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Air France faces more strikes after talks with pilots reach deadlock PARIS: Talks between Air France and its pilots reached an impasse on Saturday after a union request for a mediator was rejected by both the airline's management and the French government.Air France has been locked in negotiations with pilots over plans to create a low-cost operation, resulting in a 13-day strike which has cost it up to 20 million euros ($25 million) a day.The company said on Saturday it would only be able to operate 45 percent of its flights on Sunday, fewer even than on Saturday, as more than half of its pilots would be on strike.French Prime Minister Manuel Valls and Air France rejected pilot unions' demands that an independent mediator was appointed."Management does not think that the appointment of a mediator is necessary," Eric Schramm, co-head of operations at Air France, told BFM TV on Saturday.The pilot union SNPL had said on Friday it stood ready to ...

Rosneft says discovers offshore Arctic oil jointly with Exxon MOSCOW: Russia's top crude oil producer Rosneft said on Saturday it had made an oil discovery jointly with ExxonMobil at an offshore Arctic field, which has been at the centre of controversy due to Western sanction against Moscow.However, further progress at the site is likely to be problematic as international oil majors have to wind down work in Russia due to Western sanctions following the Ukraine crisis.Rosneft and its head Igor Sechin were among the ...
Union makes offer to end marathon Air France strike PARIS: Air France's main pilots' union offered to lift its crippling strike late Friday if an independent mediator were named to run negotiations in a bitter battle over the fate of the company's low-cost subsidiary.The SNPL union, in what it called a "gesture of appeasement", said it was "ready to end the conflict as soon as this mediator is named" by the government.The French prime minister's office told AFP there were "no grounds for new ...
China's CITIC wins interim injunction in Mineralogy dispute SYDNEY: Chinese-owned CITIC has won an interim injunction temporarily halting a bid by Australian tycoon Clive Palmer's company Mineralogy to terminate its mining rights to a multi-billion dollar iron ore project.Mineralogy said Friday it had served a notice of termination to CITIC Pacific which gave it 21 days before it would no longer be allowed to mine at the Sino Iron project in Western Australia's resource-rich Pilbara region.But the Supreme Court of Western Australia heard ...
Telecom Italia weighs overseas options, bid talk swirls MILAN/ROME: Signs of interest from foreign bidders in Telecom Italia overshadowed a board meeting on Friday to discuss the company's options after failing to expand in Brazil and struggling to exit from Argentina. Top of the meeting's formal agenda was the sale of its stake in Telecom Argentina - a $960 million deal the Italian group agreed nearly a year ago but that is now in doubt because it has not yet been cleared by ...
GM and Isuzu to jointly develop mid-size pick-up truck TOKYO/DETROIT: General Motors and Japanese truck maker Isuzu Motors have agreed to jointly develop a mid-size pick-up truck for sale in major markets around the world excluding North America, the two companies said on Friday. The companies, which have worked on trucks together in the past, are aiming to cut costs in their next generation mid-size pick-up by using more shared parts and jointly purchasing them, they said. "The collaboration will enable us to leverage ...
AstraZeneca says expanded use of lung cancer drug backed by EU agency LONDON: European regulators have recommended wider use of AstraZeneca's IRESSA treatment for lung cancer, the British pharmaceutical company said on Friday. The company said a so-called label update to IRESSA meant a patient could receive treatment with IRESSA after a blood test, instead of having to provide a tumour sample. The update will take effect immediately, AstraZeneca said.Usually, recommendations for marketing approval by the Agency Committee for Medicinal Products for Human Use (CHMP) are endorsed ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln