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World food prices at near four-year low in August: FAO ROME: World food prices in August hit their lowest since September 2010 as prices of all major food groups except meat fell led by a sharp decline in dairy prices, the UN's food agency said on Thursday.The Food and Agriculture Organisation's (FAO) price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 196.6 points in August, down 3.6 percent from July.A Russian ban on dairy imports from countries which have imposed sanctions on Moscow over the conflict in Ukraine pulled down dairy prices which were already falling, FAO said.The dairy index fell 11.2 percent month on month and 18.9 percent year on year, while the overall price index slid 3.9 percent below August 2013.FAO raised its forecast for global cereal production for 2014 to 2.512 billion tonnes, 14 million tonnes higher than its previous forecast. That put 2014 output on track to ...

Turkey GDP growth seen below 4pc this year KASTAMONU: Turkey's gross domestic product growth is likely to remain below the government target of 4 percent this year but it may approach 5 percent next year, central bank governor Erdem Basci told a conference on Thursday.Basci also said Turkey's current account deficit will finish the year below 6 percent of GDP, while the inflation could approach 5 percent in 2015.Copyright Reuters, 2014 ...
Turkish central bank counters political case for rate cuts KASTAMONU: Turkey's central bank governor set out his case against the sharp cut in interest rates championed by some in government, saying on Thursday it might prompt Turks to hoard dollars and that growth would in any case pick up towards the end of 2014.The ruling AK Party is keen to maintain its strong record on growth in the run-up to a parliamentary election next June but faces growing headwinds, with the economy slowing more ...
Indonesia holds key interest rate at 7.50pc JAKARTA: Indonesia's central bank held the benchmark interest rate at 7.50 percent on Thursday despite sluggish growth, in a bid to take pressure off its current account.Southeast Asia's top economy in the second quarter posted its slowest growth rate in five years with inflation easing to 3.99 percent in August, well within the bank's target range. Prices had spiked on fuel-price hikes last year.But Bank Indonesia has resisted slashing rates to boost growth to prioritise ...
France facing 'hour of recovery or decline': bank chief PARIS: The crisis-hit French economy is facing its "hour of recovery or decline," the head of its central bank said Thursday, warning the economy would stay stuck if the government did not implement immediate economic reform."France is not beyond repair but this is the hour of recovery or decline. We have to choose and of course, we have to choose recovery," Christian Noyer told French radio.France, the eurozone's second-largest economy, is suffering a major crisis, ...
Argentina passes law to pay off bonds outside US BUENOS AIRES: Argentina's congress passed Thursday a measure aimed at side-stepping a US court order that has blocked the country from paying back debt tied up in a feud with hedge funds.The law, approved by the senate last week, got the green light in the lower house of the legislature by a vote of 134 in favour to 99 against, with five abstentions.Copyright AFP (Agence France-Presse), 2014 ...
Turkish growth seen picking up towards fourth quarter KASTAMONU: Turkey's economic growth is expected to pick up towards the fourth quarter after a slight slowdown in the second, Central Bank Governor Erdem Basci told a conference on Thursday. Basci, speaking in the Black Sea coastal town of Kastamonu, said volatility in the exchange rates of G7 countries had had an impact on emerging markets including Turkey but that the bank has the instruments to manage it if it becomes excessive.Copyright Reuters, 2014 ...


Index Closing Chg%
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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 15, 2014
Reserves $13.414 bln