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Doubts grow over GlaxoSmithKline's $6bn capital return plan LONDON: GlaxoSmithKline may ditch a plan to return 4 billion pounds ($6.1 billion) to investors, some analysts believe, as the drugmaker prepares to set out its vision for the reshaped group and a new chairman takes the helm. Instead, Britain's biggest drugmaker could use cash flowing in from its far-reaching asset swap deal with Novartis to support its dividend, according to analysts at Goldman Sachs and Berenberg Bank. GSK said last year it intended to return 4 billion pounds to shareholders in 2015 through a so-called B share scheme, following its $20 billion-plus transaction with Novartis, which was finalised two months ago. But with the drugmaker's dividend under pressure following several years of stagnant growth, some believe it might make more sense to cancel the programme."Momentum behind this capital return seems to have stalled," Berenberg analyst Alistair Campbell said in a note on Friday. "With the dividend commitment under pressure, ...

Siemens to keep most underperforming divisions FRANKFURT/MUNICH: German industrial firm Siemens plans to keep most of its 13 underperforming businesses for now and will try to sell a handful of "marginal" operations, a source with direct knowledge of the matter told Reuters. Siemens said late last year it would decide by May what to do with the businesses it has identified as problems and that account for 18 percent of sales, or some 13 billion euros ($15 billion), and no profit. ...
Fujitsu shares plunge on gloomy outlook TOKYO: Fujitsu shares plunged nearly 18 percent on Friday after the sprawling information technology firm warned it would likely report a sharp drop in profit this fiscal year.The Tokyo-listed stock tumbled 17.93 percent to 651 yen, as investors reacted to the profit news, which came after markets closed Thursday.Fujitsu said its annual net profit jumped 24 percent to 140 billion ($1.2 billion) for the just-ended fiscal year, as a weak yen boosted its bottom line.But ...
GM to invest $5.4bn in US plants in next 3 years NEW YORK: General Motors Thursday announced $5.4 billion in new US plant upgrades over the next three years, including in three sites in Michigan, the traditional hub of the US auto industryThe biggest investment outlined is $520 million for a site near Lansing to build tools and equipment for GM's future vehicle programs. The move will retain 1,900 jobs at the site, the company's newest plant in North America, the automaker said.The other two Michigan ...
Dutch KPN sees five-fold jump in profit in Q1 THE HAGUE: Dutch telecoms firm KPN on Thursday reported a five-fold jump in net profit for the first quarter, but warned "challenges" remain for 2015 in the hotly contested local telecommunications market.Net profit rose to 15 million euros ($16.7 million) from 3 million euros year-on-year, the increase mainly due to lower financial costs, the Hague-based KPN said in a statement.Revenue however fell by 3.9 percent to 1.92 billion euros, KPN saying it was "still offset ...
Brazil's Embraer books $58.9mn Q1 loss on tax, weaker real SAO PAULO: Brazilian aircraft manufacturer Embraer on Thursday booked a $58.9 million first quarter net loss on higher tax costs exacerbated by a weakened real, which has lost a fifth of its value against the dollar this year.Embraer, the world's third-largest commercial plane maker behind Boeing and Airbus, made its second quarterly loss in the past three quarters. The firm had posted profits of $112.3 million in Q1 last year.Embraer said the latest figures related ...
IAG airlines group slashes Q1 losses LONDON: British Airways-owner International Airlines Group said Thursday that it slashed its first-quarter losses on increased transatlantic business, cost controls and an ongoing recovery at its Spanish wing Iberia.Losses after tax stood at 26 million euros ($29 million) in the three months to the end of March, IAG said in a results statement. That compared with a much larger loss of 184 million euros a year earlier.The group meanwhile rebounded into an operating profit of ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 30, 2015
Reserves $17.717 bln