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Nokia agrees on ‘Shanghai Bell’ joint venture with China Huaxin HELSINKI: Finnish telecom equipment maker Nokia said it had agreed to create a Chinese joint venture with Huaxin in a move that could pave the way for China's approval for Nokia's proposed takeover of Alcatel-Lucent . The joint venture, to be named Nokia Shanghai Bell, will be built upon a similar, long-time joint venture between France's Alcatel-Lucent and China Huaxin, which is a state-owned Chinese investment company. According to a memorandum of understanding, Nokia said it expects to hold 50 percent plus one share in the new joint venture, with Huaxin holding the remaining shares. China is the last major jurisdiction still to approve Nokia's 15.6 billion euro ($17.6 billion) takeover of Alcatel. "With this MoU now in place, we will work closely with our new partners to make the case for swift approval of the proposed combination," Nokia CEO Rajeev Suri said in a statement. Nordea analyst Sami Sarkamies ...

Air China reports leap in H1 profit on lower fuel costs SHANGHAI: Air China, the country's flag carrier, said its net profit surged more than 720 percent year-on-year in the first half of 2015, supported by lower fuel prices.The company made net profits of 4.19 billion yuan ($655 million) in the first half, up strongly from 510.37 million yuan in the same period last year, it said a statement filed to the Hong Kong stock exchange late Thursday."The global aviation industry was generally healthy with sustained ...
Boeing gets $1.49bn order to build 13 surveillance planes NEW YORK: Boeing has won a $1.49 billion contract to build 13 additional P-8A maritime surveillance aircraft, and provide parts for 20 other aircraft of the same type.The Defense Department said Thursday that nine planes were being built for the US Navy, while the four others were designed for the Royal Australian Air Force.The parts were being used for the manufacturer of 16 more P-8A planes for the US Navy and four other Australian aircraft.The ...
Fuel firm Total Kenya say H1 pretax profit dips 5pc NAIROBI: Oil marketer Total Kenya said its first-half pretax profit dropped by 5 percent due to inflation and volatility in international oil prices.The group, part of French oil major Total, posted an 891.7 million shilling ($8.6 million) pretax profit in the six months to June 30, against 1 billion shillings in the same period in 2014.The company's turnover fell to 64 billion shillings from 90.4 billion shillings the previous year, due to lower sales volumes. ...
Toshiba to tap Shiseido adviser as new head of board TOKYO: Toshiba Corp is set to pick Shiseido Co adviser Shinzo Maeda to head its new board to improve corporate governance in the wake of a massive accounting scandal, two people familiar with the plan said on Thursday.The Japanese conglomerate on Aug. 18 proposed a fresh 11-member board with seven external directors, including Maeda, and left vacant the chairman post, previously held by President Masashi Muromachi. At an extraordinary shareholders' meeting scheduled next month, Toshiba ...
China energy giants' H1 profits fall on low oil prices SHANGHAI: Two of China's biggest energy companies, Sinopec and CNOOC, saw their first half net profits slump as low international oil prices and a weak global economy hit the bottom line, they said.Refiner Sinopec's net profit for the first six months slumped 22.3 percent to 24.43 billion yuan ($3.81 billion), it said late Wednesday in a statement to the Hong Kong stock exchange, where it is listed."In the first half of 2015, the global economic ...
VW July sales suffer on China, lack of new products FRANKFURT: VW brand sales in China dropped 12.9 percent in July, exacerbated by a lack of new products and leading to a 3.7 percent slide in Volkswagen Group sales, analysts estimate. Caught up in a broader economic slowdown, demand for cars in China has suffered, leaving carmakers like Volkswagen exposed. Last month, the China Association of Automobile Manufacturers (CAAM) cut its 2015 forecast for sales growth to a meagre 3 percent from 7 percent. "In ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln