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India's Reliance Power to buy Jaypee hydropower stations MUMBAI: India's Reliance Power will buy three hydropower plants from Jaiprakash Power Ventures for an undisclosed sum to cut its dependance on coal, the firm said Monday.The deal will make Reliance Power -- controlled by billionaire Anil Ambani, the younger brother of India's richest man Mukesh Ambani -- the largest private provider of hydroelectric power in India, the firm's statement said.Reliance has signed a memorandum of understanding to buy the three plants, the entire hydropower business of Jaiprakash, which is part of the Delhi-based conglomerate the Jaypee Group.The plants will produce nearly 1,800 megawatts of clean energy for Reliance Power, part of the Ambani's Reliance Group, whose empire includes telecommunications and financial services. The companies did not disclose details of the deal, but one source said Reliance would pay about 120 billion rupees ($2.0 billion), while a local business newspaper said the figure was around $2.5 billion.The deal follows the ...

Philippines posts $1.4bn budget deficit in June MANILA: The Philippines had a budget deficit of 62.5 billion pesos ($1.4 billion) in June, wider by more than 600 percent against the year-ago deficit of 8.5 billion pesos, the Department of Finance said on Monday.It posted a first-half budget deficit of 54 billion pesos, just a fifth of the full-year deficit target of 266 billion pesos, equivalent to 2 percent of GDP. Last year's shortfall was 164.1 billion pesos, or 1.4 percent of GDP. ...
IMF urges ‘steady implementation’ of Ukraine loan programme WASHINGTON: The International Monetary Fund urged Ukraine's leaders on Friday to press forward with "steady implementation" of economic reforms agreed with the fund, a day after the prime minister tendered his resignation.A fund spokesperson said the IMF's Managing Director Christine Lagarde spoke by telephone with Ukrainian President Petro Poroshenko and Prime Minister Arseny Yatseniuk, who tendered his resignation on Thursday."The discussions focused on the implications of the recent political developments in Ukraine for economic policies, ...
Top one percent control a third of China's wealth: report BEIJING: The top one percent of households in Communist-ruled China control more than one third of the country's wealth, while the bottom 25 percent control just one hundredth, official media said, citing an academic report.The 2012 figures contained in a Peking University report released late Friday reveal the massive breadth of China's social inequality, a widespread source of anger in the country.The wealth gap is also of significant concern for the ruling Communist Party, which ...
India holds firm on blocking global customs deal NEW DELHI: India on Friday said it wanted "visible" signs the World Trade Organization would agree to its vast food subsidy schemes before approving a landmark global customs pact as talks went down to the wire.Refusal by India to endorse the agreement streamlining customs procedures could derail the first big global trade reform by the WTO in two decades.The deal must be ratified by all WTO members by July 31 and is to be implemented ...
Russia's GDP up 0.6pc y/y in June MOSCOW: Russian gross domestic product grew by 0.6 percent, year-on-year, in June, showing a slowdown from the 1.3 percent growth seen in May, the Economy Ministry said on Friday. In month-on-month terms, GDP contracted by 0.2 percent in June, the ministry said in a macroeconomic monitoring document. Copyright Reuters, 2014 ...
Turkish manufacturing confidence falls to 109 points in July ISTANBUL: Turkey's manufacturing confidence index fell to 109 points in July from 110.7 points in June, central bank data showed on Friday. In December 2012, the index fell below the 100-point mark - designating a shift from optimism to pessimism - for the first time since December 2011. But it has been above 100 since. Copyright Reuters, 2014 ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln