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Audi says plans to double Middle East sales by 2020 DUBAI: German luxury car maker Audi plans to double its Middle East sales to at least 20,000 vehicles a year by 2020, helped by investment in showrooms and service centres, its local chief said.   "It is the minimum target. You have to have buildings, you have to have capacity," Trevor Hill, managing director of Audi Middle East, told Reuters on Monday following a presentation on its 2012 sales in Dubai's sail-shaped Burj Al Arab hotel, a symbol of the emirate's expansion in the last decade.   "Already those investments have been signed off, most of them have been made already ... So half the battle is already won (in) creating capacity and now we have to work in terms of volume improvement and in terms of quality," he said.   Audi, a Volkswagen AG unit which booked a 16.4 percent sales jump to a record 9,155 units in the Middle East in 2012, aims to ...

Japan central bank set to vow boldest action yet to lift economy TOKYO: The Bank of Japan is set on Tuesday to unveil its most determined effort yet to beat years of economic stagnation, but the big challenge will be how to impress markets already pricing in a doubling of its inflation target and further asset buying.   Under pressure from new Prime Minister Shinzo Abe for bolder action to overcome deflation and lift the economy out of recession, the central bank will issue a joint statement with the ...

Deutsche Bank commodities move draws fire from campaigners FRANKFURT: Food campaigners criticised Deutsche Bank for abandoning a moratorium on trading new commodities products, arguing that financial speculators continue to cause price rises for vital foods.   "The biggest losers will be the poorest people on low income. They will be facing even more volatile and higher food prices", said Heidi Chow, campaigner with London-based anti-poverty group the World Development Movement (WDM).   "Anecdotal and statistical evidence that we see shows price volatility is driven by financial speculation," ...

Audi Bank says 2012 net profit rose 5pc BEIRUT: Lebanese lender Audi Bank said its net profit rose 5 percent in 2012 as it strengthened its position in its home market and in Egypt and Turkey.   Net profit for the year rose to $384 million in the face of difficult economic conditions in the region, and consolidated assets rose 8.9 percent on the year to $31.3 billion at end-December, Lebanon's biggest lender by assets said in a statement on Monday.   Audi Bank said the earnings ...

Deutsche Bank defies critics on food commodities trading FRANKFURT: Deutsche Bank, Germany's biggest bank, found itself under fire Monday over a decision to resume trading in agricultural commodities even though the practices are blamed for driving up global food prices.   Deutsche Bank announced at the weekend that a special working group set up to assess and evaluate a string of studies on the matter had come to the conclusion that there was "no empirical evidence" to back up claims that agricultural commodities trading was ...

India raises import tax on gold by 50pc NEW DELHI: India raised the import tax on gold to 6 percent from 4 percent, a senior finance ministry official said on Monday, as the world's top gold buyer aimed to curb purchases and rein in its ballooning current account deficit.   India's passion for gold, seen by many as a hedge against persistently high inflation, has contributed to a rise in its current account deficit, which reached an all-time high of 5.4 percent of gross domestic ...

Ukraine 2012 steel output falls 6.6pc KIEV: Ukraine's steel output fell 6.6 percent in 2012 to 32.4 million tonnes due to a drop in demand, Ukrainian specialist news agency UGMK reported on Monday.   Copyright Reuters, 2013


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln