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GM to boost output of mid-sized pickups in US, add jobs DETROIT: General Motors Co will add a third shift and 750 jobs at its Missouri assembly plant to build more of its new mid-sized pickup trucks, the No. 1 U.S. automaker said on Tuesday.With early orders for the Chevrolet Colorado and GMC Canyon at nearly 30,000, GM decided to add the third shift at the Wentzville plant to meet expected demand. The additional shift at the plant, which also builds full-size vans, is expected to start in early 2015.GM counts on its full-size pickups, the Chevy Silverado and GMC Sierra, for the bulk of its profits, but is aiming to boost its share of the overall truck market with the smaller companions that it feels will appeal to a different group of buyers. Rivals Ford Motor Co and Chrysler Group do not sell mid-sized pickups in the U.S. market.Production of the 2015-model Colorado and Canyon trucks is already under way ...

Bank of America forgoes $6 billion with slimmer consumer strategy NEW YORK: Bank of America Corp gave up about $6 billion in annual revenue by phasing out risky consumer banking products and eliminating certain fees, but the long-term impact on profits should be minimal, a top executive said on Tuesday.The company had previously earned about $3 billion a year in punitive fees such as overdraft charges on debit-card purchases and about $3 billion a year through the sale of identity theft, payment protection and other ...
SNB to keep 1.20 franc cap for at least six months ZURICH: The Swiss National Bank will keep the 1.20 cap on the franc for at least six months, intervening in foreign exchange markets again or even effectively charging for franc deposits if needed, a Reuters poll found on Tuesday.An interest rate cut by the European Central Bank two weeks ago, as well a new scheme to push money into the flagging euro zone economy, has put renewed pressure on the Swiss central bank's (SNB) efforts ...
ECB to change bank secrecy agreement amid legal doubts FRANKFURT: The European Central Bank (ECB) will change a non-disclosure agreement with banks undergoing its stress tests after complaints from German banks that they risked getting into conflict with laws requiring them to disclose price-sensitive information.German banks have refused to sign a confidentiality agreement which requires them to remain silent about meetings planned for September, at which the regulator will offer general guidance about the results of the tests which will be published in late ...
ECB rate cut could boost growth, inflation: ZEW economist MANNHEIM: The European Central Bank's surprise rate cut and announcement of asset-backed security and covered bond purchase programmes earlier this month could have a positive effect on growth and inflation, a ZEW economist said on Tuesday."Responses (for the ZEW survey on economic sentiment) improved slightly after the ECB announcement ... relative to the responses before," said economist Frieder Mokinski."We could say that we see some potential for a slight positive effect on growth and inflation ...
South Korea central bank to sell 2.3 trillion won MSBs on Wednesday SEOUL: South Korea's central bank said on Tuesday it will sell 2.3 trillion won ($2.22 billion) worth of 2-year monetary stabilisation bonds via an auction on Wednesday. The auction will be held at 0100 GMT for 10 minutes, the Bank of Korea said. Copyright Reuters, 2014 ...
BoJ's Kuroda says stable yen key for Japan businesses OSAKA: Bank of Japan Governor Haruhiko Kuroda said stable yen moves are crucial for the country's business sector, nodding to complaints from some companies that rising import costs from sharp yen declines were starting to hurt their bottom line. But he stressed that the reversal of past "excessive" yen gains is prompting some Japanese companies to boost domestic investment instead of shifting production overseas, suggesting that he still broadly sees yen weakness as a welcome ...

 



 
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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 15, 2014
Reserves $13.414 bln