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Lufthansa pilots' 15-hour strike affects 9,000 travellers FRANKFURT: Lufthansa pilots threatened further strike action on Tuesday as they began a 15 hour walkout at Frankfurt airport in a row with management over retirement benefits that stretches back two years.The pilots, represented by union Vereinigung Cockpit (VC), are striking from 0600 to 2100 GMT on long-haul routes from Frankfurt, Europe's third-largest airport and Lufthansa's main hub.The strike, affecting around 9,000 travellers, is the longest since a three-day nationwide walkout in April, and the union threatened more.Three strikes since the end of August have targeted specific operations such as those at Munich or Frankfurt and budget unit Germanwings and have lasted around six to eight hours."We're not on the same level for talks," VC board member Markus Wahl told Reuters on Tuesday. "If Lufthansa doesn't make a move, then further strikes will happen."The pilots are trying to increase pressure on management to maintain a retirement scheme that gives pilots ...

EU says Apple's Irish tax deals breach rules BRUSSELS: The European Union on Tuesday set out its case against Apple's sweetheart tax deals with Ireland, saying it believed they breached its rules on receiving state aid and give the US tech giant an unfair advantage.Brussels released a letter which the EU's competition commissioner sent to the Irish government in June formally giving its reasons for opening an investigation into Dublin's arrangements with Apple.The letter from Joaquin Almunia said the Irish government's treatment of ...
Sanofi posts positive results for drug in chronic sinusitis PARIS: Sanofi and its US partner Regeneron on Tuesday unveiled positive mid-stage trial results for their experimental drug dupilumab in patients with chronic sinusitis with nasal polyps. In a Phase IIa trial, the injectable drug met all primary and secondary endpoints in affected patients who did not respond to intranasal corticosteroids, Sanofi said in a statement. Dupilumab is also being tested by the drugmakers against two other allergic conditions - atopic dermatitis and asthma. Copyright ...
Canada demands Google, Netflix data, sets deadline: reports OTTAWA: Canada's broadcast regulator on Monday gave American companies Google and Netflix a three-day deadline to turn over subscriber data or have their testimony expunged from a major public hearing, media reported.The Canadian Radio-television and Telecommunications Commission (CRTC) has been in a rare showdown with the Internet giants, after they refused to share the data earlier this month.The CRTC has been holding a series of hearings on the future of television regulation in Canada, after ...
Apple software update protects Macs from 'Bash' bug SAN FRANCISCO: Apple on Monday issued a software update to protect Macintosh computers from being bitten by a recently discovered "Bash" bug seen as a threat to Internet-linked devices.Apple said the update released for OS X Lion, Mountain Lion, and Mavericks versions of its computer operating software patch a Unix shell flaw billed as a dangerous weakness that could be exploited by hackers.Even though the flaw was found in Unix-based Mac OS and Linux operating ...
South Korea Aug factory output falls most since 2008, trade data eyed SEOUL: South Korea's August factory output marked its worst fall since the 2008 global financial crisis, as strikes at automakers disrupted output, although markets showed little reaction as investors look ahead to trade and inflation data due on Wednesday. The industrial output index dropped by a seasonally adjusted 3.8 percent in August from July, Statistics Korea data showed on Tuesday, the biggest fall since December 2008 and far below the most pessimistic forecast in a ...
Hyundai reaches tentative wage deal with union SEOUL: Hyundai Motor Co. said Tuesday it had reached a tentative wage deal with labour unions to end a series of damaging partial strikes at the world's fifth largest automaker.The accord was hammered out late Monday, the company said in a press statement, and will need to be confirmed by the union membership at a vote on Wednesday."We did our best. We hope this deal will be approved," said union spokesman Hwang Ki-Tae.Tens of thousands ...

 



 
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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln