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US ready to accept China-led infrastructure bank: Lew WASHINGTON: US Treasury Secretary Jacob Lew said on Tuesday that Washington was "ready to welcome" the China-led Asian Infrastructure Investment Bank, easing toward the new development institution after the US expressed early concerns.Lew said in a San Francisco speech just after a trip to Beijing that the United States would embrace any new international development bank providing it "complements" existing institutions like the World Bank and International Monetary Fund.He also stressed that new institutions needed to "share the international community's strong commitment to genuine multilateral governance and decision making, and ever-improving lending standards and safeguards," according to his prepared speech.China and 20 other countries signed a memorandum of understanding to establish the Beijing-headquartered bank in October.Washington, worried about a China-dominated AIIB cutting into the work of the World Bank and Asian Development Bank -- where the US is the leading voice -- at first sought to persuade its allies to ...


China PMI rebounds in March to 50.1 BEIJING: China's manufacturing activity expanded in March for the first time since December, the government said on Wednesday, a bright spot as the world's second-largest economy fights a broad slowdown in growth.The official Purchasing Managers' Index (PMI) released by the National Bureau of Statistics (NBS) came in at 50.1 last month, up from 49.9 in February and the first result showing expansion since a similar 50.1 in December.The index, which tracks activity in factories and ...

Russia steps in as job losses, closures ravage east Ukraine DONETSK: The year-long conflict in east Ukraine has closed businesses across this industrial heartland, ramping up unemployment, crippling finances and leaving it ever more reliant on Moscow. Fierce fighting between government forces and pro-Russian rebels has ravaged a region that once provided 25 percent of the nation's exports and has shorn Kiev of a vital source of foreign currency, seeing the Ukrainian economy contract sharply. For people in rebel-held territory, the destruction of infrastructure and ...

Fortune runs out for Nigeria's Goodluck Jonathan LAGOS: Goodluck Jonathan's rise to the top of the pile in Nigeria's ruthless political world had been described as accidental -- a matter of good luck.But the amazing run of coincidence and chance that brought the son of a canoe-maker to the presidential villa in the capital Abuja, has come to an end, with his electoral defeat at the hands of challenger Muhammadu Buhari.The 57-year-old southern Christian -- the first head of state from the ...

US stands ready to welcome the China-led AIIB WASHINGTON: The United States stands ready to welcome a China-led development bank as long as it complements existing institutions and adopts high governance standards, Treasury Secretary Jack Lew said on Tuesday. Lew said having the Asian Infrastructure Investment Bank work with existing institutions would demonstrate its backers are committed to high standards of governance. "I was encouraged by my conversations in Beijing in which China's leaders made clear that they aspire to meet high standards ...

EU introduces labels on origin of meat other than beef BRUSSELS: The EU will on Wednesday introduce labels showing the origins of pre-packed meat other than beef, but critics had sought even tougher rules in the wake of the horsemeat scandal.The new rules for fresh, chilled and frozen meat from sheep, goats, pigs and poultry require listing for EU consumers the countries where the animals were raised and slaughtered, said the European Commission, the executive of the 28-nation bloc.These rules, which also apply to meat ...

UN envoy for Yemen moves to Jordan UNITED NATIONS: The United Nations has relocated its peace envoy for Yemen to Jordan and pulled its last 13 foreign employees from the conflict-torn country, a spokesman said Tuesday.Envoy Jamal Benomar left Yemen at the weekend along with some 200 UN staff as a Saudi-led coalition launched air strikes to block an advance against Shiite rebels known as the Huthis.UN spokesman Farhan Haq told reporters that Benomar is working on reviving peace talks despite the ...


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 20, 2015
Reserves $16.132 bln