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Sony posts $1.06bn FY loss, expects profit in current year TOKYO: Sony said Thursday it lost $1.06 billion in its last fiscal year, but the struggling electronics giant added that it expected to swing to a profit this year as it overhauls its vast business.The company's net loss for the year to March was 125.98 billion yen, slightly down from a loss of 128.37 billion a year ago.It expects a net profit of 140 billion yen in the current fiscal year to March 2016.Copyright AFP (Agence France-Presse), 2015

Swiss Re Q1 net profit jumps to $1.4bn ZURICH: Swiss Re posted a 17 percent rise in net profit in the first quarter on Thursday, helped by profitability across all its units and strong investment results, and said reinsurance prices overall remained attractive.Net profit at the world's second-largest reinsurer rose 17 percent to $1.4 billion from a year earlier, beating an average forecast for $961 million net profit in a Reuters poll of eight analysts.The group, which competes with Germany's Munich Re , ...

Nokia's telecom network profit drops in first quarter HELSINKI: Finland's Nokia on Thursday reported quarterly profits clearly below market forecasts at its main telecom network equipment business, citing lower software sales, higher costs and challenging conditions in Europe and Latin America.Nokia, which earlier this month announced a plan to take over of its French rival Alcatel-Lucent, said the core operating profit at the network unit fell to 85 million euros ($94 million) in the first quarter, or 3.2 percent of sales, from 216 ...

China search engine Baidu reports slip in Q1 profit SAN FRANCISCO: Chinese search giant Baidu on Wednesday reported its first-quarter profit slipped, despite revenue jumping more than a third on strong use of smartphones to access the service.Revenue for the quarter that ended on March 31 was $2.053 billion, a 34 percent leap from the same period a year earlier, according to the Beijing-based Internet company.But net income was $395.1 million, down 3.4 percent year on year, earnings figures showed.That figure still beat expectations ...

Federal Reserve leaves open timeframe for rate rise WASHINGTON: The Federal Reserve left open its timeframe for a rise in interest rates Wednesday, following a winter slowdown that stalled US economic growth.After more than a year hinting that it would begin raising the federal funds rate in mid-2015, the Fed only said it would move when it sees further improvement in the labor market and is confident that inflation will pick up over the medium term.But the policy-setting Federal Open Market Committee (FOMC) ...

US yields jump in global bond rout before FOMC NEW YORK: US Treasuries market sagged on Wednesday with benchmark yields hitting their highest in six weeks in a global bond sell-off as investors awaited possible clues on an interest rate increase from the US Federal Reserve.Traders blamed the dumping of Treasuries, German Bunds and British Gilts on a combination of factors including less gloomy economic figures on Europe, a failed five-year German debt auction and hefty US bond supply this week.US yields briefly retreated ...

Russia's Sberbank sees 30pc fall in demand for retail loans MOSCOW: Russia's largest bank Sberbank has seen a 30 percent fall in applications for retail loans compared with a year ago, the bank's deputy chairman said on Wednesday. "If you compare with January (2015) the number of applications from people who want loans has increased. If you compare with last year, then they are 30 percent lower," Alexander Torbakhov told journalists. Copyright Reuters, 2015


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 30, 2015
Reserves $17.717 bln