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Cakra bids for Cokal in play for Indonesia coal project MELBOURNE: Indonesian firm Cakra Mineral Tbk has offered at least A$70 million ($54 million) to take over Australian miner Cokal Ltd, which is developing a coal project in central Kalimantan.Cakra, backed by one of Indonesia's biggest conglomerates, the Sinar Mas Group, is looking for metallurgical coal for a planned pig iron smelter and nickel pig iron smelter, Cakra corporate secretary Dexter Sjarif Putra said on Tuesday.Cokal said in a stock exchange release it had received an incomplete proposal from Cakra, which operates iron ore and zircon sand mines, and would engage with Cakra to evaluate the offer.Under the deal, Cakra would offer A$70 million in cash, or A$0.15 a share, which would be a 58 percent premium to Cokal's last close. Alternatively it would offer A$87.5 million in Cakra shares, worth about A$0.19 per Cokal share at current prices.Cakra, which has a market value of $60 million, would need to ...

Merck KGaA sees slight increase in 2015 DARMSTADT: Germany's Merck KGaA said underlying core earnings would stagnate or grow only slightly this year as it spends money on developing a new immunotherapy against cancer and as its injectable multiple sclerosis drug Rebif faces strong competition from oral treatments.The outlook does not yet take into account the effect of the planned takeover of US-based lab supplies maker Sigma-Aldrich , the company said on Tuesday.Merck, a maker of drugs, high-tech chemicals and lab supplies, ...

Ukraine's central bank extends obligatory sales of 75pc of foreign currency revenue KIEV: Ukraine's central bank said on Tuesday it would extend a rule obliging companies to sell 75 percent of their foreign currency earnings to help stabilise the struggling national hryvnia currency. Speaking in a briefing, central bank chief Valeriia Gontareva did not say how long the measure would remain in place. Copyright Reuters, 2015

China urges banks to speed up agriculture sector loans BEIJING: China urged its banks to speed up lending to agriculture, the country's banking regulator said on Tuesday, in an effort to bolster a sector that employs almost one third of its 1.4 billion people, but remains in desperate need of funding.Policymakers have cut interest rates, increased lending targets and freed up banks' reserves to lend more, but this has done little for farming, which produces some 9 percent of China's GDP, though with low ...

Turkish central bank says core inflation expected to continue to fall ISTANBUL: Turkey's core inflation is expected to decline further in the period ahead and its current account deficit will continue to narrow thanks to an improvement in its energy trade balance, the central bank said in minutes published on Tuesday. In the minutes of last week's interest rate decision, the bank said it would employ policy tools to support the economy if an additional slowdown in external demand and a sizeable decline in global growth ...

Profit at Embraer seen falling as focus turns to cash flow SAO PAULO: Brazilian planemaker Embraer SA is likely to post falling fourth-quarter profit, as soft deliveries to airlines put profitability targets at risk and taxes rose on a currency tumble, a Reuters poll showed on Tuesday.Embraer's net income probably slipped 39 percent from a year earlier, according to the average forecast of eight analysts in the poll. Some analysts did not include the tax impact of the currency swing in their estimates.Even more concerning than ...

flydubai's 2014 profits up 12.3pc at $68mn DUBAI: Dubai's no-frills carrier flydubai said Tuesday that 2014 net profit rose 12.3 percent to $68 million (60.7 million euros), as it expanded its routes and number of flights. Revenues at state-owned flydubai hit 4.4 billion dirhams ($1.2 billion), up 19.1 percent, a statement said.The carrier said it added 23 new routes to its network and increased frequencies on several destinations, operating 1,400 flights per week. CEO Ghaith al-Ghaith said "2014 saw flydubai open up ...


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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 $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln