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Audi says will 'accept penalty' in China anti-monopoly probe SHANGHAI: German luxury car brand Audi will accept punishment from Chinese authorities for breaching anti-monopoly laws in the world's largest auto market, it said Monday.An investigation by Chinese authorities found that an Audi dealer network had "violated national anti-monopoly laws", the brand's China arm said in a statement, adding the Audi joint venture involved had "closely cooperated with the investigation and will accept a penalty".China has recently launched probes into alleged wrongdoings by a host of foreign firms in multiple different fields, among them pharmaceuticals, technology and baby milk.The statement came after China's National Development and Reform Commission (NDRC), which polices violations of "anti-monopoly" law, said it had been investigating the auto sector -- dominated by foreign companies and their joint ventures -- for more than two years.Last week it pledged to punish Audi, and Chrysler of the US, now part of Italy's Fiat group, without stating what penalties they ...

Rival enters fray for Australia's Treasury Wine Estates SYDNEY: Australia's Treasury Wine Estates said Monday that a second private equity firm had approached it with a takeover proposal, after US group Kohlberg Kravis Roberts (KKR) upped its bid.KKR last week increased its offer to acquire all Treasury shares by 10.6 percent to Aus$5.20 per share, valuing the company at Aus$3.38 billion (US$3.14 billion).Treasury said Monday that a new competitor, which had requested its identity remain confidential for now, had matched that offer in ...
Kuwait Airways to avoid Iraq airspace KUWAIT CITY: Kuwait Airways said Sunday it will no longer overfly Iraq in the wake of US air strikes on militant positions there, the latest company to re-route its flights.The airline said the decision concerned flights heading to Europe and the United States."Alternative routes will pass over Iran, Saudi Arabia and Egypt," a statement said.The Federal Aviation Administration in Washington banned all US civilian flights over Iraq just hours after American warplanes Friday carried out ...
China says local, foreign firms treated same in probes BEIJING: China said Saturday that its Anti-Monopoly Law does not discriminate between foreign and domestic companies, as big name overseas enterprises have come under a series of high-profile investigations.The Ministry of Commerce issued a statement noting that foreign firms such as Microsoft and Mercedes-Benz have been probed as has the Chinese unit of a US food supplier.Ministry spokesman Shen Danyang said that anti-monopoly probes were meant to promote fair competition and protect consumer rights. He ...
Pilot strike at Portuguese airline causes travel misery LISBON: Dozens of flights were cancelled on Saturday as pilots working for the Portuguese airline TAP staged a 24-hour strike to protest deteriorating working conditions. After modifying or cancelling the reservations of around 27,000 of 42,000 passengers expected on Saturday, the company announced the cancellation of 36 flights ahead of the walkout. But on Saturday long lines of angry passengers formed around TAP counters at Lisbon's airport as dozens of additional flights were dropped. "My ...
Etihad Airways to avoid Iraqi conflict airspace ABU DHABI: Abu Dhabi's Etihad Airways announced on Saturday that it will reroute flights over Iraq in the wake of US air strikes on Islamist State (IS) fighters there."Etihad Airways has announced that it will reroute its flights to avoid conflict airspace in Iraq," a statement by the carrier said."The decision follows the deterioration of the security situation in parts of the country."The safety of Etihad Airways' passengers and staff is of paramount importance, and ...
Turkish Airlines resumes flights to Arbil but only in daytime ANKARA: Turkey's national flag-carrier airline said it resumed flights on Saturday to the Iraqi Kurdish city of Arbil after suspending them for security reasons amid an offensive by Islamist militants.However Turkish Airlines said in a statement that it would as a continued precaution only be flying to Arbil in daytime hours."Our flights to Arbil will resume. Arbil night flights will be shifted to daytime hours," Turkish Airlines said in a statement. Abu Dhabi's Etihad Airways ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln