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Exxon Mobil ends oil exploration in Madagascar after poor finds ANTANANARIVO: Exxon Mobil Corp has ended its oil exploration in Madagascar after disappointing findings in its off-shore blocks, the Malagasy Mining and Petroleum Minister said on Friday.The US company had no immediate comment.Exxon's affiliates resumed exploration in Madagascar in 2013 after a four-year pause due to a force majeure declared after the 2009 coup on the Indian Ocean island."Exxon has left Madagascar because it was not convinced by the potential of the oilfield," Minister Joeli Valerien Lalaharisaina told Reuters. "The potential is not yet defined, but the results of investigations have shown that the oilfield was not interesting for a company of Exxon Mobil's scale."Lalaharisaina said medium-sized explorers may be interested in taking over the blocks.Exxon has three production-sharing licences in Madagascar, which has no proven offshore hydrocarbon reserves but shares a maritime boundary with Mozambique where huge deposits of natural gas have been found.Madagascar has courted foreign investors in ...

Airbus and Mahindra to make military choppers in India NEW DELHI: European aerospace giant Airbus and India's Mahindra group have inked a deal to jointly build helicopters as the Indian government moves to upgrade the country's ageing military hardware, the companies said. The joint venture will be set up in the coming months, "aiming to become the first private manufacturer of helicopters in India", the companies said in a statement late Friday."The joint venture will be dedicated to supplying the Indian armed forces with ...

Toshiba accounting errors may be over $800mn TOKYO: Toshiba Corp may need to mark down past earnings by over 100 billion yen ($814 million), more than double earlier estimates, after an ongoing investigation into past accounting practices found more irregularities, a source familiar with the matter said on Saturday.The Nikkei business daily reported earlier on Saturday the newly discovered errors, related to computer parts procurement, could see an earnings mark down of around 150 billion yen.Company officials were not immediately available for ...

Hundreds of flights canceled in Toronto fuel strike MONTREAL: More than 200 flights were canceled and hundreds of others delayed to and from Toronto's largest airport on Friday after staff responsible for refueling planes suddenly went on strike.There were chaotic scenes at terminals and boarding counters at Toronto Pearson International Airport, with some of the delays for several hours or more, causing travel misery for many."Toronto Pearson International Airport continues to experience operational disruptions due to ongoing issues with the air carrier consortium's ...

China Construction Bank opens first branch in Italy MILAN: China Construction Bank Corp (CCB) , the country's second-biggest bank, opened its first Italian branch in Milan on Friday, further expanding its presence in Europe. CCB opened branches in Barcelona and Amsterdam in the past few days. A foothold in Italy's financial capital would help CCB promote trade between the euro zone's third-largest economy and China, which rose 8 percent in value last year to $47 billion, the bank said. CCB said it was ...

China sovereign wealth fund expands by $93 billion BEIJING: Sovereign wealth fund China Investment Corp (CIC) saw its total assets soar by $93 billion to nearly $750 billion last year, it said Friday, although subdued global growth slowed returns on its overseas portfolio.CIC was created in 2007 with $200 billion to make better use of China's colossal foreign exchange reserves, which amounted to $3.73 trillion this March.Its total assets expanded to $746.73 billion by the end of 2014, an increase of $93.5 billion, ...

Indonesia central bank governor says higher fiscal deficit not a worry JAKARTA: Indonesia's central bank governor said on Friday he was not worried that the government's fiscal deficit this year might reach 2.23 percent of gross domestic product, significantly higher than in the budget.The government will not issue additional bonds but will use foreign loans to cover any increase in the deficit, Agus Martowardojo told reporters."The government does not have a plan to issue additional bonds, but will get foreign loans," he said.On Wednesday, Finance Minister ...


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln