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Fiat signals Chrysler merger on track MILAN: Fiat signalled its merger with US affiliate Chrysler was on track on Friday as a tally of shareholders suggested most had chosen not to exercise an option that could derail the plan, a vital step in the Italian carmaker's turnaround efforts. Chief Executive Sergio Marchionne wants to incorporate the two carmakers into a Dutch-registered company called Fiat Chrysler Automobiles (FCA), paving the way for a US stock market listing that would help fund an ambitious investment plan. But it could fail if the carmaker were asked to pay more than 500 million euros ($658 million) to investors who decide to sell their shares, exercising a legal right triggered by Fiat's decision to move its registered offices away from Italy. Fiat said it was finishing a count of shares for which cash exit rights had been validly exercised, but it could already say that the 500 million euro limit would ...


AstraZeneca boosted by start of new cancer drug trial LONDON: Hopes for AstraZeneca's promising cancer drug pipeline were boosted on Friday by news the company had moved its immuno-oncology medicine MEDI-4736 into a mid-stage study in colorectal cancer. Analysts at UBS said the decision opened up "a potentially multi-blockbuster opportunity", given that colorectal cancer is the third leading cause of cancer-related deaths in the United States.AstraZeneca is already studying MEDI-4736 in lung cancer and head and neck cancer. Head of medicines development Briggs Morrison ...

Kenya's National Bank reports profit up 32pc on interest income NAIROBI: National Bank of Kenya posted a 32 percent rise in first-half pretax profit to 1.25 billion shillings ($14.14 million), helped by a rise in net interest income. Banks in east Africa's biggest economy have raked in higher earnings this year, buoyed by rising lending on the back of steady interest rates and economic growth. The lender, which is 70 percent owned by the government and Kenya's state pension fund, said interest income rose 15 ...

Mauritius 273-day Treasury bills yield falls to 0.96pc PORT LOUIS: The weighted average yield on Mauritius' 273-day Treasury bills fell to 0.96 percent on Friday from 1.45 percent at the previous sale, the central bank said. The Bank of Mauritius sold all the 1 billion rupees (32.4 million US dollars) worth of bills on offer.It received bids worth 3.525 billion rupees at yields ranging from 2.50 percent to 0.68 percent. Copyright Reuters, 2014

Nigeria's foreign reserves rise to $39.6bn on August 26 LAGOS: Nigeria's foreign reserves rose to $39.62 billion on Aug. 26, up 1.43 percent from $39.06 billion a month previously, central bank data showed on Friday, as offshore inflows into the local bond market helped the naira currency stabilise. Reserves were down 15.5 percent from the same period last year, when they stood at $46.89 billion.Copyright Reuters, 2014

China Construction Bank's profit misses estimates as bad loans rise SHANGHAI/HONG KONG: China Construction Bank Corp (CCB) posted a lower-than-expected increase in second-quarter profit, with rising levels of bad loans, joining peers who have suffered from the country's slowing economic growth. Net profit at the country's second-biggest lender rose 7.9 percent to 64.9 billion yuan ($10.56 billion) in the quarter, according to a Reuters calculation from company figures. Profit for the first half was 130.7 billion yuan, below the average forecast in Reuters poll of ...

RBS's Coutts sets 110mn stg aside for unsuitable investment advice LONDON: Royal Bank of Scotland's private bank Coutts has set aside 110 million pounds ($182 million) to compensate customers for unsuitable investment advice, a person familiar with the matter told Reuters on Friday. RBS said earlier in August that Coutts had decided to examine the suitability of investment advice to its clients following a review into Britain's wealth management industry by the country's financial regulator. Coutts is in the process of contacting clients and will ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln