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Indonesia allows US miner to continue exports after smelter pledge JAKARTA: Indonesia will allow US mining giant Freeport-McMoRan to continue exporting minerals for at least another six months after it agreed to build a smelter costing $2.3 billion, government officials said Sunday. On Tuesday officials had threatened to suspend Freeport's export licence, with the energy minister accusing it of failing to uphold its end of a bargain with the government."The export permit continues. It is for six month and then it will be evaluated," said R. Sukhyar, the director-general for coal and mineral resources. The evaluation will take into account significant progress in the smelter development, which is due to be completed in 2017, he added. Indonesia is flexing its muscles as it seek bigger profits from its mineral wealth from miners such as Freeport, whose Grasberg copper and gold mine in Papua province is one of the world's largest. Freeport and the Indonesian government will also hold talks over ...

Madagascar needs reforms to hit 5 percent growth: IMF ANTANANARIVO: Madagascar will not achieve the 5 percent growth the International Monetary Fund has projected for it this year unless it introduces reforms to boost tax revenue and improve the business climate, an IMF official told Reuters. The Fund said earlier this week that the economy of the Indian Ocean island showed early signs of recovery. Growth was estimated at 3 percent in 2014, with the potential to rise to 5 percent in the current ...
Canada inflation slows to 1.5pc in December OTTAWA: Plummeting gasoline prices continued to keep inflation in check for a second month in a row, the government statistical agency said Friday.Canadians paid 1.5 percent more for goods and services in December, following a 2.0 percent increase in Statistics Canada's Consumer Price Index (CPI) the previous month.Analysts had expected a 1.7 percent increase in the CPI.The slow rise in inflation was mostly attributable to gasoline prices, which fell 16.6 percent in the 12 months ...
Eurozone economy picks up in January: survey BRUSSELS: Eurozone business activity picked up to a five-month high in January, a key survey showed Friday, just the day after the European Central Bank announced a 1.0-trillion-euro stimulus package.Markit Economics said its Composite Purchasing Managers Output Index (PMI) for the 19-nation single currency bloc hit 52.2 points, up from 51.4 in December.Any reading above 50 points shows activity is expanding and the January report is a welcome sign that a modest turnaround is holding ...
Dubai ranks No.5 globally in economic performance ISLAMABAD: Dubai ranked number five in performance among 300 world cities in the annual 2014 economic rankings of cities worldwide, released by Brookings Institution and JPMorgan Chase.Macau, the Chinese, outperformed the rest of the world's major cities economically last year, while four Turkish cities ranked among the top ten, Khaleej Times reported.Abu Dhabi and four other GCC cities also figured in the list.While Macau recorded a gross domestic product, or GDP, growth of eight per ...
Dreamworks Animation to slash 500 jobs, cut films LOS ANGELES: Dreamworks Animation announced plans Thursday to cut 500 jobs and reduce the number of films it produces over the next three years as part of a "strategic" plan to cut costs and boost profits.A statement from the studio responsible for blockbuster animated hits such as "Shrek" said the restructuring would see the company make two films per year instead of three up until 2017."The number one priority for DreamWorks Animation's core film business ...
Sri Lanka govt says to lose $500mn revenue from fuel tax reduction COLOMBO: Sri Lanka's new government will lose 65.5 billion rupees ($500 million) in revenues after it cut fuel taxes, the island nation's power and energy minister said on Thursday. The government, which came into power after a Jan. 8 presidential poll, cut fuel prices by up to 22 percent with effect from Thursday following a promise by incoming president Maithripala Sirisena to reduce fuel taxes. Sirisena had promised to fight corruption and reduce the cost ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 22, 2015
Reserves $10.331 bln