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Nestle sees challenges ahead as 2012 results in line VEVEY: Nestle's said it expected 2013 to be as challenging as 2012 as it reported sales growth picked up in the last three months of 2012 after a disappointing third-quarter for the world's biggest food group.   Underlying sales growth at the maker of KitKat chocolate bars and Maggi soup came in at 5.9 percent for the year, meeting average analyst expectations, and implying a slight recovery from just 5 percent third-quarter growth.   Growth in Asia, Oceania and Africa, which accounted for about one fifth of sales, came in at 8.4 percent. Third-quarter sales in the region took a surprise hit from one-off events such as typhoons in the Philippines, social unrest in Egypt and business disruptions due to sanctions on Iran.   Despite the challenges, Chief Executive Paul Bulcke said Nestle still expects to meet its standard outlook for 5-6 percent underlying sales growth this year as well as improved margin and underlying earnings ...


Reserve Bank of India says repo bids down to 1.2 trillion rupees MUMBAI: The Reserve Bank of India said on Thursday it accepted all 38 bids for 1.2 trillion rupees ($22.26 billion) at its one-day repo auction through which it injects cash into the banking system.   Copyright Reuters, 2013    

Bonds under pressure, 10-year yield at 10-month high TOKYO: US Treasuries were on the defensive on Thursday, with the 10-year yield briefly touching a 10-month high in Asia after a tepid sale of 10-year debt the previous day stoked concerns of a further fund shift out of bonds to riskier assets.   On Wednesday, the Treasury sold $24 billion in 10-year notes at a high yield of 2.046 percent, above what the market had expected.   The yield on the new notes rose to as high as ...

ABB focuses on costs to ride out sluggish global growth ZURICH: Switzerland's ABB said it would focus on costs to offset near-term uncertainty about growth in Europe and the United States as it posted better-than-expected profit and orders in the fourth quarter.   The world's biggest supplier of industrial motors and power grids has sought to cut costs to combat a sluggish global economy that has sapped demand for factory equipment and prompted clients to postpone big capital expenditure projects.   "In the short term, there are still a ...

Thai central bank: interest rates not only factor for fund flows BANGKOK: Thailand's central bank chief said on Thursday that interest rates were not the only factor affecting capital flows and stressed that the central bank's duty was to maintain economic stability.   Referring to a government call for lower interest rates to help stem capital inflows that have pushed the Thai currency to an 18-month high, Bank of Thailand Governor Prasarn Trairatvorakul said a "difference in views between the government and central bank is not unusual".   The central ...

Pause in rate cuts in March not certain Polish central bank head WARSAW: Poland's central bank governor said it would not necessarily pause its monetary easing in March as flagged earlier, although it would be a good time to consider a strategy for the coming months after four consecutive rate cuts.   "Most of all, I didn't say that a pause is a foregone conclusion. In March, in addition to the regular serving of data there will also be a new inflation and economic projection," Marek Belka told the ...

American, US Airways boards approve merger: source NEW YORK: The boards of American Airlines and US Airways approved a merger Wednesday to create the largest US airline once American exits bankruptcy court, sources close to the negotiations said.   The merger will be formally announced Thursday morning, these people told AFP. The newly-formed company, keeping the name American Airlines, will be headquartered in American's Dallas-Fort Worth base in Texas.   The deal comes on the heels of a series of other recent airline mergers that have ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln