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Iran carmaker reveals 427m euros in Peugeot perks

An Iran Khodro Dena sedan at the Tabriz auto show on October 14, 2014French carmaker Peugeot is to provide Iran Khodro with 427 million euros in debt waivers, bonuses and discounts under their first post-sanctions deal, the Iranian manufacturer said Sunday. Iran Khodro signed a deal with Peugeot during President Hassan Rouhani's trip to France last month to form a joint venture that is expected to invest up to 400 million euros ($436 million) over five years. Peugeot is the first Western carmaker to announce a return to Iran since many economic sanctions against it were lifted last month upon implementation of a landmark nuclear deal with world powers.


02/07/2016 08:55 AM

New breed investors embrace China's white-knuckle ride

File picture of a student looking at stock indexes on his desktop during summer holiday in ShanghaiBy Jessica Macy Yu BEIJING (Reuters) - A new breed of small investor is riding China's rollercoaster stock markets, looking for a quick buck and thriving on the volatility that has sent others scurrying to the exit clutching their stomachs. Last summer's 40 percent crash and a 20 percent drop so far in 2016 have sent trading volumes tumbling on the Shanghai and Shenzhen bourses, where retail investors account for 85 percent of the business, unlike more developed markets, where institutions dominate.


02/07/2016 05:05 AM

China forex reserves fall almost $100 bn in January

Worries about China's economy have pushed the yuan to a five-year low, with foreign exchange reserves seeing their first-ever annual decline last year as Beijing tried to prevent a more drastic devaluationChina’s foreign exchange reserves have fallen to their lowest level in more than three years, the central bank said Sunday, as Beijing sells dollars to stop the yuan from depreciating further. The world's largest currency hoard shrank by $99.5 billion in January to some $3.2 trillion, the People’s Bank of China said on its website, the lowest since May 2012. Worries about China's economy have pushed the yuan to a five-year low.


02/07/2016 04:27 AM

Chinese market electrifying for 'green' cars

Smog-choked cities are fuelling a boom in electric vehicles in China, driving hopes for the industry's global future, with the world's biggest car market offering economies of scale that could make the technology mainstreamGovernment subsidies are fuelling a boom in electric vehicles in China, driving hopes for the industry's global future as the world's biggest car market offers economies of scale that could make the technology mainstream. Sales of electric cars, though still modest, have rocketed four-fold in a year -- thanks in part to lavish government handouts -- as Beijing looks to cut down on dangerous air pollution that shrouds urban areas. The sector has been a contrast with the rest of the market for cars in China, where growth has slowed markedly alongside the wider economy.


02/07/2016 01:26 AM

Nigeria seeks cheap loans from international agencies: finance minister

Nigeria's Finance Minister Adeosun speaks after the inauguration of the Efficiency Unit in AbujaOil producer Nigeria wants to tap financing at "concessionary rates" as low as 1.5 percent from international agencies to fund infrastructure projects before returning to the eurobond market, its finance minister said on Friday. Tumbling oil prices have hit Nigeria's finances hard, and yields on the most liquid 5-year bond are hovering above 12 percent, as are the benchmark 20-year bonds. Nigeria, Africa's biggest economy, has held exploratory talks with the World Bank and looked at borrowing from the African and China Exim Bank to help fund a projected budget deficit of 3.3 trillion naira in 2016.


02/06/2016 06:39 AM

Unpaid and angry, some Chinese workers ditch holidays to protest

Migrant workers pass time at the offices of a subcontractor company at the construction site of Zixia Garden development complex in Qianan, Tangshan CityBy Natalie Thomas and James Pomfret QIAN'AN/DONGGUAN, China (Reuters) - This year, laborer Fan Fu and 20 or so colleagues working on the Zixia Garden apartment complex in Hebei province have not joined China's legion of migrant workers returning home to celebrate new year with their families. Instead, they have camped in the offices of the property developer's subcontractor, demanding almost a year's unpaid wages and too angry and proud to go back to native towns and villages empty-handed. With China's economy growing at its slowest in 25 years, more workers face Fan's predicament and labor unrest is on the rise, a concern for Beijing as it seeks to avoid social unrest even as financial pressures build.


02/06/2016 03:03 AM

Sri Lanka requests IMF bailout to tackle budget deficit

Sri Lanka enjoyed a blistering economic growth rate averaging more than 8.0% for two years after a prolonged civil war ended in 2009, but the pace of expansion has since slowed, falling to 4.8% in the third quarter of 2015Sri Lanka has made a formal request for an IMF bailout package to aid its struggling economy after a sharp slowdown in growth and with its budget deficit widening, officials said Saturday. The International Monetary Fund confirmed the island nation had asked for assistance, but did not give details on the value of a potential programme or say whether it would grant the request. "The IMF has received a request for a program with Sri Lanka," the fund said in a statement from its headquarters in Washington DC.


02/06/2016 03:00 AM

Washington lawmakers nix bill linking tax breaks to Boeing jobs

Ground crew members escort a Boeing 737 MAX as it returns from a flight test at Boeing Field in Seattle, WashingtonWashington state lawmakers voted down a bill on Friday that would have forced Boeing to keep a minimum number of jobs in the state in exchange for receiving billions of dollars in tax breaks. The 7-8 vote in the state's House Finance committee means the measure will not advance to a floor vote. "The timing is not right, right now," for restricting Boeing, said state Rep. Cary Condotta, a Republican who voted against the measure, citing the state's economic weakness.


02/05/2016 09:00 PM

Argentina in 'breakthrough' offer to creditors

Argentina's Finance Secretary Luis Caputo speaks with the media while exiting the office of US mediator Daniel Pollack, in New York on January 13, 2016Argentina's new government has offered $6.5 billion to settle its long debt battle with "holdout" creditors, the government and a US mediator said Friday, declaring a breakthrough to the impasse. The dispute and the US court case around it has roiled global sovereign debt markets while deeply hampering Argentina's ability to access international capital to fund its economy. The offer was made in New York talks with hedge funds and other creditors who had demanded full repayment of about $9 billion on bonds the country defaulted on 15 years ago.


02/05/2016 07:05 PM

Lawmakers nix bill linking tax breaks to Boeing jobs

Ground crew members escort a Boeing 737 MAX as it returns from a flight test at Boeing Field in Seattle, WashingtonWashington state lawmakers voted down a bill on Friday that would have linked billions of dollars in state tax breaks to Boeing Co employment levels. The 7-8 vote in the House Finance committee means the measure will not advance to a floor vote. The credits, which the state estimated to be worth nearly $9 billion over 16 years, are expected to generate an estimated $21 billion in state tax revenue from increased economic activity.


02/05/2016 06:29 PM

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