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Spain pays tough price for eurozone help  MADRID: Spain is tightening the austerity screws as it starts paying a painful price for eurozone agreements to rescue its banks and relax Madrid's deficit-cutting targets. Prime Minister Mariano Rajoy is to give parliament an outline of the new measures on Wednesday, expected to include drastic spending cuts and a VAT sales tax increase, which he had repeatedly argued against. In an overnight meeting in Brussels, eurozone ministers agreed to provide a first slice of 30 billion euros ($37 billion) for Spain's banks this month, with 100 billion euros potentially available in all. The 17-nation single currency bloc agreed, also, to extend a deadline for Spain to cut its public deficit to the European Union's limit of 3.0 percent of gross domestic product by one year to 2014. As the nation struggles with recession, the bloc agreed to relax the deficit target to 6.3 percent of GDP from 5.3 percent in 2012; to 4.5 ...

Annan seeks Iran, Iraq help in ending Syria crisis  DAMASCUS: Kofi Annan met top Iranian officials Tuesday before flying to Iraq, as he sought the help of key regional players in shoring up his tattered peace plan for Syria after meeting President Bashar al-Assad. The UN and Arab League peace envoy underlined Tehran's importance in international efforts to stem the bloodshed, following talks with Iran's Foreign Minister Ali Akbar Salehi. "Iran can play a positive role," Annan said, adding that he would continue to work with ...

Russian parliament debates historic WTO accession  MOSCOW: Russia's parliament on Tuesday debated whether to ratify WTO membership, a historic move which the government says will boost productivity but the opposition claims will bear a heavy social toll. A team of ministers faced the Russian Duma where the Communist deputies bombarded them with questions of what World Trade Organization membership would mean for Russia's economy. A final vote on approving the bill that will plant Russia firmly in the world economy could come later ...

Saudi Arabia June inflation eases to 4.9pc JEDDAH: Saudi Arabia's annual inflation eased to 4.9 percent in June, its lowest level since September last year, despite a big rise in housing prices, official data showed on Tuesday. Inflation slowed from 5.1 percent in May. The month-on-month rate in June was unchanged from 0.2 percent in May, according to the Central Department of Statistics. "I think it is probably lower commodity prices globally and a reflection of a strong dollar and a weaker euro, because ...

Japan observes currency move closely TOKYO: Japan will closely watch currency moves and take decisive action in the market when necessary, the government's panel discussing measures to beat deflation said on Tuesday. "Excessive volatility in the currency market, including rapid yen rises, would have a negative impact on Japan's economic and financial stability," the panel said. Copyright Reuters, 2012

Late rains may cut sugar output in India PALSHI: Late monsoon rains over two main cane growing areas in major sugar producer India may reduce their 2012-13 output by some 19 percent, but the overall crop is likely to see a surplus due to increased output from another region, officials said. New York raw sugar futures closed at a 2-1/2-month high on Monday, underpinned by adverse weather in the world's biggest and second-biggest producers, Brazil and India. The cane-growing central region of western Maharashtra state ...

Exporters face rising protectionism: China BEIJING: China exporters face rising risks of trade protectionism abroad even as Beijing makes fresh efforts to treat foreign and domestic investors equally, officials said on Tuesday. The comments were made as data showed China's trade surplus swelled to its biggest since January 2009 hitting $31.7 billion in June and up 56.4 percent in the first half of the year at $68.9 billion - a week after the United States filed a trade dispute against Beijing ...


Index Closing Chg%
Arrow DJIA 16,262.56 0.55
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Arrow S&P 1,842.98 0.68
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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln