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Nokia selling mapping service Here to German car makers for 2.8bn euros FRANKFURT: Finnish telecoms group Nokia is selling its mapping service Here to German car makers BMW, Audi and Mercedes-Benz for 2.8 billion euros ($3 billion), it said Monday.The sale "should be concluded in the first quarter of 2016", Nokia said in a statement, claiming that it will bring the company a profit of 2.5 billion euros. The three German car makers said in a separate statement that they will hold equal shares in Here.Here -- a direct competitor to Google Maps -- was bought by Nokia from the US tech company Navteq for $8.1 billion in 2008.Although much less well known to the general public than its rival, Here has a solid list of industrial and Internet clients.The sale, which will have to be approved by competition authorities, will keep it as an "open, independent and creative platform", the car makers added.The controversial taxi app Uber told the New York ...

Apple pushed down to 3rd in China smartphones for Q2 SHANGHAI: Two Chinese smartphone makers pushed US technology giant Apple into third place in the world's biggest market in the second quarter, an independent analyst firm said Monday.Upstart Xiaomi, known for delivering high-performance products at cheap prices, was the largest smartphone vendor in China based on shipments with a 15.9 percent market share in the April-June period, Canalys said in a press release.Telecom equipment maker Huawei was close behind at 15.7 percent, it said, followed ...
Heineken profits rocket by 81pcsays brewer THE HAGUE: Dutch brewer Heineken said Monday its first quarter profits had almost doubled, with net earnings rising by 81 percent to 1.14 billion euros.The big rise in profits was driven by higher sales and a big tax gain on the sale of its Mexican packaging arm.Copyright AFP (Agence France-Presse), 2015 ...
BMW CEO hints there is space for more electric models VIENNA: The chief executive of BMW hinted in a German paper that there was potential for another of its "i" electric car models."Between the i3 and the i8, there is space if you look at it from the number point of view," Harald Krueger told Frankfurter Allgemeine Sonntagszeitung, when asked if he was planning new models.He added that he could not give any more details at present.Krueger also said BMW was in regular contact with ...
India court concludes hearing Maggi noodles case MUMBAI: An Indian court has concluded hearing a case filed by Nestle India challenging a local regulator's report that Maggi instant noodles contained excess lead, a lawyer for the company said.The Bombay High Court will give a judgement at a later date, Rajesh Batra said in a statement late on Friday.Nestle has been at the centre of India's worst food scare in a decade after a regulator in the northern state of Uttar Pradesh in ...
Facebook hackathon gives Super Mario millennial touch MENLO PARK: Amanda Maler wasn't even born yet when Nintendo's beloved Super Mario made his debut 30 years ago.But, the playfully heroic video game character became fodder for fierce rivalry between Maler and her brother as children and she pounced on a chance to create a Facebook-infused level during a two-day hackathon at the social network's headquarters in the Silicon Valley city of Menlo Park.Maler and fellow 20-somethings named their team "Move Fast and Brick ...
Japan's Sharp to exit Americas TV market after deep Q1 loss TOKYO: Sharp Corp on Friday said it would exit the TV set business in the Americas and consider more steps to shore up its finances, after reporting a deeper-than-expected quarterly loss on weak sales of smartphone displays. The Japanese electronics maker said it would sell its TV manufacturing plant in Mexico and license its brand in the Americas to China's Hisense Group. In a separate statement, Hisense said it would pay $23.7 million for the ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln