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Tesla says in talks with BMW over car batteries, parts FRANKFURT: US electric carmaker Tesla Motors is in talks with Germany's BMW over a possible collaboration in batteries and lightweight components, Tesla's Chief Executive Elon Musk told German weekly Der Spiegel.In an interview published on Sunday, Musk described BMW's production of carbon fibre reinforced car body parts as "interesting" and "relatively cost efficient."BMW uses carbon fibres from its joint venture with materials supplier SGL to make reinforced passenger cell parts for its i3 electric hatchback and i8 plug-in hybrid sports car. Officials at BMW were not immediately available to comment."We are talking about whether we can collaborate in battery technology or charging stations," Musk was quoted as saying in the interview.A spokeswoman for Tesla in Germany later described the discussions as informal."The conversation between Elon Musk and BMW has been a casual conversation, and not about a formal cooperation," spokeswoman Kathrin Schira said.There were no further details on the specific ...


ECB's Nowotny hails EU stimulus plan as growth booster VIENNA: European Central Bank Governing Council member Ewald Nowotny hailed a planned 300 billion euro ($372 billion) investment programme by the European Commission as a step to boost lagging investment that will weigh on productivity growth in Europe."The new European Commission is setting the right priorities by proposing an investment package combined with regulatory reforms targeted toward fostering smart infrastructure, education, research and energy," he said in the text of an address to an economic ...

Russia's Dixy posts 90pc jump in Q3 earnings MOSCOW: Russian food retailer Dixy Group said on Monday its third-quarter net profit rose 90.4 percent year-on-year to 1.2 billion roubles ($27 million).Revenue grew 31 percent to 58 billion roubles and earnings before interest, taxation, depreciation and amortisation rose 56 percent to 4.3 billion roubles, Dixy said in a statement.Copyright Reuters, 2014

Allianz Australia says named preferred buyer for Territory Insurance FRANKFURT: German insurer Allianz's Australian unit was chosen as the preferred buyer for the state-controlled property and casualty company Territory Insurance Office, Allianz said in a statement on Monday. Territory Insurance is the market leader in Australia's Northern Territory with 2013 gross premiums of around A$130 million ($113 million). Allianz Australia attracted A$3.9 billion in premiums in the same period, the company said.Copyright Reuters, 2014

BHP eyes copper growth to offset dimming iron ore outlook SYDNEY: BHP Billiton is laying the groundwork for a dramatic rise in copper production in a drive to buffer its exposure to sagging iron ore, oil and coal markets.BHP Billiton Chief Financial Officer Peter Beaven said $4 billion in new equipment under construction at the company's Escondida mine in Chile, coupled with expansion work at the Olympic Dam mine in Australia could yield hundreds of thousands of additional tonnes of copper per year.Iron ore prices ...

China prime loan rate drops 20 basis points after central bank cuts rate SHANGHAI: China's loan prime rate (LPR), an official figure calculated from contributions from nine major commercial banks, slid 20 basis points on Monday after a surprise cut to benchmark loan rates by the central bank late on Friday.The one-year rate, reported on a website operated by the State Administration of Foreign Exchange, stood at 5.56 percent at midday on Monday, down from 5.76 percent, where it has been since June.The LPR is a rough proxy ...

Etihad Airways says some flights delayed due to fog ABU DHABI: Abu Dhabi's Etihad Airways warned of delayed departures on Monday due to dense fog that also led to the diversion of inbound aircraft to other airports.The fog delayed the departure from Abu Dhabi of 44 early morning flights by up to four hours, while several others were cancelled, the airline said in a statement.More delays were anticipated for the rest of the day, it said.Six inbound flights from Colombo, Doha, Kuwait, Dammam, Seychelles ...


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln