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EasyJet annual profit rallies LONDON: EasyJet's annual profits climbed on the back of rising passenger numbers and sales, the no-frills British airline said Tuesday.Net profits, or earnings after taxation, rallied 13 percent to #450 million ($704 million, 565 million euros) in the group's financial year to the end of September, compared with 2012/13, EasyJet said in a results statement.Pre-tax profits surged 22 percent to #581 million, which was slightly ahead of the group's own forecast.Passenger numbers jumped seven percent to 64.8 million, as the airline also picked up business from rival Air France -- which had to cancel flights in September because of a record two-week-long pilots' strike.EasyJet's total revenues meanwhile swelled by 6.3 percent to #4.527 billion. "Our performance demonstrates our continued focus on cost and progress against every strategic revenue priority," said chief executive Carolyn McCall.Copyright AFP (Agence France-Presse), 2014

Toyota rolls out world's first mass market fuel-cell car TOKYO: Toyota said Tuesday it would start selling the world's first mass market fuel-cell car in Japan next month and elsewhere in 2015, in what its top executive called an industry milestone.The four-door Mirai sedan, powered by hydrogen and emitting nothing but water vapour from its tailpipe, will launch with a price tag of 6.7 million yen ($57,500) in Japan, where Toyota expects to sell 400 units next year.The car -- whose name means "future" ...

JGBs slump, extend losses after poor 20-year auction TOKYO: Japanese government bond prices fell on Tuesday, extending losses after an auction of 20-year bonds drew tepid bids despite a recent increase in the amount of buying by the Bank of Japan in the sector. The 20-year JGB auction produced the tail, or the gap between the lowest and average prices, of 0.41, much wider than 0.08 in the previous auction. The bid-to-cover ratio also fell to 2.88 from 3.59. The poor results hit ...

Samsung to slash number of smartphone models SEOUL: Samsung Electronics has announced plans to slash the number of smartphone models it issues next year by up to one-third as it tries to cut prices in the face of intense Chinese competition.The strategy, confirmed by a company spokesman Tuesday, was unveiled during a presentation in New York by the South Korean conglomerate's head of investor relations, Robert Yi.Yi said the company -- which last month reported a near 50-percent plunge in third-quarter net ...

South Africa's PPC full-year profit flat on weaker demand at home JOHANNESBURG: South African cement maker PPC Ltd reported flat full-year profit on Tuesday as growth in some of its sub-Saharan markets was offset by slack demand at home. PPC, which has been roiled by a battle between its former chief executive and the board, cut its dividend by 27 percent, helping send its shares down 3.2 percent to 26.10 rand by 0723 GMT. The company is on a push to ensure that 40 percent of ...

China's FDI slows again in October, services sector in favour BEIJING: China's foreign direct investment fell for the fourth straight period on a cumulative basis in October, underscoring investor caution as the world's second-largest economy cools.China drew $95.9 billion in foreign direct investment (FDI) in the first 10 months of 2014, the Ministry of Commerce said on Tuesday, down 1.2 percent from a year earlier.In October alone, the country attracted $8.5 billion in FDI, up 1.3 percent from a year earlier, the ministry said.Investment flows ...

Hyundai Heavy workers to stage overtime walkout SEOUL: Workers at South Korea's Hyundai Heavy Industries will stage a symbolic overtime walkout on Thursday, a union spokesman said as the world's largest shipbuilder moves closer to its first full-fledged strike in 18 years.Kim Hyeong-Gyun said wider industrial action could take place as early as next week after talks over a long-running wage dispute collapsed last Wednesday. "On Thursday, we will refuse to work after the regular eight-to-five business hours," he told AFP, adding ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln