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French Economy Minister calls for EU 'New Deal' PARIS: French Economy Minister Emmanuel Macron on Sunday proposed a 300-billion-euro "New Deal" in Europe to boost investment and growth, while promising to accelerate fiscal reforms at home."Europe needs a New Deal," he said in an interview published in the weekly Journal du Dimanche, evoking the original New Deal which transformed the US economy following the Great Depression of the 1930s.Macron's comments came after Dutch Finance Minister and Eurogroup chief Jeroen Dijsselbloem said France should not be granted extra time to bring its budget deficit within the EU limit of three percent of GDP.Macron, explaining his vision, said: "France engages to pursue and even intensify its reforms; the European Union announces a grand relaunch plan through 300 billion euros ($379 billion) of investments." Such a 'New Deal' would allow France to get hold of 10 billion euros of supplementary investment funding each year, he added."Everybody wins, while at the moment ...

Urban decay threatens hot Philippine economy MANILA: Manila's creaking train network means a miserable three-hour work commute for salesman Gerard Galang -- just one example of major infrastructure woes that analysts say threaten to cool the Philippines' red-hot economy.Peak-hour hell comes in many forms in the city of 12 million people, with commuters experiencing a sweaty, stinky crush on dilapidated trains and giant queues to buy tickets."I pity myself and my fellow commuters but I don't have any other option than ...
Portugal June-August trade deficit up 7pc LISBON: Portugal's global trade deficit rose 7 percent in the three months between June and August, as imports outpaced exports, the National Statistics Institute said on Friday. The institute said that exports to European Union countries that represent Portugal's main market rose by 3.1 percent while imports from those countries rose 3.9 percent. Export growth had driven Portugal's economic recovery that began in the second quarter of last year after a long recession - the ...
Malaysia budget looks to soften fiscal tightening blow KUALA LUMPUR: Malaysia's government looked to shore up its support base on Friday by announcing a budget that took the sting out of cuts to fuel subsidies and a new consumer tax by announcing lower income taxes and more money for assistance programmes. Prime Minister Najib Razak, in his annual speech to parliament, said he would cut individual income taxes by between 1 and 3 percentage points, while the net revenues from the new goods ...
Greek unemployment eases to 26.4pc in July ATHENS: Greece's jobless rate eased to 26.4 percent in July from 26.7 percent in June, Greek statistics agency ELSTAT said on Thursday.July's reading was the lowest since December 2012 when unemployment stood at the same level. The record high was set in September 2013, when unemployment reached 27.9 percent.At more than double the euro zone average of 11.5 percent in July, Greece's unemployment rate remains near record highs despite signs of recovery in the economy, ...
Greek deflation picks up, prices fall for 19th month ATHENS: Greek consumer prices fell 0.8 percent in September, with the annual pace of deflation accelerating from a 0.3 percent drop in August, data from the country's statistics service showed on Thursday.September's reading was the highest since June when the annual pace of deflation hit 1.1 percent.Greece's EU-harmonised deflation rate also picked up to a 1.1 percent fall in prices in September from a 0.2 percent fall in August, coming in above a 0.5 percent ...
Moody's ups Nomura Securities to A3, first upgrade in 9 years TOKYO: US credit ratings agency Moody's raised its long-term rating on Nomura Securities by two notches to A3, its first upgrade in nearly nine years, acknowledging a turnaround at the Japanese brokerage under CEO Koji Nagai.The upgrade to the low-risk rating from a previous Baa2, which was two notches above speculative grade, comes after Nomura in August raised its earnings per share (EPS) target to 100 yen by Tokyo Olympics year 2020 from a previous ...


Index Closing Chg%
Arrow DJIA 16,399.67 0.12
Arrow Nasdaq 4,316.07 1.35
Arrow S&P 1,904.01 0.91
Arrow FTSE 6,267.07 0.68
Arrow DAX 8,717.76 1.50
Arrow CAC-40 3,991.24 1.04
Arrow Nikkei 15,111.23 3.98
Arrow H.Seng 23,070.26 0.20
Arrow Sensex 26,429.85 1.23

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln