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ABB sells Full Service business to Nordic Capital ZURICH: Swiss engineering company ABB said on Wednesday it had agreed to sell its Full Service business unit to private equity company Nordic Capital for an undisclosed amount, the latest in a string of divestments of its non-core operations. ABB, which is pruning its portfolio under new chief executive Ulrich Spiesshofer, said it expects the sale to close in the fourth quarter, subject to regulatory approval. "With the agreed sale of our Full Service activities we now have found a new home for five businesses in eleven months that have no substantial synergies with the rest of our portfolio, raising about $1 billion," Spiesshofer said in a statement. ABB's Full Service business unit provides fully outsourced industrial maintenance services. Copyright Reuters, 2014 ...

ZTE posts record first-half profit on China's 4G growth HONG KONG: Chinese telecom equipment maker ZTE Corp on Wednesday posted a record first-half net profit thanks to improving margins in its global business and revenue from new contracts to build China's next-generation telecom network. The Shenzhen-based company said its first-half net profit rose 263 percent year-on-year to 1.13 billion yuan ($184 million), up from 310 million yuan a year earlier. The result was in line with a preliminary first-half net profit of 1 billion ...
Novartis licences drugs to non-profit TB group GENEVA: Swiss-based pharmaceuticals giant Novartis said Wednesday that it had signed a licensing deal with an international organisation that fights tuberculosis.In a statement, the group said that the exclusive worldwide licensing agreement with the Global Alliance for TB Drug Development covered compounds discovered at the Novartis Institutes for Tropical Diseases.All told, TB claimed 1.3 million lives worldwide last year, making it the deadliest disease after AIDS to be caused by a single infectious agent, according ...
Nokia's navigation unit head to step down HELSINKI: Nokia on Wednesday said Michael Halbherr, the head of the Finnish company's navigation unit HERE, will leave the company to pursue his own entrepreneurial interests. Nokia said Cliff Fox from inside the unit would take the role of acting head until a permanent leader was found. Nokia in April sold its once-dominant handset business to Microsoft, leaving it with its core network equipment business, HERE and the technology division, which includes patents. Copyright Reuters, ...
China fines Japanese auto parts firms $200mn for monopoly SHANGHAI: China has fined 10 Japanese auto parts firms more than $200 million for price-fixing, authorities said Wednesday, in what state media called the biggest-ever penalty for violating the anti-monopoly law.The companies were found to have implemented monopoly pricing agreements for more than 10 years, the National Development and Reform Commission (NDRC) regulator said in a statement.It fined them a total of 1.24 billion yuan ($201 million), in what state broadcaster CCTV said was the ...
New Zealand's Fletcher posts modest annual net profit WELLINGTON: New Zealand's largest listed company Fletcher Building posted a four percent rise in annual net profit Wednesday as a strong performance in its home market offset weakness in Australia.The Auckland-based entity said net profit for the 12 months to the end of June was NZ$339 million (NZ$286 million), up from NZ$326 million in the previous year.Chief executive Mark Adamson said the strong New Zealand dollar weighed on the result, which was slightly below market ...
BHP shares slump in Australia after demerger plans SYDNEY: Investors in Australia Wednesday gave the thumbs down to BHP Billiton's annual profit result and plans to spin off parts of its business, with its shares slumping more than four percent at the open.The sell-off followed a similar scenario in London, where the firm is also listed, after the world's biggest miner reported weaker-than-expected underlying earnings of US$13.4 billion and a net profit of US$13.8 billion.It also outlined a proposal to create a new ...


Index Closing Chg%
Arrow DJIA 16,919.59 0.48
Arrow Nasdaq 4,527.52 0.43
Arrow S&P 1,981.60 0.50
Arrow FTSE 6,779.31 0.56
Arrow DAX 9,334.28 0.96
Arrow CAC-40 4,254.45 0.56
Arrow Nikkei 15,449.79 0.83
Arrow H.Seng 25,122.95 0.67
Arrow Sensex 26,420.67 0.11

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln