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UBS to appeal French court's demand for 1.1bn euros ZURICH: Swiss bank UBS said on Monday that it will appeal against a French court ruling that it must deposit a 1.1 billion euro ($1.41 billion) guarantee for potential fines it may have to pay if found guilty of helping rich French clients avoid tax. The bank said in a statement that it would take the decision made by a French appeals court on Monday to France's supreme court and challenge the judicial process, including the right to a fair trial, at the European Court of Human Rights. Copyright Reuters, 2014

BNP picks investment banking head to lead response to $9bn US fine PARIS: BNP Paribas has tasked Alain Papiasse, head of its investment bank for the past five years, with overseeing its US business and improving controls there in the wake of its record $8.9 billion for violating sanctions. France's biggest bank was rocked in July when it pleaded guilty to two US criminal charges and agreed to pay almost $9 billion to resolve accusations it violated US sanctions against Sudan, Cuba and Iran. BNP said on ...

IAG finalises deal for 8 Airbus A330s worth $1.5bn LONDON: International Airlines Group said Monday it has finalised a deal to buy eight long-haul Airbus A330-200 aircraft worth $1.48 billion (1.15 billion euros) at list prices for Spanish unit Iberia.The company, which is based in London and also owns British Airways, revealed in a statement that it had decided to convert eight options that were previously announced in 2011.IAG said it had negotiated a "substantial discount" from list prices for the aircraft, which will ...

Strong support for carbon pricing schemes: World Bank WASHINGTON: The World Bank said Monday that there is strong support from countries and businesses worldwide for carbon pricing schemes to cut greenhouse emissions.On the eve of the United Nations Climate Summit, World Bank President Jim Yong Kim said 73 countries and nearly two dozen states and cities representing more than half the world's economy had endorsed putting a price on carbon emissions.In addition, more than 1,000 businesses worldwide, including over 300 institutional investors, had ...

Retailer Tesco suspends executives after profit error LONDON: The new head of Britain's biggest retailer Tesco has suspended four senior executives and launched an independent investigation after the troubled supermarket revealed Monday it had massively overestimated profits.Following preliminary investigations into its UK food business, Tesco said its profit for the six months to August 23 "was overstated by £250 million ($408 million, 318 million euros)".The company did not specify which profit indicator this referred to.It has previously forecast its half-year trading profit ...

Siemens to buy Dresser-Rand to tap US shale gas boom FRANKFURT: Germany's Siemens has agreed to buy US oilfield equipment maker Dresser-Rand for $7.6 billion in cash, aiming to catch up with arch-rival General Electric in a booming US shale gas market. The acquisition, which ranks among the biggest in the history of the German industrial group, will strengthen Siemens' position in the United States, its weakest region, and focus the group more tightly on its industrial customers. Siemens embarked on a corporate overhaul in ...

Japan's electric utilities face cost hit on falling yen TOKYO: Japanese electricity utilities, already reeling from high fossil fuel bills to replace idled nuclear units after the Fukushima disaster, are being hit further by the falling yen, which is increasing costs that can't be recouped, executives said.Tokyo Electric Power Co, Kansai Electric Power Co and other regional monopolies are having to shell out more for imports of fuel that is priced in US dollars as the yen hovers near six-year lows.Under a complex formula, ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln