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Shell's Bukom refinery fire occurred at a section under maintenance SINGAPORE: A fire which broke out at Royal Dutch Shell's 500,000 barrels-per-day refinery on Pulau Bukom island off Singapore on Friday occurred at a section of one of the units currently under scheduled maintenance, a company spokeswoman said on Saturday.The fire at the unidentified unit of the Pulau Bukom Manufacturing Site, Shell's largest wholly owned plant, was put out by the site's first emergency responders within an hour, Shell said.Three of the six contract workers hospitalised with burns were treated and discharged while the remaining three were still being monitored, the spokeswoman said.She did not elaborate on what caused the fire but added that there was no other impact on the site's operations. In May, Reuters reported that Shell was planning to shut Bukom's largest 210,000 bpd crude unit for one to two months in the third quarter for planned maintenance. The refinery saw production losses in September 2011 due ...

India may waive retrospective MAT tax on foreign investors MUMBAI: India's finance ministry is likely to accept a proposal from a special panel to waive retrospective imposition of a controversial minimum alternate tax (MAT) on foreign portfolio investors, domestic media reported, citing government sources.Such a decision could put to rest a controversy sparked after tax authorities started claiming MAT payments from foreign funds late last year.Although MAT has been applied to domestic companies to ensure a minimum tax payment, it had never been imposed ...

Japan's Sharp in talks with Hon Hai on tie-up TOKYO: Japanese electronics maker Sharp Corp has entered negotiations with Taiwan's Hon Hai Precision Industry Co for a tie-up over Sharp's struggling display business, the Asahi newspaper reported on Saturday.Investors and analysts have urged Sharp to overhaul its liquid crystal display (LCD) and consumer electronics divisions. Chief Executive Kozo Takahashi initially resisted but last month said he was open to major restructuring, including some kind of strategic deal for its LCD business.Sharp could consider accepting ...

Samsung eyes first entry into US stock markets SEOUL: South Korea's dominant Samsung conglomerate will make its first entry into US stock markets next year with the listing of a biotechnology affiliate, a company official said Friday.The listing of Samsung Bioepis on the Nasdaq Stock Market is aimed at securing funds for investment in the field of biosimilars -- a new breed of drugs that mimic the effects of far more costly biologic drugs made from living cells."With an underwriter already designated, preparations ...

Novartis buys remaining rights to GSK treatment in deal up to $1bn ZURICH: Swiss drugmaker Novartis said on Friday it had agreed to buy all remaining rights to Ofatumumab, which is being developed for relapsing remitting multiple sclerosis and other autoimmune indications, from Britain's GlaxoSmithKline.Basel-based Novartis will make an initial upfront payment of $300 million to GSK for the acquisition of the compound and a further $200 million payable following the start of a phase III study in MS by Novartis.Payments of up to $534 million may ...

Australian watchdog approves Qantas, China Eastern deal SYDNEY: Australia's competition watchdog on Friday reversed a draft decision against a joint venture between Qantas and China Eastern, giving the carriers the green light to coordinate pricing and scheduling.The Australian Competition and Consumer Commission (ACCC) said in March the original proposal between the airlines would harm competition.But the regulator said Friday that China Eastern had since agreed to increase the frequencies of its services between Australia and China and introduce a new route if ...

Yields fall as Fed rate hike in September seen less likely NEW YORK: US Treasury yields fell Thursday after minutes from the Federal Reserve's most recent meeting offered no firm indication of how soon the Fed may raise interest rates and reducing expectations of a rate hike next month.US central bank officials widely agreed last month the economy was nearing the point where rates should move higher, but worried lagging inflation and a weak global economy posed too big a risk to commit to "liftoff.""The thought ...


Index Closing Chg%
Arrow DJIA 16,374.76 0.14
Arrow Nasdaq 4,733.50 0.35
Arrow S&P 1,951.13 0.12
Arrow FTSE 6,194.10 1.82
Arrow DAX 10,317.84 2.68
Arrow CAC-40 4,653.79 2.17
Arrow Nikkei 18,182.39 0.48
Arrow H.Seng 20,934.94 1.18
Arrow Sensex 25,764.78 1.22

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln