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Bayer plans to list Covestro in fourth quarter FRANKFURT: Bayer's plastics maker Covestro aims to raise about 2.5 billion euros ($2.8 billion) with an initial public offering in the fourth quarter, sources said, leaving its parent to focus on drugs and pesticides. Bayer unveiled plans last year to split off the business, formerly known as Bayer MaterialScience, in a move which has improved its share valuation by removing the discount typically applied to diversified companies.In an "intention to float" notification released on Friday, Bayer said its Covestro offer would consist only of new shares and the proceeds would be used mainly to repay loans to Bayer. Several people familiar with the plans said Bayer was telling investors to expect a share volume worth about 2.5 billion euros, or a quarter of Covestro's targeted equity value of 10 billion euros or more. A spokesman for Bayer, whose stock was down 2.4 percent, declined to comment on the volume.The sources ...

Lufthansa CEO says will ‘comfortably’ achieve 2015 profit target FRANKFURT: Lufthansa is confident it will achieve its profit target this year thanks to strong business in July and August and a turnaround in its short-haul European business, the airline's chief executive told Reuters on Friday. "We are positive that we will comfortably achieve our adjusted EBIT target of more than 1.5 billion euros this year," Carsten Spohr said in an interview at the group's main base in Frankfurt. He said the Germanwings unit, which ...
German industry orders fall in July on weak foreign demand BERLIN: German industrial orders fell more than expected in July on lower foreign demand, pointing to some weakness in the export engine that supported growth in Europe's largest economy in the first half of this year.Contracts for goods fell by 1.4 percent on the month, the Economy Ministry said on Friday, undershooting the Reuters consensus forecast for a 0.6 percent drop. Factories received 5.2 percent fewer bookings from abroad, while domestic orders rose by 4.1 ...
US fines Japan firm $65mn for auto parts price-fixing WASHINGTON: Japanese auto parts supplier NGK Insulators has agreed to plead guilty to a price-fixing conspiracy and pay a $65.3 million criminal fine, US authorities said Thursday.The Justice Department said that NGK Insulators also will plead guilty to obstruction of justice for impeding its investigation, but the company has now agreed to cooperate in the probe.The Nagoya-based NGK Insulators "conspired to rig bids for, and to fix, stabilize and maintain the prices of catalytic converter ...
BASF, Gazprom go ahead with asset swap after all FRANKFURT: German chemicals giant BASF said Friday it has agreed with Russian gas behemoth Gazprom to go ahead with an asset swap which the two had abandoned due to tensions between Russia and the West. "Due to the difficult political environment, BASF and Gazprom had decided not to complete the asset swap planned for the end of the 2014," the German group explained in a statement."We continued our joint ventures in Europe and Russia. We ...
Bayer says Covestro unit to go public in Q4 FRANKFURT: German chemicals and pharmaceuticals giant Bayer said Friday that it plans to float its polymers business Covestro on the stock exchange in the fourth quarter of this year. "Bayer has taken the decision to proceed with an Initial Public Offering (IPO) of Covestro, a world-leading polymers company formerly known as Bayer MaterialScience," the company said in a statement.Covestro would be listed on the regulated market segment of the Frankfurt stock exchange. The offering would ...
McDonald's Japan hit by another food scandal TOKYO: McDonald's in Japan said on Friday it was investigating an incident involving a customer who was injured by plastic shards found inside a drink, the latest in a string of food contamination scandals.The company said it temporarily closed the outlet in Osaka this week, and sent a notice to 95 other restaurants that offer the kind of green tea latte frappe sold to the woman, who said she sustained injuries to her mouth.Dozens of ...


Index Closing Chg%
Arrow DJIA 16,374.76 0.14
Arrow Nasdaq 4,733.50 0.35
Arrow S&P 1,951.13 0.12
Arrow FTSE 6,194.10 1.82
Arrow DAX 10,317.84 2.68
Arrow CAC-40 4,653.79 2.17
Arrow Nikkei 18,182.39 0.48
Arrow H.Seng 20,934.94 1.18
Arrow Sensex 25,764.78 1.22

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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