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Daimler sees no risk of overcapacity in China yet FRANKFURT: Germany's Daimler, maker of Mercedes cars, has not revised its production plans for China and currently sees no risk of overcapacity at its plants there, it said on Tuesday. "If anything, we have a lack of capacity, not overcapacity in China," Chief Executive Dieter Zetsche told reporters at the Frankfurt auto show. He added that sales had risen significantly in China this month so far and he was confident for 2016. Unlike rival luxury carmakers BMW and Audi , Daimler is still on a strong growth path in China thanks to a series of new model launches and the fact that it was later to enter the market and is starting from a lower base. Copyright Reuters, 2015 ...

GM executives stick to Europe profit goal for 2016 FRANKFURT: General Motors executives said they remain committed to meeting their goal of reaching profitability in Europe by 2016, brushing aside concerns that a downturn in Russia could put their goal at risk. "We are confident about reaching our goal," Opel Chief Executive Karl-Thomas Neumann told journalists at the Frankfurt auto show on Tuesday. General Motors President Dan Ammann said the launch of a new Opel Astra will help boost sales. "There's a lot to ...
Ford Europe says no time set for returning to profit FRANKFURT: US auto giant Ford said Tuesday it has no concrete time schedule for when it aims to return to profit in Europe."We have not been specific about a date," chairman and chief executive of Ford Europe, Jim Farley, told journalists on the sidelines of the IAA motor show."But obviously (we) are laser-focused on returning the business to profitability. That's why we're here," the Ford Europe chief said.Ford sold 69,000 vehicles in Europe in August, ...
Taiwan investors cheated out of $77mn in internet scam TAIPEI: A suspected fake online marketing company that claims to have Google and Yahoo among its business partners has cheated thousands of Taiwanese investors out of a total of Tw$2.5 billion ($77 million) since last year, authorities said Tuesday. OurPPC, which calls itself a pay-per-click management company, offered individuals the chance to invest in Internet search keywords, saying they could earn up to a 23 percent return within 50 days, the Ministry of Justice's investigation ...
BMW boss faints at auto show press conference FRANKFURT: BMW chief executive Harald Krueger fainted Tuesday during a press briefing at the IAA auto show in Frankfurt, forcing the German carmaker to halt the presentation, an AFP photographer reported.The 49-year-old Krueger, who has headed BMW since May, was speaking to reporters at the company's exhibit at the show when he apparently felt dizzy and collapsed. He was helped away by two bodyguards.In a brief statement BMW said the CEO had a dizzy spell ...
China clouds European optimism as IAA auto show opens FRANKFURT: Car enthusiasts and professionals are headed to Frankfurt this week to the IAA auto show as the industry emerges out of long crisis in Europe, but warily eyes slowing demand in China.The organisers, the German carmakers' association VDA, said the IAA's 66th edition promises 210 world premieres and an "amazing display of innovations" from 1,100 exhibitors from 39 countries,The biennial event, which alternates with the Paris auto show, is held in Frankfurt's gigantic trade ...
US auto union extends FCA contract as talks continue DETROIT: The United Auto Workers union said on Tuesday it had offered Fiat Chrysler's US subsidiary an "hour by hour" extension of its contract as negotiations continued into the early hours.The union has also offered extensions to GM and Ford while it focuses on reaching a deal with FCA US after its current four-year contracts with the Detroit Three carmakers expired at midnight Monday (0400 GMT Tuesday.).Copyright AFP (Agence France-Presse), 2015 ...


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