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As ruble weakens, Central Asian migrants head back home SAINT PETERSBURG: When heavy snowfall hit Russia's second city of Saint Petersburg last month it was nothing unusual, but city officials were overwhelmed and scrambled to find anyone to clear the streets.As pedestrians slipped and suffered bruises and fractures, exasperated city officials ended up telling residents to go out and shovel the snow themselves.The city was unable to clear the snowdrifts because of an exodus of migrants from Central Asia who normally do such backbreaking work in Russia's largest cities. They have headed back home after Russia's ruble currency plunged in value. "Almost 30 percent of the workers who left to spend New Year's as usual with their families in Uzbekistan or Tajikistan have not come back," said the head of a street cleaning company, who asked not to be named.The deputy governor of Saint Petersburg, Igor Albin, said recently that the city had lost half the migrant workers who ...

Greece in tough climb-down on radical debt promises ATHENS: Greece's radical left government was at pains Saturday to put a positive face on an EU compromise deal that is sharply at odds with its anti-austerity ambitions.At a last-ditch meeting on Friday, Europe gave Athens some breathing room to present alternative reforms in a bid to save its crucial financial lifeline.But the new leftist Greek government, which came to power last month pledging to end deeply unpopular austerity measures, has just two days to ...
Contract negotiators for US West Coast ports reach tentative deal LOS ANGELES: A group of shipping companies and a powerful dockworkers union clinched a tentative labor deal on Friday after nine months of negotiations, settling a dispute that disrupted the flow of cargo through 29 US West Coast ports and snarled trans-Pacific maritime trade with Asia.The settlement, confirmed in a joint statement by the two sides, was reached three days after US Labor Secretary Thomas Perez arrived in San Francisco on Tuesday to broker a ...
Mexico's economy grew 2.1pc in 2014 MEXICO CITY: Mexico posted 2.1 percent growth last year, at the low end of government estimates as Latin America's second biggest economy faces tanking oil prices, official figures showed Friday.The 2014 figure was better than the lackluster 1.1 percent growth posted in 2013.The government had been more optimistic for 2014 when it initially forecast 3.9 percent growth last year.But officials adjusted their expectations in recent months, saying in November that 2014 growth would land between ...
Russian GDP falls 1.5pc y/y in January MOSCOW: Russia's gross domestic product fell by 1.5 percent year-on-year in January, an Economy Ministry official said on Friday in comments on the ministry's website. Kirill Tremasov, the head of the ministry's macroeconomic forecasting department, also said: "The adaptation of the economy to new external and domestic conditions will last 2-3 quarters, and already in the autumn we will see the first signs of a retrun of the business cycle." Russia's GDP rose by 0.2 ...
Canada Dec retail sales hammered on gasoline, Nov shift OTTAWA: Canadian retail sales in December took their largest fall in four years, in part because of cheaper gasoline and an apparent shift of purchases to Black Friday in November, according to Statistics Canada data released on Friday. The 2.0 percent fall in sales more than wiped out the 0.4 percent gain in November and dwarfed the forecast decline of 0.4 percent. It was the biggest drop since April 2010."After removing the effects of price ...
German union eyes pay breakthrough next week FRANKFURT: IG Metall, Germany's powerful metalworkers' union, is hoping for a breakthrough in pay talks for the nearly four million workers in the sector next week, its leader said Friday. IG Metall chief Detlef Wetzel told the daily Sueddeutsche Zeitung in an interview that union negotiators were readying for key talks on Monday "where we want to achieve a breakthrough."We're heading there in the expectation that it can work," Wetzel said. "We're now at a ...

 



 
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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%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln