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Ryanair launches new service for business customers DUBLIN:Irish budget airline Ryanair has launched a new business service targeting companies wanting to cut costs, it said on Wednesday.The Dublin-based airline announced in a statement that its new Ryanair Business Plus would offer business travellers various benefits including ticket change flexibility, greater baggage allowance, priority boarding and premium seats.The move is likely to be seen as an attempt to cut into the big and vitally important profit margins which other airlines earn from business travel.Prices will begin at 69.99 euros ($92.29) per seat per flight.The airline said that more than 25 percent of its passengers are currently travelling on business.The move comes as Ryanair continues its customer service overhaul, which has already seen a new website and app, a free second carry-on bag, and a new service for families."Our commitment to the improvement of our customer experience under our 'Always Getting Better' programme continues," said Chief Marketing Officer Kenny ...


RBS fined £14mn over poor mortgage advice LONDON: Britain's bailed-out Royal Bank of Scotland has been fined £14 million for not taking enough care to explain to home-buyers the costs of taking out a mortgage, regulators said on Wednesday. The fine, equivalent to 18 million euros ($23 million), was imposed because the bank had shown "serious failings" in its advice to home loan customers, the regulators said."The Financial Conduct Authority (FCA) has today fined The Royal Bank of Scotland and NatWest £14,474,600 ...

ECB comments 'over-interpreted': German minister FRANKFURT: Markets have misinterpreted recent remarks by ECB chief Mario Draghi as hinting at new measures to stave off deflation, German Finance Minister Wolfgang Schaeuble said on Wednesday. "I know Mario Draghi very well," Schaeuble told the regional daily Passauer Neue Presse in an interview."I think he's being over-interpreted," he added.At a central bank symposium in Jackson Hole, Wyoming, last week, Draghi had said that the ECB was becoming concerned about falling inflation expectations and ...

Bund yields dip as faltering outlook supports ECB stimulus hopes LONDON: German Bund yields fell back towards record lows on Wednesday, as further evidence of the bloc's faltering economy fed market expectations for more European Central Bank stimulus. Weaker-than-expected consumer confidence in Germany drove the market, together with reported comments from Italy's economy minister that Rome must revise down its economic output growth forecast.Eager to tackle the euro zone's economic malaise, ECB President Mario Draghi on Friday appeared to shift the bank's policy response away ...

Turkish central bank injects 1bn lira in repo, bids 1.47bn ISTANBUL: Turkey's central bank injected 1 billion lira ($463 million) into the market in a one-week repo auction on Wednesday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Sept. 3, were 1.47 billion lira. Copyright Reuters, 2014

China central bank raises re-lending quota for farm sector by 20bn yuan BEIJING: China's central bank said on Wednesday that it has raised its re-lending quota for the farm sector by 20 billion yuan ($3.26 billion) - the latest step to support a vulnerable part of the economy. The People's Bank of China has also cut re-lending interest rates for loans to the agricultural sector by 1 percentage point, it said in a statement.Copyright Reuters, 2014

Turkish banks can fund more energy projects ISLAMABAD: The $1 billion loan agreement between Turkish Petroleum Corporation (TPAO) and Turkey's state owned Vakifbank and Turkiye Is Bankasi signed last week to finance the corporation's purchase ten percent extra share in the Shah Deniz gas field may create a "domino effect" attracting banks to future energy projects, one energy expert predicts.The deal signed by TPAO, Vakifbank and Is Bankasi increases Turkey's share in the field to 19 percent, making it the second biggest ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln