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BMW China CEO sees margins narrowing, expects to beat market GUANGZHOU: BMW's China head expects profit margins to narrow as the German premium automaker steps up localization to maintain double-digit growth amid slowing demand and tougher competition in the world's biggest auto market."Everything is normalizing in China - the market growth, the volume growth, the margin growth," said Karsten Engel, BMW's China chief executive. Engel was speaking in an interview with Reuters at the Guangzhou autoshow on Thursday."In the coming years...we expect the premium market (in China) to grow around 10 percent, and for us, a little bit more. The breakneck growth of 30 to 40 percent will not come back again," Engel said.A sudden slowdown in China's car market in the middle of the year knocked BMW's third-quarter China growth to about 8 percent, from over 20 percent in the first half."In the middle of the year...the dealers said, 'Stocks are building up and we should be careful,' so ...


Turkey's Erdogan in Algeria to boost trade ALGIERS: Turkish President Recep Tayyip Erdogan and a delegation of cabinet ministers and business people arrived in Algeria Wednesday for a visit aimed at improving commercial ties, Algiers said.The trip is part of Ankara's efforts to shift its international focus to the Arab and Islamic world in light of the delay in its bid to join the European Union, the Algerian trade ministry said.During the two-day visit a forum of business people will take place.Algeria ...

Britain's Prince Charles to speak out as king: report LONDON: Britain's Prince Charles plans to make "heartfelt interventions" in national life when he becomes king, the Guardian newspaper reported Thursday, citing sources close to the outspoken heir to the throne.The prince, who has long courted controversy with what some see as political meddling, will remain "true to his beliefs and contributions," an unnamed source told the newspaper."Rather than a complete reinvention to become a monarch in the mould of his mother, the strategy will ...

Ebola death toll rises to 5,420: WHO GENEVA: The World Health Organization said Wednesday that 5,420 people had so far died of Ebola across eight countries, out of a total 15,145 cases of infection, since late December 2013.On Friday, the UN health agency had reported 5,177 deaths and 14,413 cases.The WHO believes that the number of deaths is likely far higher, given that the fatality rate in the current outbreak is known to be around 70 percent.The deadliest Ebola outbreak ever continues ...

Obama to act alone to fix 'broken' US immigration law WASHINGTON: US President Barack Obama will lay out a plan Thursday to fix the "broken" laws stranding millions of undocumented migrants in limbo, saying the problem has festered for too long.In confirming his intention to act through executive order, Obama also threw down the gauntlet Wednesday to his Republican opponents in a Congress that has failed to pass broader reform legislation.The president did not reveal details, but officials have suggested his order may give undocumented ...

Iran nuclear talks hang in the balance VIENNA: A final round of talks on Iran's nuclear programme before a looming deadline hung in the balance Thursday as Britain expressed pessimism a deal could be done in time and foreign ministers stayed away.British Foreign Secretary Philip Hammond indicated that the most to be hoped for was enough progress to justify putting yet more time on the clock beyond Monday's cut-off point."I am not optimistic that we can get everything done by Monday," Hammond ...


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln