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Tesco seeks Asia pick-up after fresh profit setback LONDON: Supermarket giant Tesco announced a second drop in annual profits in a row on Wednesday, leaving Britain's biggest retailer hoping that recent expansion into India and China can offset weakness in Europe.The world's third-biggest supermarket group said its trading profit dropped 6.0 percent to £3.31 billion ($5.54 billion, 4.0 billion euros) in the year to late February, compared with its performance in 2012/13.But annual profit after tax soared to £974 million from £28 million in the previous trading year when Tesco was hit by its decision to close the group's under-performing US business. Following the better-than-expected results update, the group's share price jumped 3.88 percent to 297.4 pence in early deals on London's benchmark FTSE 100 index, which was up 0.64-percent overall to 6,583.62 points. Tesco shares have however slumped by a quarter in value over the past 12 months."While the decline in profitability and like-for-like UK sales comes ...

Credit Suisse reports profit plunge, investment bank setback GENEVA: Swiss banking giant Credit Suisse said Wednesday its first quarter net profit took a heavy hit as its investment bank reeled from slumping trading in bonds.The bank, the second-biggest in Switzerland after UBS, is facing a US probe over past practices of helping wealthy Americans dodge the US taxman.It said its net profit plunged by 34 percent year-on-year to 859 million Swiss francs (705 million euros).This number fell far short of the expectations of ...

Philippine Airlines parent reports bigger net loss MANILA: Philippine Airlines' parent firm said Wednesday it suffered a net loss of $205.15 million in the nine months to December, bigger than its loss for the whole of the previous fiscal year.PAL Holdings cited higher charges and maintenance costs and lower passenger traffic for the net loss of 9.116 billion pesos for the nine months to December 2013.This topped the total net loss of 5.755 billion pesos for the 12 months to March 2013, ...

Bank of America reports $276mn loss on huge legal costs NEW YORK: Bank of America reported Wednesday a quarterly loss of $276 million due to $6 billion in legal expenses that included a huge settlement with the US on mortgage-backed securities.The bank had revenues of $22.8 billion, compared with earnings of $1.5 billion on revenues of $23.4 billion in the period a year ago. Operating results were mixed and included weaker mortgage banking profits but higher investment and brokerage income."The cost of resolving more of ...

Bitcoin exchange MtGox placed in administration: CEO TOKYO: Failed Bitcoin exchange MtGox was Wednesday placed in administration by a Japanese court, with an order for bankruptcy expected to be issued soon, its administrator and chief executive said."The Tokyo District Court decided today to dismiss the application for commencement of a civil rehabilitation and at the same time, an order for Provisional Administration was issued and Attorney-at-law Nobuaki Kobayashi (Supervisor and Examiner under the Civil Rehabilitation Procedure) was appointed Provisional Administrator," a statement ...

Germany's GEA sells heat exchangers business FRANKFURT: German mechanical engineering group GEA said Wednesday it had agreed to sell its heat exchangers business to private equity group Triton in a deal valued at 1.3 billion euros ($1.8 billion).Heat exchangers are used in applications such as air conditioning systems and cooling towers.GEA said it would use the proceeds to invest in its core food processing technology, which following the sale accounts for 70 percent of group revenues.GEA had announced in June 2013 ...

Two million more passengers for Turkish Airlines ISLAMABAD: The number of passengers increased to 12 million in the first quarter of 2014 compared to 10 million last year.Two million more passengers flew with Turkish Airlines in the first quarter of 2014 compared to January-March last year, according to a company statement, Anadolu News Agency Reported.The total passengers from January to March this year is 12 million representing a rise of 20 percent, from last year's ten million.Turkish Airlines also added 27 new ...


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Foreign Debt $60.9bn
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