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Ericsson to shut modem business, expects savings STOCKHOLM: Ericsson, the world's top mobile network equipment market, will stop developing modems, it said on Thursday, shutting a loss-making unit it took on after joint venture partner STMicroelectronics pulled out a year ago. Europe's semiconductor firms are struggling to compete with bigger US and Asian rivals, which have largely outsourced chip manufacturing to cope with volatility in demand and prices."Since integration, the modems market has developed in a direction that has reduced the addressable market for thin modems," Ericsson said in a statement. "In addition, there is strong competition, price erosion and an accelerating pace of technology innovation. Success in this evolved market requires significant R&D investments." The unit lost 456 million Swedish crowns ($63.7 million) in the second quarter. The Swedish company said the decision to end the development of modems would mean it could shift resources to developing radio networks.It said it expected the move to lead ...

Australia central bank sold A$381mn in August SYDNEY: The Reserve Bank of Australia (RBA) sold A$381 million ($341 million) of Australian dollars on a net basis on the spot foreign exchange market during August, central bank data shows.The RBA manages the forex needs of the government, which for example may need foreign currency to buy military hardware or pay embassy wages, and that usually makes up the vast bulk of its spot transactions in any month.The RBA sold A$408 million for foreign ...

India bond yields end steady for 3rd straight day; Fed in focus MUMBAI: Indian government bond yields ended steady for a third straight session on Wednesday, ahead of the outcome of the US Federal Reserve's policy meeting, which is expected to offer fresh clues on when it plans to begin lifting interest rates.India, among other emerging markets, has benefited from the US Fed's loose monetary policies. Foreign institutional investors (FIIs) have bought a net $18.75 billion worth of debt so far this year.However, FIIs have used up ...

Suzuki Motor to recall 453,000 minivehicles in Japan TOKYO: Suzuki Motor Corp on Thursday issued a recall of 453,225 minivehicles in Japan to fix a defect in the blower fan motor of the air-conditioning unit that has resulted in three fires so far. Subject to the recall are 407,878 Every microvans and 45,347 Mazda Scrum models manufactured between August 2005 and March 2010, according to a filing with the transport ministry. Suzuki makes the Scrum under an original equipment manufacturing (OEM) deal for ...

Hyundai turns on Gangnam style to win $10bn land bid SEOUL: In a battle between South Korea's richest industrial giants, Hyundai outbid Samsung to grab Thursday a $10 billion plot of land in Seoul's upscale Gangnam district, which media said was the country's biggest ever property deal.The 79,345 square metre (19.6 acre) plot belonged to the state-run Korea Electric Power Corp (KEPCO) and was initially valued at around 3.3 trillion won ($3.0 billion).In the end, Hyundai -- the country's top automaker -- went way beyond ...

UniCredit seen picking talks partner for Pioneer towards end-Sept: sources LONDON: UniCredit, Italy's biggest bank by assets, is expected to pick a partner for exclusive talks to buy a stake of up to 50 percent in its asset management division Pioneer towards the end of September, two sources familiar with the matter said. The sources said on Wednesday Spanish bank Santander and a consortium comprising private equity fund CVC Capital Partners and Singapore sovereign fund GIC were the two strongest contenders, even though US fund ...

Sky Deutschland advises investors to shun BSkyB offer FRANKFURT: The management of pay-TV provider Sky Deutschland has advised minority investors not to accept an offer from BSkyB, a token gesture given that BSkyB's terms are little more than a formality required after its purchase of a controlling stake in the broadcaster. BSkyB in July agreed to buy the 57 percent stake in Sky Deutschland owned by Rupert Murdoch's 21st Century Fox, and offered remaining shareholders 6.75 euros for each of their shares, as ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln