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US inflation falls for first time in more than a year WASHINGTON: Consumer prices in the United States fell in August for the first time in more than a year, dragged lower by declines in energy, the Labor Department reported Wednesday.The consumer price index fell 0.2 percent on the month. It was the first decline in CPI since April 2013, surprising analysts who estimated it would be unchanged from July.Excluding volatile food and energy prices, core CPI was flat in August.Food prices edged up 0.2 percent, while energy prices accelerated their march downward, dropping a hefty 2.6 percent, the largest decline since March 2013.Gasoline prices led the decline, down 4.1 percent. Electricity prices were the only major energy component that increased in August, up a scant 0.1 percent.Year-over-year overall inflation was up 1.7 percent, easing from 2.0 percent in July.The data offered fresh evidence of tame inflation, well below the Federal Reserve's longer-term 2.0 percent target.The weak report came amid a ...

Kiev law on self-rule for east Ukraine 'step in the right direction': Russia MOSCOW: Russia on Wednesday praised Kiev's law on self-rule for the war-torn eastern Ukraine as a "step in the right direction," and expressed the hope it would be thoroughly implemented."In Russia this document is considered as a step in the right direction which corresponds to the spirit of agreements cemented in the Geneva declaration between Russia, Ukraine, the United States and European Union from April 17 of this year, as well as the Berlin declaration ...

Banking association cuts forecast for German economic growth BERLIN: Germany's BdB banking association slashed its forecasts for German growth this year and next on Wednesday, saying tensions over Ukraine and crises in the Middle East were hitting business sentiment in Europe's largest economy.The BdB cut its estimate for 2014 growth by 0.3 percentage points to 1.5 percent and slashed its forecast for growth next year to 1.6 percent from 2.0 percent.The German economy steamed ahead at the start of the year thanks to ...

Euro zone inflation slightly exceeds forecasts in August BRUSSELS: An increase in rents and car-repair prices lifted euro zone inflation in August slightly higher than a first estimate, a small piece of good news for the European Central Bank but not one that radically changes the economic outlook.Consumer inflation in the 18 countries sharing the euro rose 0.1 percent month-on-month in August for a 0.4 percent year-on-year increase, the EU's statistics office Eurostat said on Wednesday, revising upwards its initial estimate, from Aug. ...

Sri Lanka July trade deficit widens 55.2pc y/y COLOMBO: Sri Lanka's trade deficit in July widened 55.2 percent to $890.6 million from $573.7 million a year earlier, mainly due to higher imports of fuel, central bank data showed on Wednesday.July exports gained 11.1 percent from a year earlier to $954.7 million, while imports jumped 28.8 percent to $1.85 billion.For the first seven months of 2014, the trade deficit narrowed 11.5 percent to $4.44 billion from $5.01 billion a year earlier.Copyright Reuters, 2014

US mortgage applications rise in latest week: MBA NEW YORK: Applications for US home mortgages rose last week as both purchase and refinancing applications jumped, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7.9 percent in the week ended Sept. 12.The MBA's seasonally adjusted index of refinancing applications climbed 10.3 percent, while the gauge of loan requests for home purchases, a leading indicator of ...

China to give more financial aid to small firms BEIJING: China will boost its support for small firms by cutting their taxes, increasing their subsidies and encouraging banks to step up lending to them, Premier Li Keqiang said on Wednesday.Companies with monthly sales revenues between 20,000 yuan and 30,000 yuan ($3,258 and $4,887) will have their tax bills waived, Li told a weekly meeting of the State Council, or cabinet, in remarks published on the government's website.To reward small and micro-sized companies that hire ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklySeptember 18, 2014
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