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China to merge two top state-owned train makers SHANGHAI: China will soon merge its two biggest train makers to create a multi-billion-dollar firm as it seeks export markets for its high-speed railway technologies, the official Xinhua news agency reported, citing sources in the firms.The two state-owned companies, China CNR Corp. and CSR Corp., are likely to release "important news" this weekend, the sources told Xinhua late Tuesday following market speculation of a merger.CNR and CSR both supply trains for China's high-speed rail network, the world's largest, and the deal will help prevent "cut-throat" internal competition, state media said.Each is valued at around $13 billion, with CSR having a slightly higher market capitalisation.The two firms' shares have been suspended on the Hong Kong and Shanghai exchanges, where both are dual-listed, since Monday pending "important" announcements, according to exchange filings.The companies share the same origin, a rail vehicle manufacturer spun off from the railway ministry in 2000 and split into ...

Japan's Takata drops after US lawsuits over air-bag defect TOKYO: Takata shares dropped in Tokyo on Wednesday after reports that the embattled Japanese auto parts maker is facing a US class-action lawsuit over an air-bag defect that may have killed several drivers.The stock, which has tumbled more than 40 percent in the past month, fell 5.76 percent to 1,438.0 yen ($13) in morning trade.The company, one of the world's biggest air-bag makers, has been plunged into crisis as it faces serious questions over defects ...

China can cut economic growth target to 7pc in 2015: World Bank BEIJING: China can afford to cut its 2015 economic growth target to 7 percent and still keep its labour market healthy, the World Bank said on Wednesday, even as it urged Beijing to stop setting rigid growth objectives. "Our policy message is the focus should be on reforms rather than meeting specific growth targets," Karlis Smits, a senior economist at the World Bank office in Beijing, told reporters at a media briefing. "In our view, ...

Brazil set to hold interest rates ahead of policy changes BRASILIA: Brazil's central bank will likely keep interest rates steady for a fourth straight time on Wednesday, holding its ground until President Dilma Rousseff announces changes to economic policy following her narrow re-election victory. All 43 economists surveyed in a Reuters poll expect the central bank to keep its benchmark Selic rate unchanged at 11 percent. After narrowly defeating centrist Senator Aecio Neves on Sunday, Rousseff has pledged to change her economic team and alter ...

Philippine central bank says could keep current policy stance if inflation remains favourable MANILA: The head of the Philippine central bank said on Wedneday it could leave current policy settings on hold if inflation remains favourable and the US Federal Reserve takes its time in raising interest rates, its head said on Wednesday. Bangko Sentral ng Pilipinas Governor Amando Tetangco was speaking at a forum organised by the Foreign Correspondents Association of the Philippines, a day after he said inflation will probably ease further on lower food and ...

Monte Paschi eyes delay to aid repayments to plug funding gap ROME/MILAN: Banca Monte dei Paschi di Siena may seek to delay repaying hundreds of millions of euros in state aid to help shore up its balance sheet as it explores strategic options which could include a merger, chairman Alessandro Profumo said on Tuesday. Profumo and Monte dei Paschi Chief Executive Fabrizio Viola met Economy Ministry officials on Monday to consider the bank's next move after European Central Bank stress tests exposed a 2.1 billion euro ...

Facebook shares dive as social network eyes future SAN FRANCISCO: Facebook Tuesday reported its quarterly profit nearly doubled but saw its stock pounded after outlining a plan to invest heavily in the future instead of revelling in short-term riches.Facebook shares, which had been near record levels in recent days, dropped more than eight percent to $74.15 in after-market trades.The drop followed an earnings call in which executives said they will pour money into talent and technologies with the potential to pay off handsomely ...


Index Closing Chg%
Arrow DJIA 17,195.42 1.30
Arrow Nasdaq 4,566.14 0.37
Arrow S&P 1,994.65 0.62
Arrow FTSE 6,463.55 0.15
Arrow DAX 9,114.84 0.35
Arrow CAC-40 4,141.24 0.74
Arrow Nikkei 15,658.00 1.67
Arrow H.Seng 23,702.04 1.49
Arrow Sensex 27,346.33 0.92

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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