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Renault SEOUL: The struggling South Korean unit of French auto giant Renault said Monday it had managed to reduce its workforce by 15 percent through a voluntary retirement scheme aimed at cutting costs. Renault Samsung Motors said about 800 of its 5,500 employees would leave the company by Friday after receiving compensation of up to two years of salary depending on their years of service. Employees who took up the offer will also have their children's school fees paid for two years, along with other benefits. "The programme is now completed, and our company is not planning additional job cuts," a company spokeswoman told AFP. The company started offering the voluntary retirement package last month as sluggish sales continued to squeeze its margins. In the seven months to July, Renault Samsung's sales fell 34 percent from a year earlier to 93,919 vehicles. Analysts cited a lack of new models and stiff competition from South Korea's dominant ...


Japan Airlines raises $8.5bn from stock offering  TOKYO: Japan Airlines (JAL), which exited bankruptcy just last year, said Monday its stock offering would raise $8.5 billion, in the world's second-biggest share sale this year after Facebook.   The monster sale, which will see JAL's shares re-listed on the Tokyo Stock Exchange next week, marks a dramatic turnaround for the airline, which went bankrupt and was delisted in early 2010.   The carrier, which has been touted as the world's most profitable carrier, received a huge government ...

‘India NEW DELHI: The Reserve Bank of India (RBI) is comfortable with the current liquidity situation at Indian banks, one of its deputy governors told reporters on Monday. Banks' cash conditions improved substantially this month on the back of government spending, pushing the overnight benchmark reference rate or Mumbai Interbank Offer Rate (MIBOR) to a more than one-year low of 7.22 percent last week. However, cash conditions may tighten from the next week due to advance tax outflows. "For ...

UAE central bank says to launch discount window DUBAI: The United Arab Emirates central bank aims to develop its monetary policy framework by launching a discount window to enable banks to borrow intra-day and overnight funds, it said on Monday.   "This facility will improve liquidity management practices within the UAE and support money markets if there are liquidity shortfalls," the central bank said in its inaugural financial stability review.   "It will also support the development of collateralised debt markets and long term capital markets as ...

India NEW DELHI: Indian IT outsourcing giant Infosys said Monday it had agreed to buy Zurich-based consulting firm Lodestone for 330 million Swiss francs ($350 million).   The takeover will boost Infosys' presence in continental Europe and emerging markets like Latin America and Asia Pacific, the Bangalore-based group said in a statement.   Lodestone will add more than 200 clients across industries including manufacturing and the car sector to Infosys' clientbase of 700 companies, it added.   Infosys has been struggling to ...

Japan Airlines says stock offer to raise $8.5bn TOKYO: Japan Airlines (JAL) said Monday its stock offering would raise $8.5 billion in the world's second-biggest share sale this year after Facebook.   The sale, which will see JAL's shares re-listed on the Tokyo Stock Exchange  next week, marks a dramatic turnaround for the airline, which only exited bankruptcy in March last year.   Copyright AFP (Agence France-Presse), 2012

Singapore looks to benefits in Qantas-Emirates deal  CANBERRA: Singapore's Trade Minister Lim Hng Kiang on Monday acknowledged the city-state would be impacted by Qantas's tie-up with Emirates but said the air hub was looking to growth in Asia travel. The Australian carrier's alliance with Emirates comes amid a bid to stem huge losses in its international business and will see Qantas shift its hub for European flights from Singapore to Dubai. But the Singaporean trade minister said the state would work closely with Qantas ...


 



 
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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