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ECB's Liikanen says bank ready to take more action if necessary HELSINKI: The European Central Bank is committed to using additional unconvential instruments if necessary to fend off deflation in the euro zone, governing council member Erkki Liikanen said on Tuesday. Earlier this month the ECB cut interest rates to near zero and launched a programme to buy asset-backed securities (ABS) on top of the four-year loans it will offer banks in September to fuel lending to firms and households to try to revive growth. "Should it become necessary to further address risks of too prolonged a period of low inflation, the Governing Council has underlined that it is unanimous in its commitment to using additional unconventional instruments," Liikanen, who is also governor of the Bank of Finland, said in a statement. The Bank of Finland trimmed its 2015 growth forecast for the EU21, which includes the countries that use the euro and Sweden, Denmark and Britain, to 1.1 percent from ...


Thyssen examines options for Airbus Atlas stake FRANKFURT: Germany's ThyssenKrupp said it was considering whether to exercise its right of first refusal to buy out Airbus's stake in submarine supplier Atlas Elektronik. Airbus Group unveiled plans to sell half a dozen business units with combined revenues of around 2 billion euros ($2.6 billion), including its 49 percent stake in Atlas, as it refocuses its Defence and Space division. "As co-owner of Atlas Elektronik, we have noted the decision of the Airbus Group ...

In China, Volkswagen thinks small to score big SHANGHAI: Volkswagen AG's lead in China's compact sedan market this year has helped a handful of German marques sell almost as many passenger cars as China's 25 local brands combined - a trend industry watchers say can only lead to consolidation.Competitive pricing has made four Volkswagen models China's best-selling compacts, boosting Germany's share of the overall passenger market to 24 percent in July from 21 percent at the end of 2013.That's now just 6 percentage ...

Toyota pauses on Mexico expansion to review growth strategy BEIJING/NAGOYA: Toyota Motor Corp is reconsidering a move to open a new compact car assembly plant in Mexico after company President Akio Toyoda told planners searching for a site to pause and review its rationale, executives familiar with the matter said. According to four Toyota and group executives, momentum had been building for a decision this summer on the expansion, with the aim of starting production of the mass market Corolla in Mexico in a ...

United Airlines offers flight attendants $100,000 in voluntary buyout NEW YORK: United Airlines and union officials said Monday that eligible flight attendants will be paid up to $100,000 to leave the company through a voluntary buyout, in a deal that aims to end furloughs at the over-staffed airline. The agreement comes six years after United, which employs more than 23,000 stewards, retired a number of its planes, leaving the company 2,000-plus flight attendants above capacity. While some 1,450 were still on unpaid leave for ...

South Korea central bank chief sees weakened effect of monetary policy SEOUL: South Korea's central bank chief said on Tuesday the effects of its interest rate policy in supporting the economy have weakened in recent years due to cyclical and structural changes. Asia's fourth-biggest economy was now more dependent on exports for growth than before as it, along with the global economy, was experiencing a combination of low growth and low inflation, he said before a group of lawmakers. "(The central bank's role) in helping recover ...

PBOC to drain 15bn yuan via 14-day repos SHANGHAI: China's central bank will drain 15 billion yuan ($2.44 billion)from the money markets through 14-day bond repurchase agreements on Tuesday, traders said. Maturing repos will inject a net 33 billion yuan into the banking system this week. The People's Bank of China (PBOC) conducted a net drain of 5 billion yuan from the banking system last week.Copyright Reuters, 2014


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln