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Siemens to buy US oil equipment maker Dresser-Rand for $7.6bn WASHINGTON: Germany's Siemens on Sunday announced it will buy US oil equipment maker Dresser-Rand Industries, for $7.6 billion.Siemens said it offered 83 dollars per share, which puts the value of the deal at $7.6 billion or 5.8 billion euros, the company said on its website.Sources close to the matter had confirmed to AFP Friday that GE had preliminary discussions with the Houston, Texas company, though they would not say whether GE intended to make a formal offer.Siemen's Swiss rival Sulzer was also reportedly eyeing Dresser-Rand.The interest comes as the group enjoys a business surge on the back of US shale oil and gas drilling.Copyright AFP (Agence France-Presse), 2014

Nissan defections reignite questions about future CEO TOKYO: A string of defections by top Nissan executives is reigniting longstanding questions about who will succeed chief executive Carlos Ghosn, the man widely credited with reinventing Japan's number-two automaker.Speculation about Nissan's future hit a fever pitch earlier this month after the resignation of Andy Palmer, a widely respected Ghosn lieutenant, who took up the top job at British sports car maker Aston Martin.That followed the July departure of Johan De Nysschen, who led Nissan's ...

Air France pilots vote to extend strike by a week PARIS: Air France pilots have voted to extend for another week a strike over their airline's push to develop a low-cost subsidiary they fear will undermine their jobs, their main union said Saturday.The stoppage, which has already run for nearly a week, is already the longest suffered by Air France in 16 years.More than half of the company's flights have been scrapped, disrupting the travel plans of tens of thousands of passengers. The airline says ...

Nissan USA aims to keep electric battery production WASHINGTON: Japanese automaker Nissan is dismissing speculation that it intends to scale back electric car battery production at its US plant in Tennessee.Nissan's ambitious electric vehicle program has been a signature initiative of Carlos Ghosn, the chief executive at both Renault and Nissan."The Renault-Nissan Alliance remains 100 percent committed to its industry-leading EV program," spokesman Travis Parman said in a statement."This global commitment continues for the foreseeable future, and we have not taken any decision ...

Shells leave Ukraine's coal miners digging for survival VILKHIVKA: They spend much of their day clearing their gardens of shrapnel, digging up potatoes or chopping wood to prepare for the fast-approaching winter.The coal miners of the village of Vilkhivka in eastern Ukraine haven't been working for months, forced to down tools by the shells they say are still falling almost every day."As miners, we used to get coal for the stove," says Pavel Krivonosov, 64, who despite his age still used to work ...

Nigerian interbank rates ease on improved liquidity LAGOS: Nigeria's interbank lending rates eased to an average of 10.37 percent this week, compared with 10.62 percent a week earlier, with markets expecting a liquidity boost from monthly government budgetary disbursement. Traders said though market liquidity was hit by large cash outflows to bond auction and open market operation (OMO), resulting in an outflow of about 220 billion naira ($1.35 billion), the market closed with a surplus of about 200 billion in cash on ...

Ghana inflation to ease to roughly 9.5pc in 2015: central bank ACCRA: Ghana expects inflation to ease to 9.5 percent, plus or minus two percentage points, by the second half of 2015 from a four-year high of 15.9 percent in August, central bank governor Henry Kofi Wampah said on Friday. He told Reuters the inflation rate would fall as the Bank of Ghana maintains its tight monetary policy stance, aided by government stabilisation efforts and a boost in foreign exchange liquidity.On Wednesday, the bank maintained its ...


Index Closing Chg%
Arrow DJIA 17,055.87 0.68
Arrow Nasdaq 4,508.69 0.42
Arrow S&P 1,982.77 0.58
Arrow FTSE 6,676.08 1.44
Arrow DAX 9,595.03 1.58
Arrow CAC-40 4,359.35 1.87
Arrow Nikkei 16,205.90 0.71
Arrow H.Seng 23,837.07 0.49
Arrow Sensex 26,775.69 1.58

Banking Review 2013

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln