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Drugmaker GSK slashes annual profits forecast LONDON: British drugmaker GlaxoSmithKline on Wednesday slashed its 2014 profits forecast as second-quarter earnings sank on the back of weak US trade, adverse currency moves and a Chinese bribery probe.In a gloomy results statement, GSK said it now expected its earnings per share a key measure of performance to be "broadly flat" this year. That compared with the previous forecast for growth of 4.0-8.0 percent.Net profit, or profit after tax, dived 37 percent to £654 million ($1.11 billion, 827 million euros) in the three months to June 30, down from £1.045 billion in the same period of last year, GSK added.Total revenues meanwhile tumbled 16 percent to £5.56 billion in the reporting period. Stripping out the impact of currency fluctuations, revenues fell four percent.GSK said its performance was hit by "continued increased competition in US respiratory market and generic competition to Lovaza", which is the group's key fish-oil heart drug.China's ...

GM recalls 718,000 more vehicles in US NEW YORK: General Motors on Wednesday announced six recalls covering nearly 718,000 vehicles in the US, adding to its recall tally after an ignition-switch auto safety scandal.The largest recall announced Wednesday, affecting 414,333 vehicles, will address a problem with the bolt that secures the height adjustor for driver and passenger seat structures in the 2010-2012 Chevrolet Camaro, the 2011-12 Buick Regal and some other models.If the bolt falls out, the seat will move up and ...

UBS charged with tax fraud in France: judicial source PARIS: Swiss bank UBS was on Wednesday charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said.The bank, which was already under investigation for illegal solicitation of customers in France, will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source told AFP. UBS's Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to ...

Daimler second-quarter profit boosted by new models FRANKFURT: Germany's Daimler reported a 12 percent gain in underlying second-quarter operating profit, propelled by Mercedes as its new C-Class and E-Class models helped the luxury auto maker lift margins.The Stuttgart-based maker of trucks and cars said group earnings before interest and tax (EBIT) from ongoing business rose to 2.46 billion euros ($3.3 billion) from 2.19 billion in the three months ended June, beating a 2.38 billion average forecast in a Reuters poll.Profitability at Mercedes-Benz ...

Bank of Spain sees GDP growth picking up to 2pc in 2015 MADRID: The Bank of Spain revised up its economic growth forecasts for this year and next on Wednesday, saying it expected a 2 percent expansion in 2015 after internal demand and business investment gathered pace in recent weeks.The central bank, which now sees the Spanish economy growing 1.3 percent this year compared to 1.2 percent previously, had forecast in March that gross domestic product would grow by 1.7 percent in 2015.The central bank said GDP ...

Telenor raises outlook on solid telecoms data growth OSLO: Telecoms firm Telenor lifted its full-year outlook on Wednesday on a solid rise in lucrative data traffic across its sprawling business empire in Europe and Asia, sending its shares sharply higher.Norway's Telenor said its margins would be above its earlier projection on a continued shift to data and a rebound in its Norwegian operations, offering a contrasting outlook after rivals TeliaSonera and Tele2 cut their guidance recently on stiff competition."We have very strong momentum ...

Alstom reports strong rail activities, shares rally PARIS: French engineering group Alstom reported sales and order figures on Wednesday which fit its strategy, controversial in France, of selling energy assets to focus on being a world leader in rail equipment.The company, a top name in French industry which is to sell power assets to GE, has taken record orders thanks to a huge rail contract in South Africa, and said it expected the rail division to do well.But its energy division is ...


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