100 vehicles, according to data released by industry group Anfavea. Auto output had risen 8.8 percent and sales climbed 3.1 percent in the previous month. Brazil is a key market for the world's biggest automakers, including Italy's Fiat ...

Qantas agrees Emirates alliance after ending BA deal  SYDNEY/LONDON: Australia's struggling Qantas Airways has agreed a 10-year alliance with Dubai's Emirates, a key step in the carrier's efforts to shore up its loss-making international business, after it ended a similar deal with British Airways. Qantas will replace Singapore with Dubai as its hub for European flights from March 2013 and coordinate pricing, sales and schedules with Emirates under the partnership unveiled on Thursday. Under the deal, the Australian airline will end its 17-year alliance with ...

Germany industry orders rise more than expected in July  BERLIN: German industrial orders rose more than forecast in July due to a solid increase in domestic contracts, Economy Ministry data showed on Thursday, boosting hopes that domestic demand will prop up Europe's largest economy during the euro zone crisis. Seasonally and price-adjusted order intake climbed by 0.5 percent on the month, coming in above the mid-range forecast in a Reuters poll of 41 economists for contracts to increase by 0.2 percent on the month. Domestic bookings ...

Poland sells PLN 5.61bn in bonds at switch  WARSAW: Poland sold 5.61 billion zlotys ($1.69 billion) in bonds maturing in January 2017 and April 2017 in exchange for papers due 2012 and 2013 at a switch tender on Thursday, the finance ministry said in a statement. Switch tenders are non-cash transactions at which the finance ministry exchanges papers nearing their maturity for those with a longer one. Below are details of the tender also available at the finance ministry pages in the Reuters system. Copyright Reuters, ...

India NEW DELHI: Hero MotoCorp Ltd, the world's largest maker of two-wheeled vehicles, has signed an agreement with a European design and technology partner, Managing Director Pawan Munjal said, its third partner since its split from Japan's Honda Motor Co. The Indian firm will announce the name of its new partner soon. Last year Hero ended a 26-year joint venture with Honda Motor, a move that allowed it to explore new products and export opportunities in markets where ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln