Just in:  

You are here: Home»Business


BHP says demerger plans will drive growth SYDNEY: The world's biggest miner BHP Billiton Thursday defended its plan to split the company by spinning off non-core assets, saying it would generate stronger growth, with a vote on the demerger set for May.BHP announced in August a proposal to create a new independent company by demerging some assets, including aluminium, manganese, silver and selected coal and nickel operations.Under the plan, the new entity -- provisionally named NewCo -- will be dual-listed in Sydney and London, with an additional listing in Johannesburg.BHP chairman Jac Nasser said key customer China and other emerging economies would continue to underpin demand for BHP's resources, with the demerger the best way to cut costs and boost productivity in a more challenging future."Over the past decade, demand for commodities grew significantly," he told shareholders at the company's annual general meeting in Adelaide."Our strategy was to direct capital to projects in businesses that delivered the ...

Yields rise as markets brace for Fed minutes NEW YORK: US Treasury debt yields rose on Wednesday ahead of the release of minutes from the latest Federal Reserve meeting, which investors believed would show a central bank optimistic about the U.S. economy and ready to raise interest rates next year.Treasuries were also pressured by the expected new issuance of Alibaba Group Holding's $8 billion corporate bond deal, traders said. Asset managers are selling Treasuries to make way for the Alibaba deal.For now though, ...

India govt needs to infuse nearly $39bn in state-run banks by March 2019 MUMBAI: Indian government needs to infuse as much as 2.4 trillion rupees ($38.78 billion) into state-owned banks by end-March 2019 to meet different kinds of capital requirements including Basel III, provisioning for asset quality, and additional risks, said a central bank Deputy Governor S.S. Mundra.Banks should start looking for ways to generate more internal capital as the leeway to get additional funds from the government would be limited due to the ongoing fiscal consolidation process, ...

Statoil to keep up exploration spending despite falling oil prices STAVANGER: Norwegian energy group Statoil ASA will keep exploration drilling high in 2015 and plans to approve a new project this year, even as oil prices trade at four-year lows, its field development chief for Norway said.Statoil expects to give the final go ahead for a smaller, fast-track development before Christmas and sees three to five fast-track projects in coming years, with a further investment decision in 2015, Ivar Aasheim said on Wednesday.With oil prices ...

Spain's banks will need more capital, but have solid base: central bank MADRID: Spain's banks will need to keep raising capital to meet regulatory demands over the next few years but the country's lenders are starting from a solid base, Bank of Spain Governor Luis Maria Linde said on Wednesday."Our banks need more capital, and this will be an important matter in the next few years, but the starting point is good," Linde told legislators in the upper house of Parliament.Spain's banks are emerging from a crisis, ...

Video games, e-commerce booming in Mideast: study ABU DHABI: Video game and e-commerce markets are growing "exponentially" across the Middle East and North Africa, driven by the mobile revolution and new youth-produced content, according to a study.The gaming market is expected to nearly triple in size, from $1.6 billion in 2014 to $4.4 billion in 2022, said the study conducted by consulting firm Strategy& and the Abu Dhabi media regulatory body twofour54."Gaming in the region is growing faster than the global average, ...

JGBs extend gains after BoJ holds steady TOKYO: Japanese government bonds extended gains on Wednesday after the Bank of Japan held policy steady as expected and kept to its overall upbeat economic view - even with news this week that the economy had slipped into recession. The BoJ said Japan's economy "continues to recover moderately as a trend" and voted to continue its purchases of government bonds and risky assets, maintaining its pledge of increasing base money, or cash and deposits at ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln