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Several VW engineers admit to installing cheat device: report BERLIN: Several engineers at scandal-hit German automaker Volkswagen have admitted to installing the device in the company's cars aimed at cheating pollution tests, a newspaper reported Sunday.Bild am Sonntag said the employees told an internal investigation that they had been involved in the affair, which came to light last month."Several engineers stated that they installed the deception software in 2008," the newspaper said.Bild did not reveal their identities or say how many had made the admission.But it said their statements had so far failed to unmask those who masterminded the scam.The engineers said the EA 189 engine, developed by VW in 2005, could not have complied with pollution caps and cost targets without the deception.Volkswagen has admitted that up to 11 million diesel vehicles worldwide are fitted with the so-called defeat device.The gadget detects when the car is undergoing testing and switches the engine to a low-emissions mode. It then ...

Polls open in Portugal LISBON: Portuguese voters began casting their ballots Sunday, choosing between the incumbent centre-right coalition that steered the country through a punishing bailout and the Socialists, who promise to ease painful reforms.Polling stations opened at 8:00 am (0700 GMT), with the first results expected around 12 hours later.Prime Minister Pedro Passos Coelho's "Portugal Ahead" coalition -- linking his centre-right Social Democratic Party with the conservative Popular Party -- has made a surprising comeback in opinion polls, ...

As China growth flags, analysts weigh alternative indicators BEIJING: As once-stellar growth rates start to dip, watchers of China's mammoth economy worry that it could be worse than it looks because the official figures might not be telling the whole story.But amid mistrust of government numbers, economists are divided over what other measurements they can use.Official growth figures last year were the slowest in nearly a quarter of a century, and dropped to seven percent in the first half of this year -- ...

Pacific trade ministers to meet again Sunday after latest impasse ATLANTA: Trade ministers of 12 Pacific Rim countries failed again to conclude a deal on a huge free-trade area and will meet one more time Sunday in hopes of reaching agreement.The ministers began meeting late Saturday with hopes of a breakthrough, but the talks in Atlanta broke up after only about 15 minutes, with little progress."The main issues are still biologics and the dairy trade, between the US and Canada and New Zealand. The automotive ...

Russia must not hit 'wrong targets' in Syria: French PM KYOTO: French Prime Minister Manuel Valls urged Russia on Sunday to direct air strikes at Islamic State militants alone in Syria, as the West raises concerns Moscow will target moderate rebel groups opposed to Syria's president.Speaking to journalists on a visit to Japan, Valls said Russia should not "get the wrong targets", echoing the words of French President Francois Hollande to Russian President Vladimir Putin at a Paris summit on Friday.Hollande said he had "reminded ...

China eyes oil markets shake-up with new crude futures contract LONDON: China is seeking to assert its growing influence on global oil markets with a yuan-denominated crude futures contract expected to be launched this year.At the same time, analysts warn that the second-largest oil consumer after the United States will struggle to compete with more established benchmarks such as London's Brent North Sea crude and New York's WTI. "China is the world's largest oil importer and is going to become the largest oil consumer in ...


Index Closing Chg%
Arrow DJIA 16,472.37 1.23
Arrow Nasdaq 4,707.77 1.74
Arrow S&P 1,951.36 1.43
Arrow FTSE 6,129.98 0.95
Arrow DAX 9,553.07 0.46
Arrow CAC-40 4,458.88 0.73
Arrow Nikkei 17,725.13 0.02
Arrow H.Seng 21,506.09 3.17
Arrow Sensex 26,220.95 0.25

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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 $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln