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GM extends compensation deadline over ignition recall WASHINGTON: General Motors said it had agreed to extend the deadline for compensation claims related to an ignition-switch problem that has been linked to 32 deaths.The largest US automaker has been under fire over the defect in many models sold from 1998-2011 in which the faulty ignition system could turn off power to a car's power steering and safety airbags while it is in motion.The company has set up an independent compensation fund for victims, run by attorney Kenneth Feinberg, with plans to pay $1 million per fatality plus $300,000 to each surviving spouse and possible beneficiary.The GM fund was to accept compensation claims through December 31, but announced it had heeded a call to extend that deadline."We agreed with Ken Feinberg's recommendation to extend the compensation program deadline. Our goal with the program has been to reach every eligible person impacted," the company said in a statement.The company did ...

Japan's Toray says to supply carbon fibre to Boeing in $8. TOKYO: Japan's Toray Industries said Monday it has agreed to supply carbon fibre materials for Boeing's new 777X jet and the troubled Dreamliner as part of a 10-year deal worth more than one trillion yen ($8.6 billion).The new plane is a large-sized twin-engine passenger aircraft currently being developed by Boeing as a successor to its existing 777, with a plan to deliver the first plane in 2020, Toray said in statement.Copyright AFP (Agence France-Presse), 2014 ...
Australia's Rinehart invests Aus$500mn in China milk deal SYDNEY: Mining magnate Gina Rinehart Saturday signed a deal to invest Aus$500 million (US$438 million) in an Australian dairy project to tap into the multi-billion dollar Chinese infant formula market.Rinehart, who recently entered into a joint venture to export beef to Asia, said her majority-owned Hope Dairies would produce pharmaceutical-grade infant formula and UHT, or longlife milk, at a processing plant in Queensland.The agreement was reached between Rinehart's mining firm Hancock Prospecting and the Queensland ...
Indian airline SpiceJet cuts Q2 losses after filling more seats NEW DELHI: Indian budget carrier SpiceJet Ltd lost 3.1 billion rupees ($50.2 million) in the three months to Sept. 30, the company said late on Friday, less than the 5.6 billion rupees it lost last year after it lowered fares to fill more seats.SpiceJet, which has now lost money for five consecutive quarters, has been discounting ticket prices, trimming costs and reducing the size of its fleet in the last few months, as it battles ...
India counts HDFC stake in HDFC Bank as foreign: report MUMBAI: India's foreign investment regulator has approved raising the foreign holding limit in second-biggest private sector lender HDFC Bank Ltd but counts its parent's holding as foreign, the Business Standard newspaper reported on Saturday.Counting the 22.50 percent stake owned by mortgage lender Housing Development Finance Corp and two of its units in HDFC Bank would limit capacity for any further foreign fund raising by the bank, the report said, citing an unidentified government official.An HDFC ...
Facebook to curb promotional posts on user timelines SAN FRANCISCO: Facebook on Friday said it is making moves to reduce the number of promotional posts that pop up in timelines, in response to users' demands for fewer advertisements.Beginning in January, people should start seeing fewer posts in news feeds urging them to do things such as buy products, download applications or enter sweepstakes, according to the leading social media titan. "People told us they wanted to see more stories from friends and pages ...
China calls for swift movement on BRICS development bank BRISBANE: China on Saturday urged BRICS nations to speed up the creation of a development bank as an alternative to the Western-dominated global financial system.The BRICS group of emerging economic powers -- which also includes Brazil, Russia, India, and South Africa -- agreed in July to form the New Development Bank to finance infrastructure projects and an emergency reserve fund.The Chinese have already chosen a site for the future Shanghai headquarters of the US$50 billion ...

 



 
Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
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Arrow Sensex 28,334.63 0.95






Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln