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Shell sells parts of Norwegian downstream business to Finland's ST1 LONDON: Oil major Shell said on Thursday it had sold parts of its Norwegian downstream business to Finnish fuel firm ST1 for an undisclosed sum, further divesting parts of its downstream activities.ST1 will take over Shell's Norwegian retail, commercial fuels and supply and distribution businesses, while Shell's aviation business in Norway will become a 50-50 joint venture with ST1.The deal is expected to close next year, pending regulatory approval.The sale follows Shell's downstream divestments through refinery sales in Britain, Germany, France, Norway and the Czech Republic as the oil major seeks to cut costs in a weak oil price environment.ST1 already operates Shell-branded petrol stations in Finland and Sweden. The deal announced on Thursday includes an agreement to continue operating Shell's Norwegian assets under its brand. Copyright Reuters, 2014 ...

Airbags could have expiry date: Japan auto industry chief TOKYO: Japanese carmakers are mulling the idea of introducing expiration dates for airbags, the head of the country's auto industrial body said Thursday, after millions of cars around the world were recalled."I think the debate may as well occur eventually on whether (airbags) should be replaced after several years," said Fumihiko Ike, chairman of Japan Automobile Manufacturers Association, at a press conference."We have already started the talks unofficially," said Ike, who is also the chairman ...
Brazilian billionaire Diniz buys stake in Carrefour PARIS: French retail giant Carrefour said Thursday it has sold 10 percent of its Brazilian subsidiary to local billionaire Abilio Diniz for 525 million euros ($650 million)."This transaction is a significant first step in the plan ... to bring outside investors into the capital of its Brazilian subsidiary in order to strengthen its local ties and support its growth," Carrefour said in a statement.Diniz was previously in partnership with Carrefour's French rival Casino, with which ...
Volvo Nov truck shipments fall 10pc, lag forecast STOCKHOLM: Global truck maker Volvo posted a 10 percent fall in shipments of its trucks in November, undershooting market expectations, as a slump in both Europe and South America weighed. The mean forecast in a Reuters poll of analysts was for deliveries at the maker of Volvo, Mack, UD Trucks and Renault trucks to fall 6 percent year-on-year. The Swedish group said deliveries fell 31 percent in its biggest market, Europe, while they were down ...
AstraZeneca first-in-class ovarian cancer drug wins EU approval LONDON: AstraZeneca's all-important cancer drug business received a fillip on Thursday as a new medicine against ovarian cancer was approved in Europe, making it the first of its kind to reach the market. AstraZeneca has flagged Lynparza, or olaparib, as a potential $2-billion-a-year seller. The formal approval from the European Commission had been expected after the European Medicines Agency gave the drug a green light in October but the news is still significant given earlier ...
Japan auto lobby sounds alarm over weak domestic sales TOKYO: The head of Japan's auto lobby on Thursday said a "sense of crisis" hung over the industry, with unexpectedly weak domestic sales revealing the failure of government stimulus policies and currency turmoil hitting key export markets.Japan Automobile Manufacturers Association (JAMA) Chairman Fumihiko Ike said an April sales tax hike was only partly to blame for the domestic sales weakness, citing the government's failure to boost consumption. "We are seeing continued weakness in domestic new ...
ABB nominates Peter Voser as chairman to succeed Hubertus von Gruenberg ZURICH: Swiss engineer ABB said on Thursday its board of directors had nominated Peter Voser to succeed Hubertus von Gruenberg as its chairman, who has decided not to stand for re-election at its annual shareholder meeting next year."I am honored to be nominated as chairman of the board and look forward to working with ABB's CEO Ulrich Spiesshofer, his executive team and the board of directors to drive accelerated sustainable value creation through the implementation ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln