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Turkish Airlines says its flights to avoid Ukrainian airspace ISTANBUL: Turkish Airlines said on Thursday all of its flights would avoid Ukrainian airspace after a Malaysian airliner crashed in the east of the country."After the incident we have decided to avoid Ukrainian airspace," a Turkish Airlines spokesman said.Copyright Reuters, 2014

Google profit up as chief business officer steps out SAN FRANCISCO: Google reported Thursday that its quarterly profit rose with a jump in revenue and released word that its chief business officer was leaving the company.High-profile executive Nikesh Aurora took a moment on the earnings call to thank Google for a "phenomenal" 10 years and said he looked forward to "cheering them on from the sideline."Arora will be replaced in the interim by Omid Kordestani, a business founder who led Google's sales teams.Google chief ...

Japan's Fujitsu to withdraw from chip business: report TOKYO: Japan's Fujitsu plans to pull out of the semiconductor business and sell a pair of chip-manufacturing factories to Taiwanese and US firms over the new few years, a report said Friday.The move is the last major step in a wide-ranging corporate overhaul for the electronics and IT services giant, the leading Nikkei business daily reported.It will sell one plant in western Japan to Taiwan's United Microelectronics, and is considering the sale of another in ...

FedEx indicted for shipping illegal online pharmacy meds WASHINGTON: The US Justice Department announced Thursday that package-delivery giant FedEx has been indicted for allegedly facilitating the distribution of controlled substances and prescription drugs sold by illegal online pharmacies.A federal grand jury in San Francisco indicted the company for having "knowingly and intentionally conspired to distribute" the substances from unauthorized pharmacies, the Justice Department said.US authorities had warned FedEx of the illegal activities of some online pharmacies which were not authorized to market products ...

Mothercare needs investment for modernising infrastructure LONDON: The new boss of British mother and baby products retailer Mothercare, the subject of bid interest from US group Destination Maternity, said the company operates in an outdated way in its key home market and requires investment. Mothercare operates in 60 countries but has been hit hard by cut-price competition from supermarket groups and online retailers in its domestic market, where it does not expect to make a profit until 2016 or 2017. ...

Hyundai Motor Group says interested in buying $2.9bn Seoul land plot SEOUL: Hyundai Motor Group on Thursday expressed interest in buying the site of Korea Electric Power's Seoul headquarters, which real estate analysts said could fetch at least 3 trillion won ($2.91 billion).The Korea Economic Daily also said Samsung Group could be interested in the site, the last large piece of land available for development in Seoul's wealthy Gangnam district.A Samsung Group spokesman declined comment. A spokesman for state-run utility Korea Electric Power (KEPCO) said no ...

SAP sees edge in cloud security, raises sales forecast FRANKFURT: German business software maker SAP raised its sales forecast for web-based software on Thursday, saying competitors were unable to match the security of its cloud computing systems.Cloud computing allows businesses to cut costs by ditching bulky servers for network-based systems using remote data centres run by technology companies.The company said it expected revenue from cloud subscriptions and support of between 1 billion and 1.05 billion euros in constant currency terms this year, up from ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln