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Germany says 3.6mn VW cars will require hardware changes BERLIN: Roughly 3.6 million Volkswagen cars in Europe with 1.6-litre engines will require hardware changes in the wake of the company's diesel emissions rigging scandal, a spokesman for the German transport ministry said on Friday. Copyright Reuters, 2015 ...

Lufthansa Sept traffic drops due to strikes BERLIN: German airline Lufthansa said passenger traffic fell in September, due to a two-day pilots' strike at the start of the month that saw over 1,000 flights cancelled. In terms of revenue seat kilometres, traffic fell 0.3 percent, Lufthansa said on Friday, adding that the pricing environment remained tough. Lufthansa has previously said it is confident it will be able to make up for strike costs incurred in the first nine months of the year ...
Kenya airways says has drawn down half of its $200mn Afreximbank loan NAIROBI: Loss-making Kenya Airways has drawn down half of a $200 million bridging loan from Afreximbank and expects the next tranche in two weeks, its chief executive said on Friday. Mbuvi Ngunze told reporters the financing will allow the carrier to get on a firmer financial footing. "Our focus in the next three to six months is on getting sustainable financing," he said.Copyright Reuters, 2015 ...
Amazon opens online shop for handmade goods SAN FRANCISCO: Online retail colossus Amazon on Thursday opened a shop showcasing handmade goods sold directly by artisans. Handmade at Amazon came as a challenge to New York City-based Etsy, an e-commerce website devoted to personally crafted and vintage items.All items in the store, launched at, must be "factory-free" and made by hand, according to the Seattle-based firm."We have designed a custom shopping experience for customers looking for handmade items by bringing together many ...
Fiat Chrysler workers skeptical of new UAW deal's impact on wages KOKOMO: Workers outside the gates of a Fiat Chrysler plant here greeted news early on Thursday of a new tentative agreement between the automaker and the United Automakers skeptically, giving an indication of the challenges the union may face in getting the deal ratified by members. Last week, 65 percent of Fiat Chrysler unionized workers voting rejected a proposed four-year contract. Some workers complained that the first tentative deal put more of a burden on ...
Auto workers union accepts Fiat Chrysler contract offer DETROIT: Negotiators for the United Auto Workers said early Thursday that they agreed to a new contract with the Fiat Chrysler US auto company to avert a possible strike by up to 40,000 workers.A previous tentative four-year deal was rejected on October 1 by 65 percent of the 40,000 employees that the union represents at the Fiat Chrysler Automobiles' US unit.These negotiations are followed closely because any agreement reached between the UAW and Fiat Chrysler ...
Volkswagen Korea apologizes, considers recall SEOUL: Volkswagen issued a public apology in South Korea on Thursday over its global pollution-cheating scam, vowing to consider a voluntary recall in the country.The statement came as the German auto giant faces an avalanche of lawsuits from local customers who are following their US counterparts in seeking damages from the company over the emissions scandal."I sincerely apologize over betraying customers' trust", Volkswagen Korea President Thomas Kuehl said in a newspaper advertisement.South Korean government officials ...


Index Closing Chg%
Arrow DJIA 17,050.75 0.82
Arrow Nasdaq 4,810.79 0.41
Arrow S&P 2,013.43 0.88
Arrow FTSE 6,374.82 0.61
Arrow DAX 9,993.07 0.23
Arrow CAC-40 4,675.91 0.18
Arrow Nikkei 18,141.17 0.99
Arrow H.Seng 22,354.91 0.71
Arrow Sensex 26,845.81 0.70

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln