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Singtel Q1 net profit up 13pc on strong regional earnings SINGAPORE: Southeast Asian telecom giant Singapore Telecom said Thursday its first-quarter profit rose 13 percent from a year earlier, boosted by a one-time gain from its Indian business and strong earnings from regional associates.Net profit in the three months to June came in at Sg$942 million ($676 million), Singtel said in a filing to the Singapore Exchange, while group revenue rose 1.5 percent to Sg$4.21 billion.Profit at Southeast Asia's biggest telecom operator by revenue was bolstered by a one-off gain of $g$47 million after its Indian associate Bharti Airtel sold mobile tower assets in Africa.Singtel also reported strong contributions from regional telecom firms, in which it has substantial investments, and an eight percent rise in the group's combined mobile subscribers from a year ago to 565 million."This quarter's results reflect the strong execution in our business," group chief executive Chua Sock Koong said in a statement."We are accelerating investments in ...

Nestle first half profit slips on strong Swiss franc ZURICH: Swiss food giant Nestle announced Thursday slightly lower first half profits compared to last year, with the strong Swiss franc and Maggi instant noodles recall in India undercutting robust sales.The maker of Nespresso and KitKat chocolate bars reported profits of 4.1 billion Swiss francs (4.1 billion euros, $4.5 billion) for the first six months of the year, 2.5 percent lower than during the same period in 2014.The dip was attributed largely to the high ...

China's Lenovo to cut over 3,000 jobs as net profit halves HONG KONG: Chinese computer giant Lenovo said Thursday it would cut more than 3,000 jobs as net profit for its first quarter fell by more than 50 percent.The world's biggest personal computer maker also saw revenues miss analysts' forecasts in what chairman and CEO Yuanqing Yang described as the "toughest market environment in recent years".Net profit dropped 51 percent to $105 million for the first three months to June 30 -- which the firm takes ...

Indian court overturns Nestle noodle ban, orders new tests MUMBAI: An Indian court on Thursday overturned a government ban on Nestle's hugely popular Maggi noodles brand, but ordered further tests before the product can go back on sale.Nestle had gone to the court to challenge the nationwide ban ordered by India's food safety watchdog in June after tests by some states found lead levels exceeded statutory limits.The Swiss food giant has always maintained the product is safe to eat, and has continued to sell ...

India seeks $100m in damages from Nestle NEW DELHI: India's government is seeking damages of nearly $100 million from Nestle for "unfair trade practices" after the food safety watchdog banned its hugely popular Maggi noodles brand.The government said Wednesday it has filed a suit with the country's top consumer court for 6,400 million rupees ($98.6 million) in damages from the Indian arm of the Swiss food giant.India's food safety watchdog in June banned Nestle from making or selling noodles in the country ...

German power giant E.ON says profits down in first half FRANKFURT: E.ON, Germany's biggest power supplier, said on Wednesday that first-half profits were hit by falling wholesale electricity prices, lower oil prices and a weak ruble."In line with expectations, at the half-year mark earnings were below the respective prior-year figures," E.ON said in a statement.Underlying or operating profit, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), fell by 13 percent to 4.3 billion euros ($4.8 billion).And underlying net profit slumped 21 percent ...

Australia's Commonwealth Bank posts record $6.6bn profit SYDNEY: Australia's biggest bank, the Commonwealth, on Wednesday reported a five percent rise in full-year net profit to a record Aus$9.063 billion (US$6.62 billion), although results slowed in the second-half.The nation's largest company by market capitalisation said net profit for the year to June 30 rose from Aus$8.63 billion the previous 12 months, broadly matching expectations.Cash profit, the bank's preferred measure of earnings that strips out one-off costs, increased by five percent to Aus$9.137 billion.Shares ...


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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