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Ford's lower profit beats estimates; sales down on F-150 launch DETROIT: Ford Motor Co's third-quarter earnings fell 34 percent but beat Wall Street expectations on a strong showing in North America even as revenue fell due to the cost of introducing the F-150 pickup truck. Ford's launch of its aluminum-bodied F-150 is on track, the company said on Friday.A 3 percent drop in third-quarter revenue to $34.9 billion is largely linked to the planned shutdown of the F-150 plant in Dearborn, Michigan. Excluding one-time items, Ford reported earnings of 24 cents per share, which beat expectations of 19 cents from analysts polled by Thomson Reuters I/B/E/S. Three cents of that beat stemmed from operating results in North America and the rest from lower tax rates. Ford's third-quarter profit margin of 7.1 percent in North America lagged the 9.5 percent that crosstown rival General Motors Co reported on Thursday.Excluding recall costs, Ford's margin would have been 10.2 percent. Ford last month ...

New UK bank TSB gains customers in challenge to big banks LONDON: New British bank TSB said it was picking up nearly one in ten of all new current accounts being opened in the UK, swelling its deposit base as competition intensifies for the country's biggest lenders.As a result, the bank hived off from Lloyds Banking Group to challenge dominant lenders said it was ahead of a target to grow its share of Britons' personal current accounts to 6 percent in the next five years.Lloyds was ...

Russia's Sberbank takes EU to court over sanctions MOSCOW: Russia's biggest lender Sberbank said Friday that it has taken the EU to court over sanctions imposed on it as part of measures aimed at some of Moscow's biggest companies over the Ukraine crisis.State-controlled Sberbank said in a statement that it had lodged a suit at the European Union's Court of Justice in Luxemburg on Thursday to overturn the EU's decision to adopt "restrictive measures against the bank".The 28-nation bloc in July hit Sberbank ...

China and 20 other countries sign up to regional bank BEIJING: China and 20 other countries moved forward on Friday towards setting up an Asian infrastructure lender seen as a counterweight to Western-backed international development banks.The signatories put their names to a memorandum of understanding to establish the Asian Infrastructure Investment Bank (AIIB) at a ceremony in the Great Hall of the People in Beijing.The institution, whose development has been driven by China, will be based in Beijing according to the official news agency Xinhua, ...

Italian bank official says stress test reaction may be volatile FOLIGNO: Market reaction to bank stress tests due to be announced by the European Central Bank on Sunday could be volatile because of the difficulty of interpreting the results, a senior official of Italian banking association ABI said on Friday.ABI director general Giovanni Sabatini said any potential capital shortfalls at the end of 2013 would have to be seen along with almost 11 billion euros of capital increases undertaken in 2014 as well as additional ...

ECB to unveil results of eurozone bank health check FRANKFURT: The European Central Bank on Sunday releases the results of an unprecedented health check of eurozone banks before assuming the role of the region's banking supervisor next month.The ECB takes on its new watchdog role on November 4 and it hopes that a "comprehensive assessment" -- made up of a so-called asset quality review (AQR) and a "stress test" -- will uncover any potentially nasty surprises beforehand.After all, previous banking stress tests in Europe, ...

'Cloud' lifts Microsoft earnings above expectations SAN FRANCISCO: Microsoft on Thursday reported quarterly profits ahead of most expectations, as revenues got a boost from its Xbox consoles and Internet "cloud" services for enterprises.Net profit in the quarter dipped to $4.5 billion from $5.2 billion in the same period a year ago, but topped most analyst forecasts.Revenue rose above $23 billion, its best ever for the fiscal first quarter.The better-than-expected resulted pushed shares of the US technology titan up 3.8 percent to ...


Index Closing Chg%
Arrow DJIA 16,677.90 1.32
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln