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Air France offers to postpone low-cost project to end strike PARIS: The head of Air France-KLM offered on Monday to postpone roll-out of its European low-cost operation until the end of the year in a bid to end a week-long pilots' strike costing it millions of euros a day.Setting out what he called a "final proposal", Alexandre de Juniac told Le Monde daily the aim was to buy time for detailed negotiations with pilot representatives on the plan."We are proposing to suspend until the end of the year the project to create Transavia units in Europe outside France and the Netherlands. That will create time to carry out a thorough dialogue on the plan and to formulate the necessary guarantees with unions," he said.But he stressed: "This arrangement must not call into question our ambition to develop Transavia, which is one of the key sources of growth for the Air France-KLM group".De Juniac said the strike was "disastrous" for the ...

Air France freezes low-cost plan in bid to end strike PARIS: Air France has suspended until December its plans to expand its low-cost subsidiary, unions said Monday, in a bid to end the longest strike at the airline since 1998.The airline's boss Alexandre de Juniac made the proposal to the unions on Monday morning, after a week of strike action that has cost the company up to 15 million euros ($19 million) per day.Copyright AFP (Agence France-Presse), 2014 ...
Bosch in 3bn-euro buyout of Siemens in home appliance joint venture BERLIN: Bosch announced Monday it was buying out fellow German conglomerate Siemens from their home appliance joint venture for 3 billion euros ($3.9 billion).Siemens said it was selling its 50 percent stake in BSH Bosch und Siemens Hausgerate GmbH to focus on its core businesses, including energy, and announced at the same time it was to acquire Dresser-Rand, the US manufacturer of turbines and compressors.Bosch and Siemens pooled their home appliance businesses in the joint ...
'Interminable' Air France strike enters second week PARIS: A strike by Air France pilots that has forced the airline to scrap more than half its flights stretched into its second week Monday, with no sign of a breakthrough. As in previous days, France's flag carrier operated only around 40 percent of its flights on Monday, with nearly seven in 10 pilots walking off the job.It is the longest strike at Air France since 1998."This strike is becoming interminable," said Jean-Claude Delarue, president ...
British retailer Tesco reveals 'serious' profit error LONDON: Britain's biggest retailer, supermarket group Tesco, has launched an investigation after revealing that it had overstated its half-year profit forecast by £250 million ($409 million, 318 million euros), it said on Monday."We have uncovered a serious issue and have responded accordingly," new chief executive Dave Lewis said in a statement.Copyright AFP (Agence France-Presse), 2014 ...
Russian car industry facing lacklustre two years: Ford's Russian venture MOSCOW: Russia's auto market shows no signs of improving in the next two years having been hit by an economic slowdown and weak rouble, the head of Ford Motor Co's Russian venture told Reuters.Sanctions over Ukraine have hurt the Russian economy, hitting car sales to a growing middle class while imported car parts have become more expensive."There is no sign that things will rapidly improve in the next two years," said Ted Cannis, CEO of ...
Siemens to buy US oil equipment maker Dresser-Rand for $7.6bn WASHINGTON: Germany's Siemens on Sunday announced it will buy US oil equipment maker Dresser-Rand Industries, for $7.6 billion.Siemens said it offered 83 dollars per share, which puts the value of the deal at $7.6 billion or 5.8 billion euros, the company said on its website.Sources close to the matter had confirmed to AFP Friday that GE had preliminary discussions with the Houston, Texas company, though they would not say whether GE intended to make a ...

 



 
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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