Just in:  

You are here: Home»Business


Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets SEOUL: Hyundai Motor and Kia Motors on Monday raised their target for 2014 global sales to at least 8 million vehicles, anticipating record-high China sales to offset slowing growth in the United States and Europe.The South Korean automakers, which together rank fifth in global vehicles sales, said in a statement the new sales target would represent an almost 6 percent increase from last year.Sales this year will also be boosted by higher numbers from India, Russia and Brazil, the automakers added.New launches and more local manufacturing will help Hyundai and Kia sell more cars in China, the world's biggest auto market, this year, said Suh Sung-moon, an analyst at Korea Investment & Securities.He said Hyundai was likely to miss its US sales target for this year on a weaker-than-expected reception for its new Sonata sedan in its biggest market after China.In Europe, Hyundai expects to see a sales recovery driven ...

Malaysia's Axiata Q3 net profit falls 11.7pc on lower margin, forex losses KUALA LUMPUR: Axiata Group Bhd, Malaysia's largest mobile phone operator by market value, said on Monday third-quarter net profit fell 11.7 percent from a year earlier, dragged down by lower profit margin and forex losses at its Indonesian unit.Net profit dropped to 631 million ringgit ($188.7 million), in the July-September period, from 715 million ringgit a year earlier, the company said in a statement to the stock exchange.Revenue was marginally flat at 4.65 billion ringgit, ...

Bakrie Telecom proposes debt restructuring to creditors JAKARTA: Indonesia's PT Bakrie Telecom Tbk has proposed a debt restructuring plan that offers creditors cash instalments and debt-to-equity swaps, after a Jakarta court ordered the company to negotiate a debt restructuring with its creditors by Dec. 9."The liability settlement scheme through steady cash payments will be divided among several groups (of creditors) according to the size of the obligations," the company said in a stock exchange filing on Monday.One of Bakrie Telecom's domestic suppliers, ...

Mining giant BHP outlines plans to cut costs SYDNEY: BHP Billiton on Monday outlined plans to cut costs further as the world's biggest miner battles falling commodity prices, pointing to its planned demerger as helping to drive productivity gains.The Anglo-Australian resources group is aiming to simplify and strengthen its business, and said it was looking to save $US4 billion a year in running costs -- US$500 million more than previously flagged -- by the end of the 2017 financial year.Chief executive Andrew Mackenzie ...

China ready to cut rates again on fears of deflation BEIJING: China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making.Friday's surprise cut in rates, the first in more than two years, reflects a change of course by Beijing and the central bank, which had persisted with modest stimulus measures before finally deciding last week that a ...

China's rate-cut likely to hurt banks, curb new loans to small borrowers SHANGHAI: China's latest interest rate cut is set to dent the profitability of domestic lenders, especially mid-sized banks, which are already suffering from higher bad loans and a slowdown in profit growth.The central bank unexpectedly cut rates late on Friday, stepping up efforts to support small and medium-sized enterprises (SMEs) which are struggling to repay loans and access credit, as the economy slides to its slowest growth in nearly a quarter of a century.It slashed ...

Bank of England 'probes money-market rigging' LONDON: The Bank of England has opened a formal investigation into the possible manipulation of money-market auctions held at the start of the financial crisis and whether its officials were involved, the Financial Times reported on Saturday.The months-old probe is being conducted by the lawyer who led the Bank's investigation into the rigging of forex markets, Anthony Grabiner, and he has so far interviewed about ten Bank staff, the business daily said.The Bank said it ...


Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,729.17 0.03
Arrow DAX 9,915.56 0.55
Arrow CAC-40 4,373.42 0.20
Arrow Nikkei 17,383.58 0.14
Arrow H.Seng 24,111.98 1.12
Arrow Sensex 28,386.19 0.17

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