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German rail operator, train drivers end wage dispute FRANKFURT: German national rail operator, Deutsche Bahn, said Wednesday it has finally reached a deal with the train drivers' union GDL, putting an end to a long-running dispute that has caused months of chaos and misery for rail passengers around the country."Mediation between Deutsche Bahn and GDL has been successfully concluded. Both sides have agreed to the mediators' proposals," the company said in a statement. Management has been locked in a fierce battle with GDL for many months, during which drivers staged multiple walkouts, paralysing rail travel across most of the country for days at a time. The GDL, which represents some 20,000 train drivers, had been demanding a wage rise and shorter work hours as well as the right to represent other rail workers such as conductors and restaurant carriage staff.That demand was effectively a turf war with the larger railway union EVG, which has more than 200,000 members, ...

Malaysia's outlook now 'stable' says Fitch, surprising analysts KUALA LUMPUR: Credit ratings agency Fitch surprised analysts by upgrading Malaysia's sovereign outlook to "stable" from "negative", boosting the country's currency on Wednesday and providing welcome relief to the country's controversy-plagued government.In a statement just before midnight on Tuesday, Fitch affirmed the country's credit rating at "A-", the fourth-lowest investment rating, and said Malaysia's fiscal finances had improved since 2014, citing progress on a newly-introduced consumption tax and fuel subsidy reforms."Malaysia's rating remains supported by ...
China manufacturing sees slight pick-up in June: govt BEIJING: Chinese manufacturing activity saw a slight improvement in June, official data suggested Wednesday, but analysts said more stimulus to the world's number two economy would likely be needed to re-energise the sector. The official Purchasing Managers' Index (PMI) released by the National Bureau of Statistics (NBS) came in at 50.2 last month, matching May's six-month high. The index, which tracks activity in factories and workshops, is seen as a key barometer of the country's ...
US home prices climb in April WASHINGTON: US home prices climbed in April but gains moderated at the start of the spring home-buying season, according to the S&P/Case-Shiller index published Tuesday.Although the 20-city price index rose 1.1 percent in April, following a 0.9 percent rise in March, the year-over-year price gains advanced 4.92 percent, a slightly slower pace than in the prior month."Home prices continue to rise across the country, but the pace is not accelerating," said David Blitzer, managing director ...
US consumer confidence brightens again in June WASHINGTON: US consumer confidence grew stronger in June, building on a small rise in May as consumers saw improving economic conditions and jobs market, the Conference Board said Tuesday.The Consumer Confidence Index rose to 101.4 from 94.6 in May, matching its recent peak reading in March."Overall, consumers are in considerably better spirits and their renewed optimism could lead to a greater willingness to spend in the near-term," said Lynn Franco, director of economic indicators at ...
Canada economic growth disappoints at start of 2nd quarter OTTAWA: Canadian economic growth unexpectedly edged down in April, hurt by a decline in activity in the mining and oil and gas extraction industry, data from Statistics Canada showed on Tuesday, boding poorly for an anticipated pick-up in growth in the second quarter. The country's gross domestic product fell 0.1 percent in April from the month before, short of analysts' expectations for a gain of 0.1 percent.The decline marked a disappointing start to the quarter ...
Moody's raises Iceland's credit rating REYKJAVIK: Rating agency Moody's has raised Iceland's credit rating by a notch to Baa2, the government said in a statement on Tuesday after its decision to lift capital controls was welcomed.Iceland's rating, accompanied by a "stable" outlook, is now two steps above "speculative.""The gradual removal of the capital controls and the reduction of the external and economic vulnerabilities posed by the failed banks' estates constitute a significant milestone in Iceland's recovery and represent important upside ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln