Average U.S. gas price drops 8.2 cents in two weeks -Lundberg NEW YORK, Feb 7- The average price of a gallon of gasoline in the United States fell 8.2 cents in the past two weeks to its lowest level in seven years, according to a Lundberg survey released on Sunday. Regular grade gas fell to around $1.82 per gallon in the Feb. 5 survey from $1.91 on Jan. 22, when the previous survey was taken. West Texas Intermediate, the U.S. benchmark,...
Report: Ford to build auto plant in Mexico NEW YORK— Published reports are saying that Ford plans to build a new auto plant in Mexico, with plans to rev up production there. According to The Wall Street Journal, Ford plans to build a new assembly complex in San Luis Potosi and expand an existing facility near Mexico City. The move reflects how Mexico has become an attractive place for global carmakers.
Source: The Associated Press
GLOBAL ECONOMY WEEKAHEAD-U.S. retail sales and Yellen testimony in focus China, a focus of much of the recent market concern, released foreign reserves data on Sunday which showed the central bank dumped dollars to defend the yuan and prevent an increase in capital outflows. The country's foreign reserves fell $99.5 billion to $3.23 trillion in January, the lowest level since May 2012, central bank data showed. Federal Reserve Chair...
| By: Jonathan Cable
FOREX-Dollar enjoys post-payrolls glow in quiet start to week *Dollar holds on to Friday's gains. *Much of Asia shut for the Lunar New Year holidays. SYDNEY, Feb 8- The dollar held onto its post-payrolls gains early on Monday in a sluggish start to the week with the Lunar New Year holidays and the Super Bowl game all but guaranteeing a tepid session in Asia.
| By: Ian Chua
Battling doctor shortage, Indian hospitals offer intensive care from afar NEW DELHI, Feb 8- A doctor at a hospital in India's capital, New Delhi, was recently tracking a wall of monitors displaying the vital signs of intensive care patients admitted hundreds of miles away when red-and-yellow alerts rang out. India's top private hospitals, seizing on a shortage of critical-care doctors, are expanding into the remote management of...
| By: Aditya Kalra
Indian GDP data to show economy racing, realities less rosy NEW DELHI, Feb 8- India will release data on Monday showing it remains one of the fastest growing economies in the world, but economists are struggling to reconcile that rosy picture with ground realities like weak exports, investment, and flat corporate order books. "There are inconsistencies between the picture presented by new GDP series and many other tried...
| By: Rajesh Kumar Singh
To protect Chinese investment, Pakistan military leaves little to chance *China investing $46 billion in new trade route. GWADAR, Pakistan, Feb 8- A heavy police presence, guarded convoys, new checkpoints and troop reinforcements have turned parts of the southern port city of Gwadar into a fortress, as Pakistan's powerful military seeks to protect billions of dollars of Chinese investment. Securing the planned $46 billion economic...
| By: Syed Raza Hassan
UPDATE 1-Financial watchdog closes German unit of Canada's Maple Financial In September, German prosecutors searched offices and residences linked to Maple Bank in a probe of serious tax evasion and money laundering connected to so called dividend stripping trades. Bafin said in a statement that once Maple Bank made some necessary tax provisions, over-indebtedness loomed. German daily Sueddeutsche Zeitung reported on Sunday...