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Top one percent control a third of China's wealth: report BEIJING: The top one percent of households in Communist-ruled China control more than one third of the country's wealth, while the bottom 25 percent control just one hundredth, official media said, citing an academic report.The 2012 figures contained in a Peking University report released late Friday reveal the massive breadth of China's social inequality, a widespread source of anger in the country.The wealth gap is also of significant concern for the ruling Communist Party, which places huge importance on preserving social stability to avoid any challenge to its grasp on power."One percent of households at the top level nationwide control more than one third of the country's wealth. Twenty-five percent of families at the bottom level only own one percent of the country's wealth," the website of the People's Daily newspaper said late Friday in a report on the university's statistics."The difference between wages in the cities and the rural ...

India holds firm on blocking global customs deal NEW DELHI: India on Friday said it wanted "visible" signs the World Trade Organization would agree to its vast food subsidy schemes before approving a landmark global customs pact as talks went down to the wire.Refusal by India to endorse the agreement streamlining customs procedures could derail the first big global trade reform by the WTO in two decades.The deal must be ratified by all WTO members by July 31 and is to be implemented ...
Russia's GDP up 0.6pc y/y in June MOSCOW: Russian gross domestic product grew by 0.6 percent, year-on-year, in June, showing a slowdown from the 1.3 percent growth seen in May, the Economy Ministry said on Friday. In month-on-month terms, GDP contracted by 0.2 percent in June, the ministry said in a macroeconomic monitoring document. Copyright Reuters, 2014 ...
Turkish manufacturing confidence falls to 109 points in July ISTANBUL: Turkey's manufacturing confidence index fell to 109 points in July from 110.7 points in June, central bank data showed on Friday. In December 2012, the index fell below the 100-point mark - designating a shift from optimism to pessimism - for the first time since December 2011. But it has been above 100 since. Copyright Reuters, 2014 ...
Brazil to boost credit to counter economic slowdown RIO DE JANEIRO: Brazil's central bank on Friday announced measures to boost credit in the country's ailing economy, one week after keeping its benchmark interest rate at its highest level in over two years to fight inflation. The bank said in a statement it was freeing up an estimated 30 billion reais ($13.5 billion) in the financial system through changes to banks' reserve requirements. The move "aims at improving the distribution of liquidity in the ...
German business 'would back Russia sanctions 100pc': report BERLIN: German industry would support "100 percent" tougher sanctions against Russia over the Ukraine crisis, the chairman of a major business lobby, the Committee on Eastern European Economic Relations, said Friday.Punitive measures now being considered by the EU would hurt German businesses, but "if there is a price to pay then we will pay it," the chairman, Eckhardt Cordes, told the business daily Handelsblatt.Cordes, who has so far spoken out against sanctions, said the situation ...
British economy grows to above pre-crisis level LONDON: Britain's economy grew in the second quarter, overtaking the size it achieved before the global financial crisis, official data showed on Friday.Gross domestic product expanded by 0.8 percent between April and June from the first quarter, when it grew by the same amount, the Office for National Statistics said in a statement.The economy is now 0.2 percent bigger than before its pre-crisis peak in early 2008, the ONS added in a major boost to ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
Arrow DAX 9,598.17 0.48
Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
Arrow H.Seng 24,428.63 0.88
Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln