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Canon raises profit forecast on weak yen TOKYO: Japan's Canon on Monday boosted its full-year profit forecast, saying that a weak yen was offsetting tepid demand for its digital cameras and printers.The firm now expects a net profit of 250 billion yen ($2.3 billion) this year, up from an earlier 240 billion yen forecast, on slightly lower sales of 3.74 trillion yen. Also Monday, Canon booked a 12.3 percent rise in net profit to 186.7 billion in the nine months through September, while operating profit rose 8.7 percent to 265.0 billion yen.Sales slipped 1.1 percent from a year ago to 2.67 trillion yen, it said."Corporate demand for multifunction printers will likely continue growing at a moderate pace," Canon said in a statement."While sales of SLR (single-lens reflex) cameras in Europe and Japan may remain subdued, demand in the United States and China are expected to recover," it added.Since late 2012, the yen has dropped from around 80 ...

Bank of China to win approval for yuan clearing in Australia -sources BEIJING/HONG KONG: Bank of China Ltd's Sydney branch is set to win regulatory approval to begin clearing trades in Chinese yuan, according to sources with direct knowledge of the issue, paving the way for Australia to become an offshore hub for the Chinese currency.The sources said China's central bank will award the mandate to Bank of China, the country's fourth-largest bank by market capitalisation and the world's biggest player in cross-border yuan transactions.Yuan clearing banks ...

UAE's Union National Bank Q3 profit rises 22pc, beats estimates DUBAI: Union National Bank (UNB), Abu Dhabi's fifth-largest listed lender by assets, reported a 22 percent rise in third-quarter net profit on Monday, beating analyst estimates.The bank made a net profit of 552 million dirhams ($150.3 million) in the three months to Sept. 30, up from 454 million dirhams in the corresponding period of last year, it said in a bourse filing.Five analysts polled by Reuters on average forecast UNB would make a quarterly profit ...

ECB faces test of its own as Europe braces for landmark banking review FRANKFURT: After putting the euro zone's top 130 banks through their paces, the European Central Bank will face a test of its own on Sunday - will its landmark health check succeed in convincing investors the region's lenders are safe?The ECB will announce the names of 25 banks that held too little capital at the end of last year, along with details of around 10 banks that have not yet made up the shortfall. The ...

Panasonic says to transfer Sanyo TV unit in US to Funai Electric TOKYO: Panasonic Corp said it is transferring its Sanyo television unit in the U.S., which supplies sets to Wal-Mart Stores, to Funai Electric Co. of Japan in return for annual royalty payments.The move allows Panasonic to exit an unprofitable business.The transfer of the unit will likely be completed before the end of March, a spokesman for Panasonic said on Sunday, after the Nihon Keizai newspaper reported it would sell the business to Funai Electric.Shedding the ...

Kenya's East African Portland Cement full-year earnings drop NAIROBI: Kenya's East African Portland Cement posted a net loss of 386 million shillings ($4.32 million) for the year ended June 30, saying it had been hurt by price competition, high staff costs and the weakening shilling.A year ago, Kenya's No. 3 cement producer posted a net profit of 1.7 billion shillings The company will not pay a dividend this year, it said in its results, posted late on Friday.Earnings per share tumbled to -4.30 ...

Deutsche Bank lawyer found dead in apparent NY suicide: WSJ BERLIN: Calogero Gambino, a senior Deutsche Bank regulatory lawyer, has been found dead in New York in what appears to have been a suicide, the Wall Street Journal reported on Saturday, citing New York City officials and other sources.The 41-year-old man was found early on Oct. 20 hanging by the neck from a stairway banister, the newspaper said.Gambino, an associate general counsel and a managing director who worked for the German bank for 11 years, ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln