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Vivendi shareholders grant long-term investors double voting rights PARIS: Vivendi shareholders rejected a resolution to deny long-term investors double voting rights at the group's general assembly in Paris on Friday, a move that critics say primarily benefits company chairman Vincent Bollore.The shareholder vote denied activist asset management group PhiTrust the two-thirds majority required to block application of a French law granting double voting power to investors whose holdings date back more than two years.The provisions were introduced by the so-called Florange law passed last year by France's Socialist-led government in an attempt to encourage durable investment in French companies.But a sizeable number of actors in the business community oppose the application on the grounds it gives even more power to dominant stock owners without requiring them to take bigger capital stakes to obtain it."Double vote rights do not offer much to small shareholders," argued PhiTrust managing general director Denis Branche during the Vivendi general assembly as he sought ...

Fiat Chrysler sets bonus scheme for Italian workers MILAN: US-Italian carmaker Fiat Chrysler Automobiles (FCA) announced an incentive system for employees in Italy tied to the group's productivity and profits in a move it hopes will improve prickly labour-management relations. FCA said in an announcement released late Thursday the scheme will pay bonuses to autoworkers tied to "productivity, quality and profitability targets established in the 2015-2018 business plan." The proposal -- which FCA says will cost a maximum of around 600 million euros ...

Emirates picks Rolls-Royce for $9.2bn engines deal LONDON: Dubai's Emirates Airline on Friday awarded a lucrative engines deal worth a record $9.2-billion (8.5-billion-euro) to British aircraft engine maker Rolls-Royce."Emirates has today announced an historic $9.2 billion deal with Rolls-Royce for Trent 900 engines and a long-term TotalCare package," it said in a statement.The engines will power 50 Airbus A380s that were ordered at the Dubai Air Show in 2013 and will start entering service next year.The deal -- the biggest ever for ...

GE reports $13.6bn loss due to finance sale charges NEW YORK: General Electric Friday reported a $13.6 billion first-quarter loss on charges from its plan to sell most of GE Capital as profits rose in four of seven industrial businesses.The big loss had been expected after GE said a week ago that it would take about a $16 billion charge due to the GE Capital divestment. GE reported $3 billion in profits in the year-ago period.The plan to sell most of its finance operations ...

Volkswagen puts end to management tug-of-war FRANKFURT: German auto giant Volkswagen attempted Friday to draw a line under a bitter power struggle between its chief executive and supervisory board chief, saying it would extend the contract of chief executive Martin Winterkorn.The announcement was seen as a severe blow to supervisory board chief Ferdinand Piech, who has ruled the carmaker with an iron fist for more than 20 years."The executive committee of the supervisory board asserts that Martin Winterkorn is the best ...

Turkish Airlines plane turns back after false bomb alert ISTANBUL: A Turkish Airlines passenger plane flying from Istanbul to Basel turned back over Bulgarian air space Friday after a bomb alert that later turned out to be false, the airline said.The airline said the plane returned to Istanbul airport as a precautionary measure after the alert and underwent an investigation after all the passengers were taken off."The necessary investigation onboard has now been finalised and it became clear that it was a false bomb ...

Rolls-Royce wins $9.2bn engine order from Emirates for A380s LONDON: Rolls-Royce said it had won a $9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company after a torrid year of profit warnings.It is the first time the Gulf carrier has ordered Rolls-Royce engines for its superjumbo fleet, the rest of which is powered by Engine Alliance, a joint venture of General Electric and Pratt & Whitney.The deal was confirmation that of what ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln