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GM profit skids on recall costs NEW YORK: General Motors on Thursday posted a sharp drop in second-quarter profit as the automaker took heavy charges for massive recalls and a compensation fund for victims of faulty ignition switches.GM net profit dived 85 percent from a year ago to $190 million, well below analyst expectations.Adjusted earnings per share of 58 cents came in a penny below estimates.The largest US automaker took a pre-tax net loss from special items of $1.3 billion, and a $1.2 billion charge mainly for recall-related repairs of vehicles.It took a special charge of $400 million for the ignition-switch compensation program."There is no cap on this program, but this charge is the company's best estimate of the amounts that may be paid to claimants," GM said in a statement.Due to the unlimited cap, it estimated the total cost of the program could increase by $200 million.The Detroit-based company said it was estimating future recall ...

Microsoft Devices Group expands affordable smartphone portfolio with the Nokia X2 KARACHI: Microsoft Devices Pakistan unveiled the Nokia X2, the newest addition to the expanding Nokia X family of affordable Smartphones designed to introduce the “next billion” people to the mobile Internet and cloud services. The Nokia X2 represents the rapid evolution of the Nokia X family, delivering an enhanced experience across apps, hardware and the user interface. The Nokia X2 offers stunning design, a more visually striking Fastlane, more Microsoft services, and upgraded specifications including ...
Nokia's fortunes brighten on heavy network spending HELSINKI: Nokia surprised investors with strong quarterly earnings and raised its full-year profit margin forecast as network operators install more powerful systems to cope with surging mobile data traffic.The Finnish company sold its once-dominant phone business to Microsoft in April, leaving it more reliant on a mobile network equipment business that shrank by 8 percent in the April-to-June quarter.Much of the decline was due to foreign currency fluctuations and divestments and Nokia said it expected ...
Nokia reports renaissance, shares jump PARIS: Finnish telecom equipment group Nokia jumped back into profit in the second quarter, it reported on Thursday, boosted by restructuring after it lost its leading position in handsets and sold its phone division to Microsoft.The group reported a net profit for the quarter of 2.51 billion euros ($3.38 billion), from a loss of 226 million euros at the same time last year, and surprising the market with an unexpectedly rapid recovery based on network ...
Posco Q2 profit jumps 102.6pc SEOUL: South Korea's Posco, the world's fifth largest steelmaker, said Thursday its second-quarter net profit doubled from a year ago, with a strong won cutting the value of its dollar-dominated debts. The steel giant posted a net profit of 487.2 billion won ($473 million) in the April-June period, up 102.6 percent from 241 billion won a year ago.But operating profit shrank seven percent on-year to 839.1 billion won, as the strong Korean currency also blunted ...
BASF says oil, gas business drives profits in Q2 FRANKFURT: BASF, the world's biggest chemicals maker, said on Thursday that profits rose in the second quarter, driven by its oil and gas business.BASF said in a statement that its bottom-line net profit climbed by 12 percent to 1.299 billion euros ($1.7 billion) in the period from April to June.Underlying or operating profit grew by 13.9 percent to 2.019 billion euros on a 0.6-percent increase in sales to 18.455 billion euros."BASF's business developed positively in ...
UK car production boosted by new models in first half of 2014 LONDON: British car production showed annual growth of more than 3 percent in the first six months of 2014 thanks to new models and further expansion is expected, an automotive industry body said on Thursday.Car production in June was up 3.7 percent on the year to just over 136,000.This took the total number of cars built so far in 2014 to more than 790,000, or 3.5 percent more than in the same period in 2013.Among ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln