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Delphi profit better than expected DETROIT: Vehicle parts maker Delphi Automotive Plc on Tuesday posted a better-than-expected profit on increased demand in its core electrical business and lower taxes, and forecast an increase in 2013 results broadly in line with Wall Street's expectations.   The company, whose shares were up 0.77 percent in midday trade, expanded its previous restructuring activities by about $50 million to about $300 million, citing weakness in Europe.   It said about three-quarters of its restructuring costs are in that region, including job cuts and plant closures.   Delphi Chief Executive Rodney O'Neal cited the "challenging environment" in Europe. "We implemented several restructuring initiatives, primarily in Europe and we continue to rotate our (factory) footprint to lower cost countries," he said on a conference call with analysts.   In a later telephone interview, he said the European auto sector has bottomed out and will start slowly improving toward the end of the year.   The weak auto market in Europe has ...

EBRD warns Ukraine over worsening business climate KIEV: Ukraine needs to step up its fight against corruption to improve its deteriorating business climate, the European Bank for Reconstruction and Development said on Tuesday.   The international lender, which invests about $1 billion a year in the former Soviet republic, has been receiving an increasing number of complaints from companies working in Ukraine, EBRD President Suma Chakrabarti said.   Businesses have complained, in particular, about their treatment by tax and customs officials and courts, he told reporters ...

Jamaica, IMF hold fresh talks on new loan agreement KINGSTON: Officials from the International Monetary Fund have arrived in Jamaica to hold a new round of negotiations on a lending agreement the debt-ridden Caribbean country hopes will help steady its economy.   In a statement, Jamaica finance ministry spokeswoman Cheryl Smith said on Tuesday the government hopes the IMF mission will be a key step toward forging a new deal with the Washington-based lending agency.   "The mission follows extensive discussions by Jamaican officials with representatives of the ...

Pratt & Whitney in F-35 engine deal with Pentagon WASHINGTON: The Pentagon has reached an agreement in principle with United Technologies Corp's Pratt & Whitney unit for the production of 32 engines for a fifth batch of radar-evading F-35 fighter planes, both parties confirmed Tuesday.   Financial details will be announced when the formal contract is complete, a joint statement said without specifying when this might be.   The head of the Pentagon's F-35 program office, Lieutenant General Chris Bogdan, cited in the statement declining engine prices and ...

EADS set to bolster independence with new chairman PARIS: Airbus parent EADS paved the way to getting its first independent chairman on Tuesday, as it put finishing touches to proposals for a new board to be led by the former head of French defence group Thales, people familiar with the matter said.   Denis Ranque, 61, was contacted about the plan while still sailing in the Atlantic, setting in motion his probable return to power almost four years after he fell victim to a boardroom ...

Spanish banks call off bulk of Wednesday strikes MADRID: Worker unions at two nationalised Spanish lenders called off a full-day strike planned for Wednesday after nearing agreements with bank bosses over redundancy terms ahead of mass job losses.   Staff at Bankia, which received the biggest bailout in Spanish history, were among those set to take to the streets on Wednesday in the first major walkout of banking staff in 20 years.   The Comisiones Obreras union said in a statement that the Bankia strike had been ...

British Airways LONDON: International Airlines Group posted a slight rise in January traffic, as strong growth at British Airways again made up for weakness at Spain's Iberia.   Traffic, measured in revenue passenger kilometres, rose 0.7 percent versus January 2012 on capacity 1 percent lower, while passenger load factor - a measure of how well it fills its planes - was up 1.3 percentage points at 77.0 percent, it said on Tuesday.   IAG said its first and business-class travel - ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln