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Australia central bank sets very high bar for A$ intervention  SYDNEY: A top Australian central banker on Tuesday said intervening on a large scale to bring down the high local dollar would be a very big step which would only be taken "in extremis".   Asked about the chance of selling the Australian dollar to bring it lower, Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe said a floating currency had been of huge benefit to the country and tampering with that by intervening could have adverse consequences.   Answering questions after giving a speech on the economy, Lowe said he was a bit surprised the Australian dollar had not eased in recent months given there had been sharp falls in the price of some of the country's key commodity exports.   Yet he also said it was hard to argue that the currency was fundamentally overvalued or that it was harming the local economy in a serious way.   The strength of the Australian dollar has ...

Reserve Bank of India says looking for more details on government MUMBAI: The Reserve Bank of India is looking for a "little more detail" on how the government would implement its fiscal roadmap in the short and medium term, Governor Duvvuri Subbarao said on Tuesday.   On Monday, Finance Minister P. Chidambaram said the government aims to nearly halve its fiscal deficit to 3 percent of GDP by 2017.   Copyright Reuters, 2012

UK banks in funding scheme represent 80pc of lending: BoE  LONDON: The number of banks that have signed up for the Bank of England's new scheme to get credit flowing through the economy represent some 80 percent of all lending, data from the central bank showed on Tuesday.   The number of banks and groups participating had increased to 30 by the end of October, up from 13 last month, the data showed.   Those banks had 1,325.6 billion pounds worth of lending to households and companies on their ...

Ford posts better than expected Q3 profit  DETROIT: Ford Motor Co on Tuesday reported a better-than-expected profit for the third quarter on the strength of higher vehicle prices and lower costs in North America.   The second-largest US automaker reported an operating profit of $2.2 billion, or 40 cents per share, up from $1.9 billion or 34 cents per share a year earlier.   The average Wall Street estimate called for Ford to make 30 cents per share, according to Thomson Reuters I/B/E/S.   Third quarter net income ...

UBS India investment banking head resigns  MUMBAI: Swiss bank UBS's head of India investment banking, Ashok Mittal, has resigned, a spokesman for the bank said on Tuesday.   The departure of Mittal, who was named the head of India investment banking at UBS in June of last year, was an isolated incident and there were no other senior-level departures at the India unit at this time, said Mark Panday, Hong Kong-based spokesman for UBS.   Mittal was not immediately available for comment. Prior to joining ...

India NEW DELHI: Maruti Suzuki, India's biggest carmaker, will see its margins impacted by 15-30 basis points over the next two years as a result of the new wage settlement with its workers, its CFO Ajay Seth said on Tuesday.   Maruti, controlled by Japan's Suzuki Motor Corp, reported a 5 percent fall in profit on Tuesday, its fifth consecutive quarterly decline, after a deadly riot at one of its plants led to a $250 million production loss.   Copyright ...

Fiat shares suspended limit down as Q3 debt disappoints  MILAN: Shares in Italian carmaker Fiat were suspended for excessive losses on Tuesday as investors took fright at a higher-than-expected net industrial debt in the company's third-quarter results.   The stock was indicated down 3.15 percent at 1118 GMT, having turned negative shortly after the results came out.   "Investors are selling on the debt which was above consensus of 6.5 bln euros. Though having said that there were some who feared it might have been over 7 bln ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
Arrow DAX 9,598.17 0.48
Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
Arrow H.Seng 24,428.63 0.88
Arrow Sensex 25,991.23 0.52

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