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Amazon swings to profit for 2013 on sales jump NEW YORK: US tech giant Amazon said Thursday it returned to profit in 2013 on a strong jump in revenue, as it expanded offerings for Kindle tablets and its original television programming.Profit in the fourth quarter rose to $239 million, bringing annual net income to $274 million after a loss of $39 million in 2012.Revenues rose 20 percent in the final three months of the year to $25.59 billion and were up 22 percent at $74.4 billion for the year.Amazon's gains come for a year it boosted its offerings for its "Prime Instant Video" streaming service and launched through its Amazon Studios the original series "Alpha House" and "Betas," ramping up its challenge to services like Netflix.Amazon also revamped its line of Kindle tablets believed to hold a significant share of the global market, even though Amazon itself releases no sales data."It's a good time to be an Amazon ...

Google quarterly profit climbs on ad revenue SAN FRANCISCO: Google on Thursday reported that profit in the closing quarter of last year climbed to $3.38 billion on rising ad revenue."We ended 2013 with another great quarter of momentum and growth," Google chief Larry Page said in the earnings release.Google also declared it would pay a dividend in the form of Class C stock.Google shares rose slightly in after-market trades to $1,141.60, having closed the day up 2.57 percent to $1,135.39 on word ...

Ericsson returns to profits in 2013 amid stagnant sales STOCKHOLM: Swedish telecom equipment maker Ericsson said Thursday it doubled profits in 2013 despite sluggish sales and a weak fourth quarter. The group's net profit rose by 108 percent to 12 billion kronor (1.36 billion euros, $1.84 billion) thanks to a reorientation towards more profitable projects. "Our focus on profitability started to pay off and operating margin for the group gradually improved in 2013, despite significant currency headwind, driven primarily by improvements in Networks and ...

Bank of Cyprus releases $1.3bn of bail-in deposits to clients NICOSIA: Cypriot lender Bank of Cyprus will release 950 million euros ($1.3 billion) in time deposits frozen under a recapitalisation arrangement last year which bailed-in its own depositors, it said on Thursday. It is the first major release of funds since the Cypriot bank seized 47.5 percent of uninsured deposits exceeding 100,000 euros and converted them into equity, giving its clients, including many wealthy Russians, a stake in the bank. Part of the remaining amounts ...

Turkish finance minister says no capital movement restrictions ANKARA: Turkish Finance Minister Mehmet Simsek said on Thursday that the government will not introduce any restrictions on capital movements, adding Turkey would seek to improve the investment environment and continue reforms. Turkey did not plan to change its floating exchange rate system, he said. Speaking to reporters a day after Prime Minister Tayyip Erdogan referred to a possible "out of the ordinary" economic package, Simsek said it was too early to start discussing tax ...

Telekom Austria sees new competition in second half VIENNA: Telekom Austria expects renewed pressure on mobile tariffs in the second half of the year as new players enter the Austrian market, its chief executive said on Thursday. Austria has three network operators - Telekom Austria, Deutsche Telekom's T-Mobile and Hutchison Whampoa's Drei - and a clutch of budget mobile service providers who resell capacity on the other operators' networks. More such so-called mobile virtual network operators (MVNOs) may soon take advantage of rock-bottom ...

Russian central bank pledges to defend rouble against slide MOSCOW: Russia's central bank pledged on Thursday to launch unlimited foreign exchange interventions if the rouble's exchange rate strays outside its target corridor, a response to the worldwide emerging market selloff. In a statement, the central bank said interventions would be "unlimited in volumes until the point when the value of the dual currency basket returns to the operational range". The bank runs a "dirty" float in which it conducts currency interventions when the rouble ...


Index Closing Chg%
Arrow DJIA 16,790.19 0.08
Arrow Nasdaq 4,748.36 0.69
Arrow S&P 1,979.92 0.36
Arrow FTSE 6,326.16 0.43
Arrow DAX 9,902.83 0.90
Arrow CAC-40 4,660.64 0.95
Arrow Nikkei 18,186.10 1.00
Arrow H.Seng 21,831.62 0.10
Arrow Sensex 26,932.88 0.55

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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 $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln