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US indicts three Japanese auto parts execs for price-fixing WASHINGTON: The United States indicted one current and two former executive of Japanese parts firm Bridgestone Tuesday for conspiring to fix the prices of rubber parts used in US-made automobiles.A federal grand jury in Cleveland, Ohio, issued the indictment accusing Yoshiyuki Tanaka, Yasuo Ryuto and Isao Yoshida of plotting with other companies to set prices and stifle competition in sales of anti-vibration rubber parts sold to Japanese automakers in the United States between 2001 and 2008.Tanaka currently works for Bridgestone while Yoshida and Ryuto are former executives of the company.Each faces up to 10 years in prison and a $1 million fine.In February Bridgestone agreed to plead guilty and pay a $425 million fine in the case.Bridgestone is one of 26 companies, mostly Japanese, which have pleaded guilty or agreed to plead guilty in the Justice Department's broad, multi-year investigation into price fixing in the auto parts sector. In addition, ...


European parliament adopts financial markets rules STRASBOURG: The European Parliament adopted new rules Tuesday to tighten the regulation of financial markets in order to stop rampant speculation, including on foodstuffs.The European Union's Financial Markets Commissioner Michel Barnier first pushed for the new rules, known as MiFID II, in 2011 at the height of the eurozone debt crisis and in the wake of the global economic meltdown.The regulations, still to be formally approved by member states, aim to curb speculative trading in ...

China Southern Airlines issues profit warning HONG KONG: China Southern Airlines, the country's largest carrier by fleet size, warned of a loss of more than $50 million in the first three months of the year as it was hit by exchange losses cause by a weaker yuan.In a filing to the Hong Kong Stock Exchange the firm said it would lose 300-350 million yuan ($48.2-$56.3 million) in January-March. That compares with a net profit of 57 million yuan in the same ...

BHP boosts iron ore output and lifts production guidance SYDNEY: Global mining giant BHP Billiton lifted full-year iron ore guidance on Wednesday and posted better than expected March quarter output of 49.6 million tonnes.A five million tonne increase in guidance to 217 million tonnes was the second improvement this year.BHP said seasonal bad weather in western Australia had "relatively limited impact" on performance which beat market expectations.Full-year coking coal guidance was also ramped up 2.5 million tonnes to 43.5 million tonnes on record nine-month ...

Irish debt may trade lower DUBLIN: Irish debt could fall lower to trade at levels just above that of Belgium's, the head of the country's debt agency said, indicating that a turnaround in its bond market is showing no signs of slowing down.Ireland sold 10-year bonds at a record low yield of 2.9 percent last week, compared to the 2.09 level Belgium currently trades, although John Corrigan said this showed how dislocated markets are at present as well as the ...

Nigerian power firm secures $255m capital: statement LAGOS: Nigeria's oil firm Seven Energy said on Tuesday it had secured $255 million in equity funding from global investors, including Singapore's Temasek, to boost gas supply to the country's ailing power sector.Industry operators often attribute shortage of gas for the generating plants as a major cause of Nigeria's under-performing power sector. The company said in a statement that Temasek's share of the funding was $150 million.The IFC, an arm of the World Bank and ...

Norway's Statoil proposes buyback of up to 7.1pc of shares OSLO: Norway's Statoil has proposed buying back and cancelling up to 7.1 percent of its shares by mid-2015 to reward shareholders and adjust the group's capital structure, it said on Monday.It would buy back up to 75 million shares or 2.4 percent of all shares from the group available on the market while the rest would be bought back from the state, ensuring that the government's 67 percent stake does not change. "It is a ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln