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Volkswagen scandal touches nerve centre of German economy BERLIN: The pollution cheating scandal that has engulfed auto giant Volkswagen touches one of the main nerve centres of the German economy, given the importance of the car sector both politically and economically.Germany's mighty automobile sector includes the world's biggest and best-known names, from VW itself to high-end makers like BMW, Daimler/Mercedes-Benz, and Opel, the German arm of US giant General Motors.But it also includes some of the world's leading parts suppliers, such as Bosch, Continental and ZF Friedrichshafen as well as myriad small and medium-sized enterprises all along the value chain. The sector clocked up combined annual sales of 385 billion euros ($430 billion) last year, or 14 percent of Germany's gross domestic product (GDP). Already some industry observers, such as analysts at CMC Markets, are expressing concern about the "spill-over effects" the Volkswagen scandal will have on the wider German economy in the weeks and months ahead.More than ...

Boeing announces Chinese order of 300 planes worth $38bn SEATTLE: Boeing announced on Wednesday it has reached deals with Chinese firms to sell 300 aircraft worth some $38 billion.The giant order, announced to coincide with President Xi Jinping's visit to a Boeing plant near Seattle, comprises the sale of 240 planes for Chinese airlines and 60 aircraft destined for leasing companies, Boeing said in a news release.Copyright AFP (Agence France-Presse), 2015 ...
VW supervisory board to discuss new management on Friday FRANKFURT: A panel of senior supervisory board members at Volkswagen said that it will present proposals on new management appointments by Friday after CEO Martin Winterkorn resigned due to the emissions scandal on Wednesday. In a statement, the supervisory board's steering committee also said that it expects further personnel consequences in the coming days. "The internal investigation is ongoing," it said. Copyright Reuters, 2015 ...
VW chief under pressure as cheating scandal snowballs FRANKFURT: The job of Volkswagen's chief executive appeared to be on the line Wednesday over a pollution cheating scandal that has sparked a US criminal investigation and worldwide legal action with unfathomable financial consequences for the auto giant.Volkswagen's share market nightmare showed the first signs of lifting as its stock steadied a little in early trade in Frankfurt, following a two-day freefall that had axed 35 percent, or 25 billion euros, off the company's market ...
South Korea questions VW over emissions test cheating SEOUL: South Korean environmental officials questioned Volkswagen representatives Wednesday after the German auto giant was found to have cheated on US emissions tests.The meeting at the environment ministry focused on the timing and methods for tests to be conducted in South Korea."We will complete our work by the end of November," a ministry official told AFP.The scandal escalated dramatically Tuesday when the automaker revealed 11 million of its cars worldwide could be affected, a disclosure ...
Volkswagen shares shed 8pc in early trade on Wednesday FRANKFURT: Shares in German auto giant Volkswagen were down around eight percent in early trading on the Frankfurt stock exchange as investors continued to pile out of the stock in the wake of a pollution cheating scandal that has reached global proportions. After losing around 35 percent over the past two days, the shares hit a new intraday low of 102.2 euros in the first 20 minutes of trading, a drop of 8.1 percent on ...
Fiat Chrysler US says its cars do not use any defeat devices MILAN: The US unit of Fiat Chrysler Automobiles said on Tuesday its vehicles do not use any defeat devices like those at the centre of an emissions scandal plaguing rival Volkswagen. Shares in Volkswagen, Europe's biggest carmaker, plunged on Monday and Tuesday after it admitted using software that deceived US regulators measuring toxic emissions in some of its diesel cars. "FCA US does not use 'defeat devices'," Fiat Chrysler said in an emailed statement, adding ...


Index Closing Chg%
Arrow DJIA 16,790.19 0.08
Arrow Nasdaq 4,748.36 0.69
Arrow S&P 1,979.92 0.36
Arrow FTSE 6,326.16 0.43
Arrow DAX 9,902.83 0.90
Arrow CAC-40 4,660.64 0.95
Arrow Nikkei 18,186.10 1.00
Arrow H.Seng 21,831.62 0.10
Arrow Sensex 26,932.88 0.55

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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 05, 2015
Reserves $18.349 bln