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GSK says to sell oncology arm to Novartis for $16bn LONDON: British pharmaceutical giant GlaxoSmithKline is to sell its oncology business to peer Novartis for $16 billion and to buy the Swiss company's vaccines division, GSK announced on Tuesday.Under a "major three-part transaction" GSK and Novartis have agreed also to create a consumer healthcare business, according to a statement issued by GlaxoSmithKline.Copyright AFP (Agence France-Presse), 2014


China's Shandong Airlines orders 50 Boeing planes for $4.6bn BEIJING: Shandong Airlines, one of China's smaller carriers, said it has agreed to buy 50 passenger planes from US manufacturer Boeing for $4.6 billion, in another sign of the country's growing demand for air travel.The company signed a deal on Monday to purchase 16 Boeing 737-800s and 34 Boeing 737 MAX planes, a statement said, in a drive to grow its fleet for future business expansion.China's commercial airline industry is dominated by the "Big Three" ...

Mercedes says new Beijing plant has potential capacity of 350,000 BEIJING: Daimler AG can expand production capacity at its Beijing to 350,000 vehicles a year if customer demand calls for it, Rene Reif, the head of manufacturing at Beijing Benz Automotive, said on Monday. Daimler is expanding its new plant in Beijing before it starts making its long-wheelbase Mercedes-Benz C-Class model, a new car tailored for the Chinese market, as part of a global expansion push by the premium auto maker. The Chinese plant, which ...

Russia's MMK Q4 net loss $2.2bn due to one-offs MOSCOW: Russian steel major MMK reported on Tuesday a fourth-quarter net loss of $2.2 billion due to impairment charges and forecast higher steel sales in the first quarter of 2014. A Reuters poll of analysts had expected a net loss of $40 million excluding one-offs. MMK, controlled by billionaire Viktor Rashnikov, also reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of $312 million for the last quarter of 2013 versus a Reuters forecast of ...

China lawmakers may loosen local govt debt ban SHANGHAI: China's legislature is considering revisions to budget law that may clear the way for local governments to raise funds directly, rather than borrowing through special-purpose vehicles, state media said, as Beijing tries to clean up opaque municipal debt.China's economic reformers want to bring greater transparency to the roughly $3 trillion in local government debt already outstanding. Local governments have borrowed heavily over the years in the service of investment-driven growth, but rising bad loans ...

NZ central bank poised for rate rise this week, tightening pace may slow WELLINGTON: An outperforming economy is expected to prompt New Zealand's central bank to raise interest rates to a three-year high this week, but a strong currency and early signs of cooling inflation pressures may slow the pace of further tightening. All 17 economists polled by Reuters expect the Reserve Bank of New Zealand will lift its official lending rate by 25 basis points to 3.0 percent at its Official Cash Rate review on Thursday as ...

Novartis exhanges assets with Glaxosmithkline ZURICH: Swiss drugmaker Novartis said on Tuesday it would exchange certain assets with GlaxoSmithKline and divest its animal health business to Eli Lilly. Novartis said it had agreed to acquire GSK's oncology products for a $14.5 billion payment.The Swiss drugmaker said it would divest its vaccines business, excluding flu, to GSK for $7.1 million plus royalties. In a separate transaction, Novartis said it had agreed to divest its animal health division to Eli Lilly for ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln