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Virgin Australia annual net loss triples SYDNEY: Virgin Australia on Friday posted an annual net loss of Aus$355.6 million (US$332 million) as intense competition led by Qantas, weak consumer sentiment and high taxes hurt its bottom line.The country's second largest carrier also announced the sale of a 35 percent stake in its frequent flyer programme to private equity firm Affinity Equity Partners, boosting its cash balance by Aus$336 million.The result was more than triple the Aus$98.1 million loss it reported in the 12 months to June 30 the previous year, and follows huge annual losses by Qantas on Thursday.Virgin's underlying loss -- its preferred measure of financial performance, which excludes one-off costs and write downs -- was Aus$211.7 million.The carrier, which is majority owned by Singapore Airlines, Air New Zealand and Etihad, blamed excess market capacity, weak consumer sentiment, economic uncertainty and Aus$51.6 million in carbon tax costs for the poor numbers."The 2014 financial year has ...

Tesco slashes dividend and profit forecast as trading slumps LONDON: Britain's Tesco slashed its interim dividend by 75 percent on Friday, after tough operating conditions forced it to cut its trading profit outlook for the year.Tesco, which issued a profit warning in July as it announced the departure of its chief executive, said its new head Dave Lewis would now start on September 1, one month earlier than expected. He will review all aspects of the business.The group said it had revised its outlook ...
Germanwings pilots start strike as Lufthansa row rumbles on BERLIN: Pilots at Lufthansa's Germanwings started a six-hour strike on Friday, disrupting the travel plans of thousands of people returning from summer holidays; apply pressure on Lufthansa management in their dispute over a pension scheme.Low-cost carrier Germanwings, which mostly operates short-haul flights from airports outside of Lufthansa's main Frankfurt and Munich hubs, said it was cancelling 116 flights, affecting 15,000 passengers.The cancellations are equivalent to 70 percent of its scheduled flights for the strike period, ...
S&P cuts Fonterra rating after China tie-up plan SYDNEY/WELLINGTON: Credit ratings agency Standard and Poor's on Friday cut its long-term rating on dairy co-operative Fonterra , citing risks involved with the company's plans to take a stake in a Chinese baby food and formula maker.S&P cut its rating on the world's largest dairy exporter to A from A+, and affirmed the A-1 short-term rating. The outlook on the long-term rating is stable.S&P also lowered the rating on Fonterra's subordinated notes to A- from ...
Fiat does not expect exit-right cap to be breached MILAN: Italy's Fiat said on Friday that it did not expect the number of shareholders taking up an offer by the car maker to buy their shares at a set price ahead of a planned merger with Chrysler to be such that a 500 million euro cap would be exceeded.The merger would have been at risk if the cap on the amount of money that Fiat had earmarked for the buy-out had been breached. Fiat ...
German retail sales fall in July FRANKFURT: German retail sales, a closely watched measure of household confidence, fell in July, official data showed on Monday. German retailers' sales dropped by 1.4 percent in July compared with June, the federal statistics office Destatis said in a statement.It was the steepest drop since January 2012 and deeper than analysts' expectations.Retail sales had increased by 1.0 percent the previous month.On a 12-month basis, however, business increased by 0.7 percent in July compared with the ...
Google tests using drones to deliver goods SAN FRANCISCO: Google on Thursday said it is testing using drones to deliver items bought online, putting its own spin on similar efforts by Internet retail titan Amazon.com.Two years of research into what Google referred to as "Project Wing" was capped this month with test flights delivering candy, water, medicine, dog treats and other items to two farmers in Queensland, Australia."Self-flying vehicles could open up entirely new approaches to moving goods," California-based Google said in ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln