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US consumer prices rise but inflation pace only 1.7pc  WASHINGTON: A jump in energy costs and sent US consumer prices higher in August, the Labor Department said, after the consumer price index was essentially flat for five straight months.   The CPI rose 0.6 percent last month, underpinned by a 5.6 percent rise in the average retail costs of all types of energy, mainly gasoline.   It was the highest single month rise in three years, but the year-on-year CPI rise was just 1.7 percent, still below any level that the Federal Reserve would feel the need to take action to hold back inflation.   July's 12-month inflation pace was 1.4 percent. Copyright AFP (Agence France-Presse), 2012

Spain plans energy tax to bring in 2.7bn euros  MADRID: Spain's government announced Friday it would create new energy taxes to bring in 2.7 billion euros ($3.5 billion) for the nation's depleted coffers.   Ministers agreed on the proposed legislation to try to curb energy spending that has grown over the years because of rising subsidies, Deputy Prime Minister Soraya Saenz de Santamaria told reporters.   "The cabinet approved an important reform to tackle the deficit, which is the difference between the cost of production and what we ...

Norway rules in favour of tobacco display ban OSLO: A Norwegian court has upheld a ban on displaying tobacco products in stores as part of policies to safeguard public health, dealing a blow to cigarette maker Philip Morris. Morris, maker of Marlboro cigarettes, which had claimed the ban violates a free trade agreement linking non-EU member Norway to the European Union's market rules, said it might appeal. "As the court sees it, the display ban is necessary and that there are no alternative, less intrusive ...

One killed, two wounded in north Lebanon protest TRIPOLI: One demonstrator was killed and two others were wounded in clashes with security forces in the northern Lebanese city of Tripoli on Friday in Islamist protests over a film insulting the Muslim Prophet Mohammad and against the pope's visit to Lebanon. A security source said the man was killed as protesters tried to storm a government building. Earlier a US fast food restaurant was set alight. Twelve members of the security forces were wounded by stones ...

Indian cabinet opens retail to foreign supermarkets  NEW DELHI: India on Friday gave the green light for foreign supermarket giants such as Wal-Mart and Tesco to enter the country as part of a blitz of economic reforms announced by the government.   The foreign groups will be able to buy stakes of up to 51 percent in multi-brand retailers, allowing them into a previously protected but potentially hugely lucrative sector, Information Minister Ambika Soni said.   Reports also said that rules governing foreign investment in the ...

Obama says WASHINGTON: Republican nominee Mitt Romney attacked President Barack Obama's honesty on Friday, alleging that the White House incumbent is likely to make untrue statements in upcoming US election debates.   "I think the challenge that I'll have in the debate is that the president tends to -- how shall I say it? -- say things that aren't true," Romney said in an interview with ABC News.   "It's difficult to say, well, am I going to spend my time ...

Syrian opposition group to visit China BEIJING: A Syrian opposition chief will visit China from on Sunday to hold talks on an end to the violence in the war-torn nation and a Syrian-led political transition, Beijing said. Hassan Abdel Azim, an official with the National Coordination Committee for Democratic Change (NCC), will visit from September 16 to 20 and will meet foreign ministry officials, ministry spokesman Hong Lei said Friday. "In order to push for the political resolution of the Syrian issue, China ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
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WeeklyAugust 15, 2014
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