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GE profits up as it eyes July retail finance IPO NEW YORK: General Electric Friday reported higher second-quarter earnings following gains in most industrial segments as it targets late July for a stock listing of its North American retail finance arm.Net earnings for GE, considered a proxy for US industrials, came in at $3.5 billion, up 13.2 percent from the year-ago period.GE notched higher profits in six of its seven industrial segments, including the two largest areas, power and water, and aviation.The conglomerate said it expects to raise $3.1 billion in the initial public offering of its North American retail finance arm, Synchrony Financial. GE will offer 15 percent of the unit in the sale to public markets, a first step in a plan to exit the business in late 2015. GE chief executive Jeff Immelt aims for three-fourths of GE's earnings to come from industrial segments by 2016, with the rest coming from finance.Lending profits previously accounted for as ...

Volvo trucks reports profit surge as layoffs continue STOCKHOLM: Swedish heavy truck and construction equipment maker Volvo trucks reported strongly growing profits in the second quarter as the company continued to shed jobs.But it reported a sharp fall in the Chinese market for construction equipment.Net profit was up by 22 percent to 2.472 billion kronor (268 million euros, $362 million) compared to the level a year earlier, while revenue was little changed at 72.601 billion kronor."An important part of our strategy is the ...

ECB's Weidmann cites litany of long-term dangers from loose monetary policy MADRID: European Central Bank policymaker Jens Weidmann said on Friday that loose monetary policy had "done its bit" to maintain price stability in the euro zone, but cited a litany of long-term dangers from easy money. The ECB cut rates to record lows last month as part of a package of measures to breathe life into a sluggish euro zone economy, where inflation is running far below the central bank's target and there is a ...

Mauritius 364-day Treasury bills' yield falls to 2.08pc PORT LOUIS: The weighted average yield on Mauritius' 364-day Treasury bills edged lower to 2.08 percent at auction on Friday from 2.38 percent at the previous sale, the central bank said. The bank accepted bids for all the 500 million rupees ($16.50 million) of bills on offer. Bids totalled 2.015 billion rupees, at rates ranging from 2.50 percent to 2.00 percent. Copyright Reuters, 2014

Thai Airways aims to return to profit in Q2 2015 BANGKOK: Thai Airways International Pcl said on Friday it aimed to return to profit in the second quarter of 2015, while it will continue to make net losses in 2014. The national carrier, which posted successive losses in the past four quarters, is working on a business restructuring plan, which will be considered at a board meeting on July 24, Chairman Air Chief Marshall Prajin Juntong told reporters. The airline, hit by a drop in ...

FX probe could be bigger problem than Libor: RBS chief LONDON: An investigation into alleged manipulation of foreign exchange markets could pose a bigger problem for banks than the Libor interest rate rigging scandal, the boss of Royal Bank of Scotland said on Friday.RBS paid $612 million last year to settle allegations that it manipulated Libor rates, one of several banks hit with big fines for rigging financial benchmarks. Regulators are now investigating allegations that traders manipulated key reference rates in the $5 trillion-a-day foreign ...

Drugmaker Shire agrees £32bn takeover from AbbVie LONDON: Shire Pharmaceuticals has accepted a £32-billion ($54-billion, 40-billion-euro) takeover bid from US giant AbbVie, the two companies said on Friday."The boards of AbbVie and Shire are pleased to announce that they have reached agreement on the terms of a recommended combination of Shire with AbbVie," the pair said in a statement, which comes after Shire reversed its opposition to a deal earlier this week.Copyright AFP (Agence France-Presse), 2014


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Foreign Debt $60.9bn
Per Cap Income $1,368
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