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Drugs giant GSK logs slump in quarterly profit LONDON: British drugmaker GlaxoSmithKline on Wednesday posted slumping quarterly earnings, hit partly by lower profit margins for vaccines acquired under an asset swap deal with Swiss peer Novartis.Earnings after taxation tumbled 77 percent to £149 million ($232 million, 210 million euros) in the three months to June, compared with a year earlier, GSK said in a results statement. Turnover grew seven percent to £5.89 billion.Adjusted operating profit meanwhile slid four percent to £1.349 billion in the reporting period.The group said its performance reflected "the disposal of GSK's higher margin oncology business and the acquisition of lower margin vaccines and consumer healthcare businesses from Novartis".GSK sold its oncology business to Novartis last year for $16 billion, while buying the Swiss group's vaccines division in return, in a deal that completed in the first quarter. The pair also formed a joint venture for consumer health products."This is our first full quarter of ...

Kuwait's Zain telecom Q2 profit dives over Arab unrest KUWAIT CITY: Kuwait telecom giant Zain's net profit in the second quarter slumped 34 percent as its businesses were hit by unrest in some Arab countries, the company said on Wednesday.Zain said it posted a net profit of 39 million dinars ($129 million) in the April-June period from 59.1 million dinars ($196 million) a year ago.Overall net profit of Kuwait's largest mobile operator in the first six months also dropped by 30 percent to 80 ...
Peugeot returns to profit in first half PARIS: French automaker Peugeot on Wednesday announced a return to profitability in the first half of the year with a net profit of 571 million euros ($630 million), sending its share price soaring.PSA Peugeot Citroen shares were up 5.54 percent to 18.77 euros in generally flat mid-afternoon trading on France's CAC 40.The group had posted a 114 million euro loss in the first half of 2014.Analysts at Morgan Stanley called the group's first positive semester ...
Singapore Airlines says Q1 net profit more than doubles SINGAPORE: Singapore Airlines (SIA) said Wednesday its first quarter net profit more than doubled from a year earlier as fuel expenses fell due to lower oil prices.Net profit for the three months to June came in at Sg$91.2 million ($67 million), up 162 percent from Sg$34.8 million in the same period last year, the airline said in a filing to the Singapore Exchange.Revenue rose 1.4 percent to Sg$3.73 billion, but the carrier warned of challenges ...
Yahoo unveils silent video chat app NEW YORK: Yahoo on Wednesday unveiled a new mobile application allowing users to exchange live video, text and emoticons, without audio."We wanted to find that new and expressive way of communicating," Yahoo senior vice president Adam Cahan said at a New York media event for the app called Livetext.Cahan said the Yahoo team chose to focus on video without audio to encourage people to use the app in a variety of situations."We wanted to make ...
Toshiba cuts executives' pay over $1.2bn accounting scandal TOKYO: Toshiba said Wednesday that 16 executives would take temporary pay cuts while another resigned in the wake of a billion dollar accounting scandal that has been blamed on management's overzealous pursuit of profit.The company's new president Masashi Muromachi was taking the biggest hit -- agreeing to give up 90 percent of his pay for an unspecified period -- while other executives would take home between 20 and 60 percent less.Temporary salary cuts are common ...
VW Q2 profit grows on Europe, cost cuts BERLIN: Volkswagen posted higher quarterly profit on a strengthening European autos recovery and cost cuts but lowered its sales guidance as demand in China slows. Operating profit at Europe's largest carmaker rose to 3.49 billion euros ($3.85 billion), VW said, in line with the average estimate of 3.48 billion in a Reuters poll of analysts.Full-year deliveries may be flat on last year's record 10.1 million sales, VW said on Wednesday, after previously guiding for a ...

 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln