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Audi to launch third shift at Hungary car plant next month BUDAPEST: German carmaker Audi will launch a third shift at its car plant in Hungary from mid-August to meet rising demand for its premium models, the company said on Tuesday.Audi's plant in the western Hungarian town of Gyor, 120 kms (75 miles) from Budapest, where it manufactures the TT Coupe and Roadster sports cars as well as the A3 Limousine and Cabriolet, has an annual capacity of 160,000 vehicles."We are preparing for serial production of the new Audi TT Coupe with full steam. Introduction of the third shift is inevitable," car production chief Gerd Walker said in the statement.Last year the company, one of Hungary's top revenue earners and exporters, rolled out 42,851 cars and 1.93 million engines, most of which were exported.The company invested over 900 million euros ($1.23 billion)into expanding its Hungarian plant to cover the entire spectrum of production in a project that was completed last year.The ...

BOJ says inflation to stay above 1pc despite cut in GDP forecast TOKYO: The Bank of Japan's governor voiced confidence on Tuesday that inflation would hold above 1 percent even when a boost from energy costs fades, attempting to convince sceptics the economy was recovering and there was no threat of a return to deflation.Haruhiko Kuroda, once Japan's top currency diplomat, also sought to keep the yen in check, warning that sharp gains were unwarranted with the BOJ maintaining its massive stimulus while its US counterpart started ...
Egypt's central bank seen keeping key interest rates on hold CAIRO: Egypt's central bank is expected to leave interest rates unchanged on Thursday as it balances its efforts to keep inflation in check with the need to stimulate the economy after more than three years of stagnation, a Reuters poll showed.Annual inflation reached its highest in nearly four years in November, at 13 percent, but has been edging down since then. It remained steady at 8.2 percent in June but is expected to rise after ...
Juncker calls for 300bn-euro investment plan for Europe STRASBOURG: Jean-Claude Juncker called for a 300-billion-euro investment plan for Europe as he laid out his vision for the future if elected Tuesday by parliament as the head of the EU executive."We need a programme to enhance growth and competitiveness," said the former Luxembourg premier as he called for a massive three-year investment programme to revitalise and re-industrialise the European Union.Copyright AFP (Agence France-Presse), 2014 ...
China bank lending up in June: central bank SHANGHAI: China's bank lending picked up in June from May, the central bank said Tuesday, as authorities accelerated infrastructure investment to boost the flagging economy, but analysts warned of a possible debt bubble.Domestic banks granted 1.08 trillion yuan ($174 billion) in new loans for June, up from 870.8 billion yuan a month earlier, the People's Bank of China (PBoC) said in a statement.The June figure beat an average forecast of 980 billion yuan, according to ...
Australian financial inquiry warns on housing boom SYDNEY: An inquiry into Australia's financial system highlighted in a report Tuesday the risks its booming housing sector has on economic stability and perceptions its major banks are "too big to fail".The inquiry is the first major investigation into the finance sector since 1997 and follows the global economic crisis, which revealed the risks and damage caused by banking collapses."The financial crisis has changed the way we think about vulnerabilities," inquiry chairman David Murray, a ...
Indonesia central bank puts June trade deficit at around $300mn JAKARTA: Indonesia's trade balance likely slipped back into deficit of around $300 million last month, central bank governor Agus Martowardojo said on Monday. He also said the current account deficit for this year would be around 3 percent of GDP. A previous central bank estimate predicted it would be less than 3 percent. The governor told reporters that imports were still increasing, pointing to a wider deficit in oil and gas by the former OPEC ...


Index Closing Chg%
Arrow DJIA 16,960.57 0.72
Arrow Nasdaq 4,449.56 0.50
Arrow S&P 1,978.34 0.48
Arrow FTSE 6,791.55 0.44
Arrow DAX 9,644.01 1.53
Arrow CAC-40 4,330.55 1.82
Arrow Nikkei 15,457.87 1.13
Arrow H.Seng 24,216.01 0.31
Arrow Sensex 26,126.75 0.55

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln