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Fuel firm Total Kenya say H1 pretax profit dips 5pc NAIROBI: Oil marketer Total Kenya said its first-half pretax profit dropped by 5 percent due to inflation and volatility in international oil prices.The group, part of French oil major Total, posted an 891.7 million shilling ($8.6 million) pretax profit in the six months to June 30, against 1 billion shillings in the same period in 2014.The company's turnover fell to 64 billion shillings from 90.4 billion shillings the previous year, due to lower sales volumes. Managing Director Ada Eze said the economic environment was challenging due to volatile petrol prices and the shilling's depreciation against the dollar."However, the board is optimistic that with the planned investments and strategies in place, the performance for the second half of the year shall remain positive," Eze said in a statement late on Wednesday.Eze said the company invested 517 million shillings towards the improvement of its operations, compared to 500 million shillings over a ...

Toshiba to tap Shiseido adviser as new head of board TOKYO: Toshiba Corp is set to pick Shiseido Co adviser Shinzo Maeda to head its new board to improve corporate governance in the wake of a massive accounting scandal, two people familiar with the plan said on Thursday.The Japanese conglomerate on Aug. 18 proposed a fresh 11-member board with seven external directors, including Maeda, and left vacant the chairman post, previously held by President Masashi Muromachi. At an extraordinary shareholders' meeting scheduled next month, Toshiba ...
China energy giants' H1 profits fall on low oil prices SHANGHAI: Two of China's biggest energy companies, Sinopec and CNOOC, saw their first half net profits slump as low international oil prices and a weak global economy hit the bottom line, they said.Refiner Sinopec's net profit for the first six months slumped 22.3 percent to 24.43 billion yuan ($3.81 billion), it said late Wednesday in a statement to the Hong Kong stock exchange, where it is listed."In the first half of 2015, the global economic ...
VW July sales suffer on China, lack of new products FRANKFURT: VW brand sales in China dropped 12.9 percent in July, exacerbated by a lack of new products and leading to a 3.7 percent slide in Volkswagen Group sales, analysts estimate. Caught up in a broader economic slowdown, demand for cars in China has suffered, leaving carmakers like Volkswagen exposed. Last month, the China Association of Automobile Manufacturers (CAAM) cut its 2015 forecast for sales growth to a meagre 3 percent from 7 percent. "In ...
China's ZTE H1 profit jumps 43pc on domestic 4G network growth HONG KONG: Chinese telecom equipment maker ZTE Corp on Wednesday posted a 43 percent rise in first-half net profit as 4G growth in China and improving margins in its global equipment business offset weaker smartphone sales at home. Profit reached 1.6 billion yuan ($249 million) in January-June, matching a preliminary estimate released in July, the firm said in a statement. Revenue rose 30 percent in its mainstay telecoms equipment arm and fell 4.3 percent its ...
ThyssenKrupp raises stake in Chinese elevator JV FRANKFURT: German industrial group ThyssenKrupp has raised its stake in its Chinese elevator joint venture Marohn to 51 percent from 25 percent, it said on Wednesday. China, by far the world's biggest market for elevators and escalators, accounts for 16 percent of ThyssenKrupp Elevator's sales, or about 1 billion euros ($1.15 billion) last year. The Shanghai-based joint venture, in future to be called "Marohn ThyssenKrupp Elevator Co. Ltd", had sales of 85 million euros last ...
Vodafone, Avea, Turkcell offer highest bids in Turkey's 4G tender ANKARA: Britain's Vodafone and Turkish firms Avea and Turkcell were the highest bidders in tenders for Turkey's fourth-generation (4G) network, the tender commission chairman said on Wednesday. The 800 Mhz bandwidth to be used for the 4G network has been divided into packages, to be divided up broadly equally between the operators. Vodafone offered the highest bid of 390 million euros ($447.17 million) for the A1 package and Avea the highest with the same amount ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln