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Toshiba cuts executives' pay over $1.2bn accounting scandal TOKYO: Toshiba said Wednesday that 16 executives would take temporary pay cuts while another resigned in the wake of a billion dollar accounting scandal that has been blamed on management's overzealous pursuit of profit.The company's new president Masashi Muromachi was taking the biggest hit -- agreeing to give up 90 percent of his pay for an unspecified period -- while other executives would take home between 20 and 60 percent less.Temporary salary cuts are common in corporate Japan when executives are trying to atone for poor financial results or misdeeds.Last week Toshiba president Hisao Tanaka and vice chairman Norio Sasaki -- also a former president -- were among eight executives who quit their posts after an independent report found top management complicit in a years-long scheme to pad profits.On Wednesday the company announced the resignation of a senior vice president as it prepares to hold a shareholders' meeting in September.The ...

VW Q2 profit grows on Europe, cost cuts BERLIN: Volkswagen posted higher quarterly profit on a strengthening European autos recovery and cost cuts but lowered its sales guidance as demand in China slows. Operating profit at Europe's largest carmaker rose to 3.49 billion euros ($3.85 billion), VW said, in line with the average estimate of 3.48 billion in a Reuters poll of analysts.Full-year deliveries may be flat on last year's record 10.1 million sales, VW said on Wednesday, after previously guiding for a ...

India's SpiceJet in talks with Boeing, Airbus for $11bn jet deal NEW DELHI: Indian budget airline SpiceJet Ltd is in talks with Boeing Co and Airbus Group to acquire about 100 new narrow-body jets, its chief financial officer said on Wednesday, in a deal that would be worth about $11 billion at list prices. SpiceJet wants to buy more Airbus A320neo and Boeing 737 Max aircraft, Kiran Koteshwar told Reuters, as it looks to rebuild its business after almost collapsing last year.Koteshwar said the company plans ...

Nokia launches virtual reality camera HELSINKI: Finland's Nokia, once the world's largest phone maker, has unveiled a spherical camera designed for making 3D movies and games that can be watched and played with virtual reality headsets.The device, showcased at an event in Los Angeles, takes video and audio in 360 degrees with eight sensors and microphones, and is the first from Nokia's digital media solutions business -- one of its new focuses for future growth.Nokia is going through restructuring after ...

Indonesian airline Garuda swings to profit in H1, shares jump JAKARTA: Indonesian flagship airline PT Garuda Indonesia Tbk swung to a net profit in the first half of 2015 from a loss a year earlier, sending its shares up more than 7 percent on Wednesday.Garuda also signed an agreement worth around $600 million with aircraft engine supplier GE Aviation, a unit of US conglomerate General Electric Co, to equip 50 planes that it recently ordered.Garuda shares jumped as much as 7.3 percent to their highest ...

Peugeot beats turnaround goals, but new challenges loom PARIS: PSA Peugeot Citroen rebounded to a first-half profit, the French carmaker said on Wednesday, turning the page on three years of losses as a recovery plan led by Chief Executive Carlos Tavares bears fruit.Posting 571 million euros ($631 million) of net income, after a 114 million loss the same time last year, Peugeot met key goals three years early but warned against hasty conclusions in the face of a Chinese slowdown and other approaching ...

LG Electronics posts 45pc drop in Q2 net profit SEOUL: South Korea's LG Electronics on Wednesday reported a 45 percent drop in its second-quarter net profit owing to sluggish smartphone sales and unfavourable currency rates.Net profit in the April-June period plunged to 226.39 billion won ($19.57 million) from 411.83 billion won a year earlier, the company said in a statement.Operating profit dropped 60 percent on-year to 244 billion won, while sales shed 7.6 percent to 1.39 trillion won.LG, the world's second-largest TV maker, said ...


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Banking Review 2014

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