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Tesco chairman resigns over profits fiasco LONDON: The chairman of Britain's biggest retailer Tesco will resign after the supermarket group was found to have overstated profits by #263 million ($422 million, 334 million euros), it announced on Thursday."The board's immediate focus must be on ensuring that we complete the transition to a new management team and that new and far-reaching business plans are put in place quickly," chairman Richard Broadbent said in a statement that also revealed Tesco's net profit had slumped to just #6.0 million in its first half from #820 million one year earlier.Copyright AFP (Agence France-Presse), 2014


Credit Suisse third-quarter profit beats forecast, outlook cautious ZURICH: Swiss bank Credit Suisse said on Thursday it is cautiously optimistic on prospects for business through to the year-end after reporting third-quarter profit that beat expectations.The Zurich-based bank is in the middle of efforts to balance profits and risk-taking better between its investment bank and wealth management arm, which caters to the financial needs of wealthy people."We have seen a mixed start to October, with recent market volatility benefiting certain businesses across both divisions, ...

Hyundai Motor net profit plunges in Q3 SEOUL: South Korea's largest automaker, Hyundai Motor, posted a sharp drop Thursday of nearly 30 percent in third-quarter net profit, mainly due to a stronger won and extended national holidays.Net profit for the July-September period was down 28.3 percent on-year to 1.61 trillion won ($1.53 billion), the company said in a regulatory filing.Operating profit also dropped 18 percent on-year to a four-year-low 1.65 trillion won, although sales gained 2.2 percent to total 21.28 trillion won, ...

Apple CEO says to add 25 stores in China within two years BEIJING: Apple Inc Chief Executive Tim Cook said the company is planning to open 25 retail stores in China within the next two years, according to a Chinese transcript of an interview posted by web portal Sina.com.Apple presently has 15 outlets in the country, Cook said. The Apple chief executive is on a visit to China, where he has visited Apple facilities and met Vice Premier Ma Kai.Copyright Reuters, 2014

Daimler CFO won't comment on reported interest in MV Agusta FRANKFURT: Daimler Chief Financial Officer Bodo Uebber declined to comment on whether the car and truck maker planned to take a stake in Italian motorbike manufacturer MV Agusta but said it had no plans to make large acquisitions."We do not plan to make large purchases," Uebber said, adding that he had no comment about whether Daimler was planning to take a minority stake in the Italian company.Earlier this week, a source told Reuters that Daimler ...

Unilever sales much lower than expected LONDON: Unilever reported a weaker-than-expected 2.1 percent rise in third-quarter sales on Thursday as a slowdown in emerging markets continued to crimp performance.Analysts on average were expecting the maker of Dove soap and Lipton tea to report third-quarter sales growth of 3.7 percent, according to a company-compiled consensus.Sales volume, measuring the amount of products sold, rose only 0.3 percent, while analysts expected growth of 1.8 percent."Macro-economic conditions continued to put pressure on consumers," said Unilever ...

US billionaire's hedge fund dumps Sony stake TOKYO: US billionaire Daniel Loeb, who last year failed in an attempt to spin off a key part of Sony, has sold his shares in the struggling firm, saying "more urgency will be necessary" to get it back on track.Loeb's Third Point hedge fund in 2013 pushed for Sony to hive off up to 20 percent of its successful US-based entertainment division, which includes a Hollywood studio and music label, to make it more profitable.However, ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln