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Cost cuts pay off for Volvo with surprise profit rise STOCKHOLM: Global truck maker Volvo posted a surprise rise in core quarterly profit on Friday as deep cost cuts more than made up for lacklustre demand in some major markets, sending its shares up 10 percent. The group, which vies for market leadership with Germany's Daimler and Volkswagen's Scania and MAN brands, said it would take out more costs to boost profitability that has often lagged its rivals."I see this quarter as a small but very solid step in the journey to create a profitability for the Volvo group that is among the best in the industry," said CEO Olof Persson, who has led efforts to improve performance over the past two years. Volvo, Sweden's biggest company by sales and top private sector employer, said third quarter operating profit excluding restructuring charges rose to 2.91 billion crowns ($401 million) from a year-ago 2.50 billion. That easily beat a mean forecast ...

Tesco sales fell 5.2pc in 12 weeks to Oct 11 LONDON: Sales at troubled British grocer Tesco fell 5.2 percent year-on-year in the 12 weeks to Oct. 11, according to monthly industry data published on Friday. The data from market researcher Nielsen said Tesco's market share was 27.8 percent in the period, down from 29.2 percent in the same period last year. The Nielsen data showed a greater slowdown for Tesco than the 3.6 percent decline reported by Kantar Worldpanel on Tuesday. On Thursday Tesco ...
AstraZeneca cancer drug pipeline gets boost from European green light LONDON: AstraZeneca's cancer drug pipeline received a boost on Friday, as European regulators recommended approval of an experimental medicine against ovarian cancer. The green light from the European Medicines Agency (EMA) for olaparib, or Lynparza, is welcome news since the product hit a road bump in June when a US panel voted against its accelerated approval. AstraZeneca has flagged the medicine as a potential $2 billion-a-year seller. Olaparib blocks an enzyme involved in cell repair ...
Ford's lower profit beats estimates; sales down on F-150 launch DETROIT: Ford Motor Co's third-quarter earnings fell 34 percent but beat Wall Street expectations on a strong showing in North America even as revenue fell due to the cost of introducing the F-150 pickup truck. Ford's launch of its aluminum-bodied F-150 is on track, the company said on Friday.A 3 percent drop in third-quarter revenue to $34.9 billion is largely linked to the planned shutdown of the F-150 plant in Dearborn, Michigan. Excluding one-time items, ...
'Cloud' lifts Microsoft earnings above expectations SAN FRANCISCO: Microsoft on Thursday reported quarterly profits ahead of most expectations, as revenues got a boost from its Xbox consoles and Internet "cloud" services for enterprises.Net profit in the quarter dipped to $4.5 billion from $5.2 billion in the same period a year ago, but topped most analyst forecasts.Revenue rose above $23 billion, its best ever for the fiscal first quarter.The better-than-expected resulted pushed shares of the US technology titan up 3.8 percent to ...
Qantas expects to report pre-tax first-quarter profit: CEO SYDNEY: Qantas' chief executive Alan Joyce Friday said the Australian carrier expects to post a pre-tax profit in the three months to September following a record net loss, and was on track to complete its major cost-cutting programme.Speaking at the airline's annual meeting in Melbourne Joyce said preliminary figures showed Qantas had made an underlying profit before tax for the first-quarter of the 2015 financial year."In four months we expect to deliver a first half-profit ...
South Korea's Kia posts sharp Q3 profit decline SEOUL: South Korea's number two automaker, Kia Motors, reported Friday a 27.2 percent on-year plunge in net profit for the third quarter, as a stronger won offset rising sales.Net profit for the July-September period stood at 657 billion won ($620 million), compared to 903 billion won in the same quarter last year.Operating profit was also down 18.6 percent at 567 billion won.A no-discount policy based on the popularity of Kia's new models abroad and efficient ...


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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 23, 2014
Reserves $13.465 bln