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No need to hike interest rates in Turkey: minister ISTANBUL: Finance Minister Mehmet Simsek said Tuesday that Turkey does not need to hike interest rates and downplayed any potential impact on economic growth of a corruption scandal engulfing the government. Economists and analysts have been warning Turkey may need to raise interest rates to ensure inflation and the country's large current account deficit remain under control."But you can fullfil this objective by limiting loan growth," Simsek told CNN-Turk television.He said Turkish authorities had managed to contain credit growth, one of the main causes of Turkey's trade and investment imbalance, without resorting to rate hikes.The Turkish government is trying to contain the political fallout from the graft probe that poses the biggest challenge to the 11-year rule of Prime Minister Recep Tayyip Erdogan.The probe, which has seen dozens of top businessmen and political figures including the sons of three ministers arrested, has sent the lira to record lows and raised ...

Portugal set for bond issue on road to bailout exit: analysts LISBON: Portugal, rescued with EU and IMF bailout funding, is set to borrow on capital markets in the next few days, seizing the opportunity of the lowest interest rates on its debt since May, analysts said on Tuesday."This is the right moment to test the appetite of investors for Portuguese debt, with improving prospects for growth and a better situation for the budget," an analyst at Dif Broker Pedro Lino told AFP.The newspaper Diario Economico ...
German unemployment rate stable at 6.9pc: official data FRANKFURT: Germany's unemployment rate was steady in December, as the labour market continues to hold up in the face of a mixed economic outlook, official data showed on Tuesday. The number of people registered as unemployed in Europe's top economy fell by 15,0000 in seasonally adjusted terms last month, the Federal Labour Office said in a statement.The unemployment rate, which measures the number of people looking for work relative to the total of people in ...
German retail sales jump in November: official data FRANKFURT: German shoppers were surprisingly keen to spend in November, official data showed on Tuesday. Retail sales, a closely watched measure of household confidence, increased by 1.5 percent in adjusted terms in November compared with October, the federal statistics office Destatis said in a statement.Retail sales had shrunk by 0.8 percent in October. On a 12-month basis, too, business increased strongly for retailers, with sales showing a rise of 1.6 percent in November compared with ...
Eurozone inflation slips back again in December BRUSSELS: Eurozone inflation slipped to 0.8 percent in December from 0.9 percent in November, official figures showed on Tuesday.In December 2012, inflation in the 17-member eurozone ran at 2.2 percent but it fell steadily, hitting a four-year low of 0.7 percent in October against a background of concern that deflation was on the prowl.The Eurostat statistics agency said the largest gains in December prices were seen in food, alcoholic drinks and tobacco which rose 1.8 ...
German jobs market, shop spending bode well for Germany: analysts FRANKFURT: Unemployment in Germany held steady in December, as the labour market remains in good shape, boding well for consumption in Europe's biggest economy this year, official data showed on Tuesday. In headline terms, the number of people claiming unemployment benefit in Germany increased by 66,640 to 2.873 million in December, the federal labour office announced in a statement.That pushed the unemployment rate -- which is the number of people out of work measured against ...
Eurozone price data stokes deflation concerns BRUSSELS: Eurozone inflation fell to 0.8 percent in December from 0.9 percent in November, data showed on Tuesday, stoking fresh concerns over the risk of falling prices which could endanger growth prospects.In December 2012, inflation in the then 17-member eurozone ran at 2.2 percent but it fell steadily, hitting a four-year low of 0.7 percent in October before picking up slightly in November.The November report came as a relief after a series of reports suggested ...


Index Closing Chg%
Arrow DJIA 17,098.45 0.11
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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
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln