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Shell says unplanned outage cuts St Fergus gas terminal flows LONDON: An unplanned outage has cut gas flows at Shell's St Fergus gas processing terminal, Shell said on Tuesday."Some minor unplanned maintenance work has temporarily impacted gas flows to St Fergus. We expect levels to return to normal shortly," a spokeswoman for the company said.National Grid data showed volumes fell to zero early on Tuesday morning from more than 20 mcm/day on Monday evening. By 1330 GMT volumes were still zero, the data showed.Shell said on its website late on Monday it had extended a 12 mcm/day capacity reduction at St Fergus until the week commencing Sept. 29, but the firm's website did not flag up on Tuesday the unplanned drop in volume to zero.The unplanned maintenance contributed to an undersupplied system in Britian's gas market on Tuesday morning, sending prompt prices higher. Copyright Reuters, 2014 ...

Hyundai Motor to build two new plants in China instead of one: sources SEOUL/SHANGHAI: South Korean automaker Hyundai Motor Co plans to build two new factories in China instead of one, two people familiar with the matter told Reuters on Tuesday.The increase is to meet the request of China's central government, which wants Hyundai to build a plant in the northeastern Hebei province as part of a development plan spanning Beijing, Tianjin and Hebei, one of the people said.Hyundai, which has three factories in Beijing, in March signed ...
Air France cancels 60pc of flights as strike continues PARIS: A pilots strike at Air France entered its second day on Tuesday, with the two sides apparently no closer to resolving a dispute over cost cuts that has forced the French carrier to cancel 60 percent of flights.The airline said it expected to operate "at least 40 percent of its flights" on Wednesday, based on three fifths of pilots walking out, as management prepared to hold further talks with unions later on Tuesday.The pilots ...
GM's Opel to cut Russia production as slowdown bites BERLIN: US carmaker General Motors is cutting production and shedding around 500 jobs at its Opel division in Russia, hit by a plunge in local demand due to a slowing economy and Western sanctions.Opel said on Tuesday it would scale back production at its plant in St. Petersburg to a total of 16 days during the three-month period from August to October.It will also offer voluntary severance packages to about a quarter of the plant's ...
BP to cut 275 jobs in Alaska after oil field disposals LONDON: BP will cut around 275 staff and contractor jobs in its Alaska operations in early 2015 following the sale of its interests in four oil fields in the North Slope area, it said on Tuesday.BP, one of the largest oil producers in Alaska, last April announced the sale of the fields to privately held Hilcorp, though it remains committed to developing Alaska's Prudhoe Bay, the largest oil field in North America.BP has a total ...
Lufthansa agrees with cabin crew on no-frills service: source FRANKFURT: Lufthansa on Tuesday struck an agreement with cabin crew union UFO over work conditions and pay at the German airline's proposed new low-cost long haul business, a person familiar with the talks told Reuters on Tuesday.A Lufthansa spokeswoman said the airline was happy to have come to an agreement with UFO over an "important collective bargaining matter" but declined to specify.Lufthansa Chief Executive Carsten Spohr in July unveiled plans to offer no-frills long haul ...
Thyssen examines options for Airbus Atlas stake FRANKFURT: Germany's ThyssenKrupp said it was considering whether to exercise its right of first refusal to buy out Airbus's stake in submarine supplier Atlas Elektronik. Airbus Group unveiled plans to sell half a dozen business units with combined revenues of around 2 billion euros ($2.6 billion), including its 49 percent stake in Atlas, as it refocuses its Defence and Space division. "As co-owner of Atlas Elektronik, we have noted the decision of the Airbus Group ...


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Banking Review 2013

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln