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Volvo Cars sees profits, China sales drop in first half STOCKHOLM: Swedish automaker Volvo Cars, owned by China's Geely, reported Wednesday a drop in first half profits as sales tumbled in its biggest market, China.Net profit plunged by 60 percent to 173 million kronor (18.3 million euros, $20 million), while turnover climbed by 12 percent to 75.2 billion kronor.Operating profit surged by more than 70 percent to 1.66 billion kronor, thanks to a strong US currency and robust sales of Volvo's SUV model XC60.Volvo's overall car sales in terms of units rose by 1.4 percent to 232,284 during the first half.The strongest sales growth was registered in Sweden and western Europe, while remaining stable in the United States and declining in China and the rest of the world, including Russia.Volvo went through several dark years before returning to profit in 2013. In 2014, it beat its sales record from 2007, selling almost 466,000 vehicles. CEO Hakan Samuelsson told Swedish news ...

Portugal sells more T-bills than planned, 3-month yield record low LISBON: Portugal sold more than planned in a Treasury bill auction on Wednesday, with three-month borrowing costs falling to negative record lows and 11-month yields down sharply as concerns over Greece diminished after creditors approved its new bailout. The IGCP debt agency sold 1.15 billion euros ($1.27 billion) total in three- and 11-month T-bills, above its indicated offer range of up to 1 billion euros. The average yield on 11-month bills fell to 0.021 percent ...

SoftBank President Arora to buy $480mn of company's shares TOKYO: SoftBank Group Corp President Nikesh Arora said he is buying about 60 billion yen ($483 million) worth of the company's shares over the next six months, calling it a show of "commitment" to his employer. "I have decided to take a personal bet on the SoftBank Group and ensure an alignment of vision with our founder, Chairman and CEO Masayoshi Son," Arora said in a press release from SoftBank. Arora plans to buy the ...

Floating Russia's rouble rate caused volatility but prevented bankruptcies MOSCOW: Russian central bank's decision to introduce a floating rouble rate regime last year has caused volatility on the forex market but helped to prevent bankruptcies and unemployment, the central bank said in a statement on Wednesday. The Russian rouble has lost around a half of its value since last year hit by Western sanctions put on Moscow due to its role in the Ukraine crisis, along with falling oil prices. Weak rouble helps to ...

UAE's Etisalat says no voting rights for foreign shareholders DUBAI: Etisalat will not extend voting rights to foreign investors when the United Arab Emirates' former telecom monopoly opens up its shares to non-UAE investors, it said on Wednesday.Government-run Etisalat is worth nearly twice as much as the second biggest listed UAE company, but its publicly-traded shares can only be owned by UAE nationals and all institutions are excluded. In June, Etisalat said it would loosen these rules to permit foreign and institutional investors to ...

Toyota extends halt in Tianjin operations on safety concerns TOKYO: Toyota Motor Corp said on Wednesday its operations near the Chinese port of Tianjin will remain closed at least until Sunday, extending a suspension originally set through Wednesday, due to safety concerns after last week's deadly chemical explosions in the area. Toyota also said Sichuan FAS Toyota Motor Co Ltd, a joint venture, would close its Changchun plant in northeast China through Friday because the port disaster had delayed custom clearance of parts shipped ...

US fed funds rate holds at 0.15pc NEW YORK: The US federal funds rate , which banks charge each other to borrow excess reserves, averaged 0.15 percent for a second day on Tuesday, according to Federal Reserve data. The average or effective fed funds rate, which the Fed targets to achieve its rate objective, traded in a range of 0.06 percent to 0.3125 percent, compared with 0.07 percent to 0.35 on Monday, Fed data released on Wednesday showed. This interbank lending rate ...


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Arrow DJIA 16,643.01 0.07
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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln