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India keeps benchmark interest rate unchanged  MUMBAI: India's central bank kept its benchmark interest rate on hold on Tuesday due to inflationary pressures, disappointing government and business leaders who wanted a cut to boost the economy.   The Reserve Bank of India kept the key repo rate -- at which it lends to commercial banks -- at 8.0 percent, as had widely been predicted by economists.   "The persistence of inflationary pressures even as growth has moderated, remains a key challenge," RBI governor Duvvuri Subbarao said after the policy review in Mumbai.   "Managing inflation and inflation expectations must remain the primary focus of monetary policy," he added in a statement.   The lack of a rates cut offered little cheer to the government after the Indian economy grew at just 5.5 percent in the quarter to June -- down from near double-digit rates between 2005 and 2011.   "Growth is as much a challenge as inflation. If government has to walk alone to face the ...

UK retail sales jump boosts chances of recovery  LONDON: British retail sales picked up much more than forecast in October, a survey showed on Tuesday, further increasing the chances that Britain's economic recovery will continue.   At the same time, the unexpectedly upbeat survey among retailers added to views that the Bank of England will not increase its monetary stimulus further next week.   The Confederation of British Industry's distributive trades survey showed that the sales balance jumped to +30 from +6 in September. Analysts had forecast ...
Spanish economy slumps in third quarter MADRID: Spain's economy wilted in the third quarter of 2011, official data showed Tuesday, as the government imposed a harsh austerity programme in the midst of a deep recession.   A slide in domestic demand, battered by a 25-percent jobless rate, overwhelmed a slight improvement in the trade balance, according to preliminary figures from the National Statistics Institute.   Gross domestic product dropped by a quarterly rate of 0.3 percent, marginally better than the previous quarter's 0.4-percent decline, the ...
German unemployment rises in October FRANKFURT: Unemployment in Germany rose in October, amid signs that the labour market is increasingly feeling the pinch from the eurozone debt crisis, official data showed on Tuesday.   The jobless rate, both in raw and seasonally adjusted terms, was unchanged in October from September, the Federal Labour Agency said in a statement.   In raw or unadjusted terms, the jobless rate was steady at 6.5 percent and in seasonally adjusted terms -- which irons out usual seasonal fluctuations -- ...
IMF says BELGRADE: A mission of the International Monetary Fund will visit Serbia in mid-November and "likely" start talks on a new loan deal, the Fund said, after the government pledged to halve its deficit in a 2013 draft budget.   The IMF froze a 1 billion euro ($1.30 billion) standby loan with Serbia in January over the country's rising deficit and public debt.   The public sector shortfall in 2012 has soared to around 7 percent of gross domestic product ...
Budget cuts push Spain jobless to 25pc  MADRID: Spain's unemployment rate hit a record high in the third quarter, with one in four out of work and more expected to lose their jobs in 2013 as the next phase of government cutbacks kicks in.   At exactly 25 percent, Friday's official number was the highest since the Franco dictatorship ended in the mid-1970s, and gives fresh impetus to calls by labour unions for a general strike next month.   That action is part of an increasingly ...
Merkel to host chiefs of world economic organisations BERLIN: German Chancellor Angela Merkel will on Tuesday discuss the global economy with the heads of the World Bank, IMF, the World Trade Organization and other top economic institutions, her spokesman said.   The spokesman, Steffen Seibert, told a regular news conference on Friday that she would host the meeting, which will also include the chiefs of the OECD and the International Labour Organization, in Berlin at 1500 GMT followed by a joint press conference.   Copyright AFP (Agence ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln