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Airbnb rental site raises $450mn NEW YORK: Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.The agreement, which also included Dragoneer Investment Group, mutual fund T. Rowe Price Group and Sequoia Capital among its investors, valued the startup at $10 billion, according to The Wall Street Journal.That figure would make the website, that lets individuals rent out their homes to travelers, one of the most valuable websites in the world, ahead of publicly-traded hotel chains Wyndham Worldwide and Hyatt Hotels Corporation.The California-based startup was launched in 2008 and quickly became very popular. Traditional hotel chains see it as a rival and accuse it of helping people avoid taxes and hosting illegal hotels on its website.Authorities in the United States and France treat it with some suspicion.In October, New York Attorney General Eric Schneiderman subpoenaed Airbnb to determine whether its 15,000 ...

Fiat-Chrysler to produce iconic Jeep in China from 2015 SHANGHAI: Automaker Fiat-Chrysler said on Saturday that it would begin producing the iconic American brand Jeep in China from 2015 to meet demand in the world's largest car market.Fiat-Chrysler -- created by Italy's Fiat acquiring Chrysler of the United States -- will produce three Jeep sport utility vehicle (SUV) models in China, including one specifically designed for the Chinese market, the company said in a statement.The announcement came ahead of the Beijing auto show, which ...
India's Reliance posts flat Q4 profit, meets estimates MUMBAI: Indian energy conglomerate Reliance Industries Ltd posted a flat quarterly profit, in line with estimates, hurt by a slimmer margin in its oil refining business. Reliance, which operates the world's biggest refining complex in western India, said net profit for its fourth quarter ended March 31 rose to 56.31 billion rupees from 55.89 billion rupees a year earlier. Analysts on average expected a net profit of 56.62 billion rupees, according to Thomson Reuters I/B/E/S. ...
Kansai Elec Pres: Not presently considering a capital increase TOKYO: Japan's Kansai Electric Power Co is not presently considering seeking a capital increase, President Makoto Yagi told reporters on Friday at a monthly news conference. The comments come after Kyushu Electric Power Co and Hokkaido Electric Power Co have sought financial help to overcome the increased costs caused by not being able to restart their nuclear reactors. Kansai Electric is set to report a third year of losses in the 12-month to March 31, ...
Audi expects to sell half million cars in China this year BEIJING: Volkswagen's flagship luxury division Audi said it plans to sell half a million cars this year in China, the world's biggest auto market, and raise the number of its Chinese dealers to 500 by 2017.Audi Chief Executive Rupert Stadler made the comments to reporters on Friday ahead of the Beijing auto show, which opens on Sunday. In 2013, it sold 488,000 vehicles in China and a total of 492,000 including Hong Kong. Audi is ...
GM says recalled cars safe, but has not tested for knee-bump danger WASHINGTON: General Motors says that cars being recalled because of faulty ignition switches can be driven safely before repairs, based on more than 80 tests, but the automaker has not addressed a problem long known to potentially shut off the engine: a simple bump from a driver's knee.Safety advocates and engineers say the lack of testing for this factor undermines GM's claims that the cars are safe. As early as 2004, GM engineers complained that ...
PetroChina hikes 2014 shale gas spending to $1.6bn BEIJING: Chinese state energy giant PetroChina plans to spend more than 10 billion yuan ($1.6 billion) on shale gas this year, more than triple its expenditures on the unconventional fuel over the past few years, two sources with knowledge of the matter said.PetroChina's decision to dramatically hike its shale gas spending comes just months after local rival Sinopec Corp lifted hopes that China is near a breakthrough by announcing a commercial find.PetroChina, Asia's largest oil ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln