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Automaker Mitsubishi to end US production: report TOKYO: Japanese automaker Mitsubishi will stop making cars in the United States as it looks to shore up its business in Asia, a report said Friday. The leading Nikkei business daily said Mitsubishi will halt production of Outlander SUVs at a factory in the state of Illinois, and may sell the site to another automaker.Further details would be announced later, the Nikkei added.The Illinois factory started operations in 1998 and has 1,250 employees, according to the company, which did not confirm the report."Mitsubishi Motors Corporation in the US has always been considering optimising its global production structure including (the Illinois factory)," it said in a statement."However, there has been no decision made regarding it at this moment."Mitsubishi has been hit by a decline in US car sales and the plant manufactured just 60,000 vehicles last year, about half its capacity, public broadcaster NHK reported.The company, which withdrew from production in ...

Kenyan T-bill yields to track overnight rates higher NAIROBI: The yields on Kenya's Treasury bills are expected to rise further, pushed by rising overnight interbank lending rates and the central bank's term auction deposits. The central bank has capped the weighted average yield on its 14-day, 21-day and 28-day term auction deposits - used to manage liquidity in the money markets - at 14 percent. Due to tight shilling liquidity, the average interbank lending rate shot up to 16.3769 percent on Thursday from ...

Air France-KLM announces first half losses, additional cost-cutting PARIS: Air France-KLM said Friday it would add a further 300 million euros ($328.4 million) to a previously announced 1.5-billion-euro cost-cutting programme as it revealed first-half losses of 619 million euros.Despite a five-percent increase in passenger revenue for the first half of 2015, income from cargo plummeted 81 percent, the company said.Tightening competition and the adverse effects of exchange rates also helped drag the airline farther into the red.As a result, Air France-KLM chairman Alexandre ...

UniCredit says working to simplify management structure MILAN: UniCredit is working to simplify its management structure, a spokesman for the Italian bank said on Friday when asked about a possible departure of Managing Director Roberto Nicastro. "The company is considering simplifying its structure in a plan that will be discussed at a board meeting on August 5," the spokesman said. Financial daily Il Sole 24 Ore reported on Friday Nicastro would soon leave UniCredit, possibly headed for BNP Paribas' Italian unit BNL. ...

Russia's Gazprom seeks arbitration against Turkmenistan MOSCOW: Gas giant Gazprom has lodged a case against Turkmenistan's energy firm with an international arbitration court in Stockholm, a source close to the Russian company said on Friday.The move comes two weeks after Turkmenistan's state energy company accused the Russian heavyweight of being "insolvent" and refusing to pay for gas supplied by the tightly-controlled Central Asian country this year.A source close to Gazprom told AFP that the company had turned to Stockholm's arbitration court ...

Nestle replaces India boss after noodle scare MUMBAI: Swiss food group Nestle has replaced the head of its Indian operations as the company battles its worst ever public relations crisis in the country, following a food scare that forced it to withdraw its popular instant noodles. Nestle India said in a statement on Friday that its managing director for India, Etienne Benet, would move to the group's head office in Switzerland. He will be replaced by Suresh Narayanan, a former Nestle India ...

Samsung keeps top spot as smartphone market grows WASHINGTON: Samsung remained the top global smartphone vendor in the second quarter despite slowing sales, while Apple and Chinese manufacturers boosted market share, a survey showed Thursday.The quarterly survey by research firm IDC showed the global market for smartphones grew 11.6 percent from a year ago to 337.2 million units, the second highest quarterly total on record.South Korea's Samsung led the market with a 21.7 percent market share, even though sales dipped from a year ...


Index Closing Chg%
Arrow DJIA 17,689.86 0.03
Arrow Nasdaq 5,128.28 0.01
Arrow S&P 2,103.84 0.23
Arrow FTSE 6,696.28 0.41
Arrow DAX 11,308.99 0.46
Arrow CAC-40 5,082.61 0.72
Arrow Nikkei 20,585.24 0.30
Arrow H.Seng 24,636.28 0.56
Arrow Sensex 28,114.56 1.48

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln