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Lufthansa outsources IT infrastructure ops to IBM FRANKFURT: German airline Lufthansa said on Wednesday it will outsource its IT infrastructure services to US computer giant IBM to cut costs by 70 million euros ($89 million) annually. "Deutsche Lufthansa today announced that in the course of realigning its IT activities, it will be entering into a long-term IT partnership shortly."According to the terms to be agreed, Lufthansa will outsource all of its IT infrastructure services to IBM," the airline said in a statement.IBM would also take over the Infrastructure division of the current Lufthansa Systems.The outsourcing agreement would run for seven years, and "will enable Lufthansa to benefit from a permanent reduction of IT infrastructure costs by average approximately 70 million euros annually," the statement said. Overall, the deal will result in one-off charges of 240 million euros for Lufthansa which would be reflected in the group's bottom-line profit for 2014.The IT infrastructure operations employ a workforce of ...

Yahoo profit surges on Alibaba divestment, mobile SAN FRANCISCO: Yahoo said Tuesday its quarterly profit surged with its sale of shares in Chinese Internet powerhouse Alibaba, and that it was seeing signs of life in its mobile Internet initiatives.Net profit jumped to $6.8 billion, which included $6.3 billion from its Alibaba shares. But profit was stronger than expected, and pumped up Yahoo shares by 3.1 percent in after-hours trade.Revenue from operations inched up a percent to $1.15 billion, according to third quarter ...
Coke income falls in Q3, hit by slow economies, forex NEW YORK: Soft drinks king Coca-Cola made headway in global volume sales in its third quarter but net earnings fell sharply, hit by slower economic growth and volatile currencies.Coke reported Tuesday a slight fall in total operating revenues around the world to $11.98 billion for the quarter to September 26. Net income however dropped 13.6 percent to $2.12 billion, and earnings per share dropped to 48 cents from 54 cents. Excluding exceptional items, earnings per ...
McDonald's profit slumps, sales fall NEW YORK: McDonald's on Tuesday said profit slumped in the third quarter as global sales fell amid a food-safety scandal in China and intense competition in the United States.Net income plunged 30 percent in the July-September quarter from a year ago to $1.07 billion, the US fast-food restaurant giant said.Earnings per share of $1.09 were well below the Wall Street estimate of $1.37.McDonald's president and chief executive Don Thompson was blunt about the results: "By ...
As China gets tougher on fuel economy, some carmakers may be left behind SHANGHAI/BEIJING: Chinese automakers from state-owned FAW Co to Zhejiang Geely are racing to sell more eco-friendly cars as they try to meet tough fuel economy rules due next year as part of Beijing's battle against pollution.But many of China's smaller indigenous automakers will struggle to make the costly upgrades needed to meet the new rules, which aim to push more efficient energy use and which are expected to be toughened every year through 2020.A technology ...
Singapore Sept industrial output seen little changed on year SINGAPORE: Singapore's industrial production was probably marginally higher in September than a year earlier, a Reuters poll showed on Tuesday, after disappointing export data stirred concern about sluggish global demand.The median estimate in the Reuters survey of 13 economists was for manufacturing output to have risen 0.1 percent in September, after a 4.2 percent increase in August from a year earlier.On a seasonally adjusted month-on-month basis, manufacturing output was seen likely to slip 0.8 percent ...
Samsung's Cheil Industries IPO likely to be worth up to $1.4 billion SEOUL: Cheil Industries Inc, the de facto holding company for Samsung Group, plans for its IPO to be worth between 1.3 trillion won and 1.5 trillion won ($1.2 billion to $1.4 billion), a source with direct knowledge of the matter said on Tuesday.Preliminary plans call for shareholders to sell around 18.74 million shares while 10 million new shares will be issued, and for an indicative price range of 45,000 won to 53,000 won per share, ...


Index Closing Chg%
Arrow DJIA 16,614.81 1.31
Arrow Nasdaq 4,419.48 2.40
Arrow S&P 1,941.28 1.96
Arrow FTSE 6,372.33 1.68
Arrow DAX 8,886.96 1.94
Arrow CAC-40 4,081.24 2.25
Arrow Nikkei 14,804.28 2.03
Arrow H.Seng 23,088.58 0.08
Arrow Sensex 26,575.65 0.55

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln