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South Korea court rules in favour of Samsung subsidiaries merger SEOUL: A South Korean court on Wednesday ruled in favour of the proposed merger of two Samsung Group subsidiaries, rejecting a US hedge fund's request for a court order to stop the move.US hedge fund Elliott had asked for a court injunction to stop Cheil Industries acquiring Samsung C&T Corp through an all-stock deal, a move seen as an effort by Samsung's founding Lee family to boost control over the conglomerate ahead of a generational power transfer."The court rejected the request from Elliott," a court spokesman told AFP.Elliott had filed two lawsuits, one of which called for a court order to prevent a Samsung shareholders' meeting on July 17 to approve the proposed merger.The hedge fund, which holds a 7.12 percent stake in Samsung C&T, said the terms of the proposed takeover by Cheil Industries "significantly undervalue" Samsung C&T shares.But the Seoul Central District Court said in the ruling: "The ...

Global pharma firms grilled about tax in Australia SYDNEY: The world's top pharmaceutical companies Wednesday told an Australian parliamentary hearing they were compliant with local and international laws, despite claims they are charging higher prices to minimise tax.Australia and other nations have been increasing their efforts to crackdown on profit-shifting by multinational firms that use complex structures to lower their tax bills in some jurisdictions.The structures include "transfer pricing" where goods and services are sold within different entities in an international company. Firms ...
Facebook's Zuckerberg wants to figure out social equation SAN FRANCISCO: Facebook co-founder Mark Zuckerberg figures there could be a formula that explains how people think.During a wide-ranging online question-and-answer session on his Facebook page Tuesday, Zuckerberg told famed physicist Stephen Hawking he would like to find that equation."I'm most interested in questions about people," Zuckerberg said in a written chat forum response to Hawking asking what big questions in science he would like to know the answers to.Zuckerberg responded with a list that ...
Suzuki Motor CEO names son to succeed him as president TOKYO: Suzuki Motor Corp's 85-year-old CEO Osamu Suzuki named his eldest son as the new president of Japan's fourth-biggest automaker, easing investor concerns over the firm's succession plan and boosting the company's shares by more than 5 percent.Executive Vice President Toshihiro Suzuki took over the role from his father as president and chief operating officer effective Tuesday. Osamu Suzuki remains as CEO and chairman. "If I don't say much and stop working, I'll get dementia, ...
Sony plunges 8.25pc on massive share sale plan TOKYO: Shares in Sony plunged 8.25 percent Tuesday on dilution fears after the Japanese electronics giant announced plans to raise $3.6 billion through stock and bond sales.The stock closed at 3,461.5 yen on the Tokyo Stock Exchange, down 8.25 percent from the previous day, while the benchmark index ended up 0.63 percent.Sony plans to raise a total of 441 billion yen ($3.6 billion) -- more than 10 percent of the company's market capitalisation as of ...
South Korea selects Airbus for $1.33bn military contract SEOUL: European aerospace giant Airbus won a $1.33 billion deal Tuesday to supply air refuelling tankers to South Korea, beating US rival Boeing, a state agency said.Under the 1.488 trillion won deal, Airbus Defence and Space will supply four A330 MRTT aircraft by 2019 to South Korea's air force, said the military's procurement agency.The Airbus model was selected over Boeing's KC-46A, it said.South Korea's military procurement needs, especially where the air force is concerned, have ...
GE to sell fleet services to Element for $6.9bn NEW YORK: General Electric said Monday it had agreed to sell its vehicle fleet management and financing services in the United States and three other countries to Canadian firm Element Financial for $6.9 billion.GE, which is restructuring to focus on its core industrial business, also said it had signed a preliminary agreement to sell its European fleet businesses to Arval, a subsidiary of French banking giant BNP Paribas and a partner of Element.The announcement is ...


ArrowDJIA 17,730.11 0.16
ArrowNasdaq 5,009.22 0.08
ArrowS&P 2,076.78 0.03
ArrowFTSE 6,585.78 0.67
ArrowDAX 11,058.39 0.37
ArrowCAC-40 4,808.22 0.57
ArrowNikkei 20,539.79 0.08
ArrowH.Seng 26,064.11 0.83
ArrowSensex 28,092.79 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln