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Commerzbank widens savings programme FRANKFURT: Commerzbank, Germany's second-biggest bank, is widening the scope of its savings programme to outsource parts of its finance department, which includes accounting, German daily newspaper Handelsblatt reported. The move would affect several hundred jobs, the newspaper said on Monday, citing financial sources. Commerzbank, which is in the midst of a radical cost-cutting programme - its second in four years - last year announced plans to shed 5,200 of its 45,000 staff, pledging to cut management by 20 percent. The bank has struggled to overhaul itself since receiving an 18 billion euro ($24.2 billion) bailout following a disastrous merger with Dresdner Bank in 2009.Commerzbank was not immediately available for comment. Handelsblatt quoted a spokeswoman for Commerzbank as saying: "Commerzbank is planning a restructuring in the Finance area as part of its regular review of business processes.” Copyright Reuters, 2014

Australia's NAB sells $1bn UK property loan portfolio MELBOURNE: National Australia Bank Ltd has agreed to sell a 625 million pound ($1.06 billion) portfolio of mostly non-performing UK commercial property loans to private equity firm Cerberus Global Investors. NAB said on Monday the sale would generate a small gain on net book value would release about 127 million pounds in capital for the group, which owns the Clydesdale and Yorkshire Banks in the United Kingdom. The UK business has been a drag on ...

China says June industrial profits +17.9pc yr/yr SHANGHAI: Profits earned by Chinese industrial firms rose 17.9 percent in June to 588.08 billion yuan ($94.98 billion) from a year earlier, up sharply from an 8.9 percent rise in May, the National Bureau of Statistics said.For the first six months of 2014, profits rose 11.4 percent from the same period last year to 2.86 trillion yuan, the bureau said in data released on Sunday. Recent data reinforced market expectations that the world's second-largest economy ...

Connor Healthcare makes takeover offer for Acurity Health WELLINGTON: Connor Healthcare Ltd said on Monday that it would make a takeover offer for New Zealand private hospital operator Acurity Health Group Ltd.Connor, which is being joined by Austron Ltd and Evolution Healthcare Pty Ltd and already owns 70.7 percent, said it would offer NZ$6.50 a share for the rest of Acurity, a 24 percent premium to its NZ$5.25 closing price on Friday.The offer values Acurity at NZ$112.2 million ($95.95 million).Copyright Reuters, 2014

Hutchison withdraws Austrian telecoms auction appeal VIENNA: Hutchison Whampoa's Austrian telecoms unit, Drei, has withdrawn its appeal against the result of a 2 billion euro ($2.69 billion) frequency auction, it said on Sunday.Drei said it withdrew the appeal at the end of June as it saw signs that some of the auction proceeds would be invested in broadband infrastructure in Austria."We are still convinced that the auction process was illegal in form and content," Drei's Chief Executive Jan Trionow said in ...

Danone to sell medical nutrition unit to Hospira : FT PARIS: French dairy group Danone is in talks to sell its medical nutrition business to US group Hospira in a deal valuing the unit at about $5 billion, the Financial Times reported on Sunday, citing people familiar with the situation.The business paper said on its website that no deal was certain and that the talks were ongoing. Contacted by Reuters, a spokesman for Danone in Paris declined to comment. No one at Hospira immediately returned ...

Audi cuts spare-part prices in China amid anti-monopoly probe SHANGHAI/BEIJING: Volkswagen AG's premium brand Audi said it would cut spare-part prices in China as global automakers rush to change their pricing strategies after Chinese anti-monopoly regulators began probing the auto industry.The National Development and Reform Commission (NDRC), China's state planner, is investigating the industry amid domestic media complaints that foreign carmakers, using a dominant market position, are overcharging Chinese customers on products and spare parts."As a premium market leader Audi has made the price ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
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Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
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Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln