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Deutsche Telekom eyes cost cuts of 1.8bn euros by 2018 FRANKFURT: Deutsche Telekom said on Thursday it wants to cut annual costs by 1.8 billion euros ($2.02 billion) by 2018, a 75-percent drop compared with 2014 expenses. Chief Financial Officer Thomas Dannenfeldt told investors the target excluded T-Mobile US Inc, in which Deutsche Telekom holds a 66.3 percent stake. Dannenfeldt said about 700 million euros would come from IT savings, while sales & marketing were expected to save about 400 billion euros. Another 400 million euros in savings are expected at the company's network business. Deutsche Telekom is in the process of creating a pan-European infrastructure based on internet protocol. Dannenfeldt reiterated that Deutsche Telekom did not plan to make major acquisitions into new geographical or product areas. Copyright Reuters, 2015

GSK's new chairman Hampton to take charge in May LONDON: GlaxoSmithKline said on Thursday that its chairman-designate Philip Hampton would take charge of Britain's biggest drugmaker from May 7, marking an earlier transition than initially anticipated. Hampton, who chairs Royal Bank of Scotland, was named as the pharmaceutical company's next chairman last September, but GSK said at the time he might not take up the position until Sept. 1, 2015, if he could not be released from other commitments. Copyright Reuters, 2015

Egypt's central bank keeps benchmark interest rates unchanged CAIRO: Egypt's central bank kept its benchmark interest rates unchanged at a monetary policy committee meeting on Thursday, it said in a statement. The overnight deposit rate remains 8.75 percent and the overnight lending rate is steady at 9.75, said the bank. Copyright Reuters, 2015

RBS fires three staff as internal forex probe heats up LONDON: British bank Royal Bank of Scotland has dismissed 3 members of staff as part of its internal forex investigation in the last few days, its Chief Executive Ross McEwan said on Thursday. RBS, 79 percent owned by the British government, launched an internal review into its forex activities after it was one of six banks fined a combined $4.3 billion last month for failing to stop traders trying to manipulate currency markets. Copyright Reuters, ...

Kenya's central bank holds key lending at 8.50pc NAIROBI: Kenya's central bank kept its key lending rate unchanged as expected at 8.50 percent on Thursday, saying overall inflation remained within the government's target and continued to support macroeconomic stability. Copyright Reuters, 2015

Monte dei Paschi sees capital increase between end-May and June ROME: Italian lender Banca Monte dei Paschi di Siena expects to carry out its planned 3 billion-euro ($3.4 billion) capital increase by the end of May and June, its CEO said on Thursday. "The (capital) increase should take place between end-May and June," Fabrizio Viola told a parliamentary haring. Earlier in February, the troubled lender raised the size of the planned capital hike to 3 billion euros to meet capital targets set by the European ...

Bank of Canada to hold fire on interest rates next week OTTAWA/BENGALURU: The Bank of Canada will likely hold interest rates steady next week as it waits to see how last month's surprise cut is absorbed by the economy, though analysts expect the central bank to lower rates once more by mid-year, a Reuters poll found.Comments from Governor Stephen Poloz earlier this week proved crucial to cementing analysts' forecasts.Markets had been increasingly pricing in the likelihood of another 25 basis point cut, but those bets were ...


Index Closing Chg%
Arrow DJIA 18,132.70 0.45
Arrow Nasdaq 4,963.53 0.49
Arrow S&P 2,104.50 0.30
Arrow FTSE 6,946.66 0.04
Arrow DAX 11,401.66 0.66
Arrow CAC-40 4,951.48 0.83
Arrow Nikkei 18,797.94 0.06
Arrow H.Seng 24,823.29 0.32
Arrow Sensex 29,220.12 1.65

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln