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Air Canada expands Asia-Pacific flights to boost revenue  VANCOUVER: Air Canada unveiled a major expansion in its flights to Asia, a high-growth area for Canada's biggest airline in recent years, as it seeks to boost revenue in an attempt to become profitable.   In what it described as its "most far-reaching international expansion of its schedule in its 75-year history," Air Canada said on Thursday it would add flights from Canada to Asian cities including Beijing, Seoul and Narita, Japan. Subject to government approval, the airline will also start flying to Istanbul.   Until now, Air Canada, which has only made a profit one year out of the past six, has tended to emphasize cutting costs as a way to return it to profit. On the revenue front, it is facing a challenge at home from its biggest domestic rival, WestJet Airlines Ltd, which plans to launch a new regional carrier next year to fly between small towns in Canada.   "Air Canada's announcement ...


Windows PC retail sales fall after Windows 8: NPD  SEATTLE: Consumer sales of Windows-powered personal computers fell 21 percent overall last month, according to a leading retail research firm, indicating a lackluster debut for Microsoft Corp's Windows 8 operating system, which many in the industry had hoped would revive slack PC sales.   Since the launch of Windows 8 on Oct. 26, Windows laptop sales are down 24 percent, while desktop sales are down 9 percent compared with the same period last year, said NPD Group, ...

EU, Japan to seek trade deal despite carmaker fears  BRUSSELS: EU trade ministers overcame resistance from the car industry on Thursday and agreed to start negotiations to create a free-trade pact with Japan, Europe's most ambitious step so far in a strategy to tie up deals with the world's biggest economies.   Agreement was reached only after France and Italy secured safeguards for carmakers that are already cutting jobs because of falling demand at home and worry a deal could lead to greater Japanese imports and ...

Peugeot and Renault factories in France hit by strikes  PARIS/LILLE: Renault and PSA Peugeot Citroen were both hit by strikes on Thursday as both French car makers eye moves to cut costs and boost productivity amid slumping sales.   A single production line at Peugeot's Aulnay plant on the outskirts of Paris, slated to be closed in 2014 at the cost of 3,000 jobs, ground to a halt after five workers were summoned for lack of productivity, a representative of the CGT union said in a ...

US economy grew 2.7pc in Q3  WASHINGTON: The US economy grew 2.7 percent in the third quarter, faster than previously estimated, the Commerce Department said Thursday.   Gross domestic product growth was revised upward from the prior estimate of 2.0 percent, lifted in part by increases in consumer spending and home buying, the department said.   Copyright AFP (Agence France-Presse), 2012

RBC profit rises 22 percent on strong trading  TORONTO: Royal Bank of Canada's quarterly profit rose 22 percent on a sharp jump in fixed income trading revenue and steady loan growth, suggesting the long-awaited slowdown in Canadian consumer lending has yet to materialize.   RBC, Canada's largest bank and the first Canadian lender to report year-end results, said on Thursday it earned C$1.9 billion, or C$1.25 a share, in the fourth quarter ended Oct. 31.   That compared with a year-earlier profit of C$1.6 billion, or C$1.02 ...

BoE warns UK banks may lack enough capital  LONDON: The Bank of England stepped up pressure on commercial banks to shore up their capital on Thursday, days after the government chose a leader of the global push for tighter banking regulation to head the central bank.   The BoE's Financial Policy Commmittee (FPC), which from next year will take charge of British bank regulation, urged the current regulator to reassess whether banks' capital properly reflects the risk of loans going sour and future fines for ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln