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Turkey unveils 'mega' tunnel project for Istanbul ISTANBUL: Turkey announced on Friday an ambitious project to build a three-storey tunnel under the Bosphorus to connect the Asian and European sides of Istanbul.Prime Minister Ahmet Davutoglu made the announcement in the run up to June elections, calling it a "harbinger for the new Turkey."He said the 6.5 kilometre tunnel would be integrated into Istanbul's existing highway and railway lines and is aimed at easing the city's intense traffic.The total cost of the project was estimated at $3.5 billion, but Transport Minister Lutfi Elvan said the state would not spend a "single penny." He said the builder would cover the construction costs and later be paid back through tolls. The tunnel is expected to be ready by 2020.The announcement comes on the heels of others including one to build a canal through Istanbul which would allow ships passing from the Marmara Sea to the Black Sea to bypass the ...

London stocks hit high at end of record-breaking week LONDON: London's stock market hit a record high Friday, rounding off a successful week for European indices thanks to a deal on Greece's bailout and positive company results.The benchmark FTSE 100 index reached 6,960 points in morning trade, its highest intra-day level on record. Around midday, it stood at 6,941.1 points, down 0.12 percent.Frankfurt's DAX 30, which has also been hitting highs this week, inched up 0.09 percent to 11,337 points. In Paris the CAC ...

Portugal's economy returns to growth in 2014 LISBON: Portugal's economy returned to growth in 2014 with an expansion of 0.9 percent, after contracting by 1.4 percent the year before, the country's national statistics office Ine said Friday.It was the first full-year of economic growth in Portugal since 2010.Prime Minister Pedro Passos Coelho's centre-right government, which faces a year-end general election, and the European Commission had predicted the Portuguese economy would expand by 1.0 percent last year.Portuguese economic growth accelerated at the end ...

Oil rebounds after volatile week LONDON: Oil prices rebounded Friday on bargain-hunting at the end of a volatile trading week, having slumped the previous day as surging US crude reserves added to the global supply glut.European benchmark Brent North Sea crude for April delivery rallied $1.14 to $61.19 a barrel in London midday deals.New York's West Texas Intermediate (WTI) for April added $1.02 to $49.19 a barrel.Crude futures had dived Thursday as the market appeared to do a double-take on ...

EU sets France tough targets to rein in deficit by 2017 BRUSSELS: The EU set France tough new targets for the coming years Friday to ensure it gets its budget deficit back within Brussels rules, after giving Paris until 2017 to comply.The European Commission is keeping up the pressure two days after it extended the deadline for France, the eurozone's second biggest economy after Germany, to get back below the EU's ceiling of 3.0 percent of economic output.Brussels said France must use the extra breathing room ...

One million farmers increase productivity with US agri assistance ISLAMABAD: Nearly one million Pakistani farmers have increased their agricultural productivity and income with the assistance of the United States during the last five years, Director for United States Agency for International Development (USAID) Pakistan Gregory Gottlieb said on Friday.Speaking as keynote speaker to open Pakistan Agriculture Conference and Exposition 2015 here, he said that this assistance helped Pakistan directly generate over $45 million in domestic sales and $28 million in export sales.Helping Pakistani farmers ...


Index Closing Chg%
Arrow DJIA 18,214.42 0.06
Arrow Nasdaq 4,987.89 0.42
Arrow S&P 2,110.74 0.15
Arrow FTSE 6,949.73 0.21
Arrow DAX 11,327.19 1.04
Arrow CAC-40 4,910.62 0.58
Arrow Nikkei 18,785.79 1.08
Arrow H.Seng 24,902.06 0.50
Arrow Sensex 28,746.65 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln