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SAP cuts outlook despite profit rise in Q3 FRANKFURT: SAP, the German software giant, said Monday it was trimming its profit forecast for the whole of 2014, despite a strong rise in revenues and profits in the third quarter. SAP said in a statement it expects full-year operating profit to be in a range of 5.6-5.8 billion euros ($7.1-7.4 billion), lower than its previous forecast of 5.8-6.0 billion euros. SAP attributed the downgrade to "less upfront revenues" and short-term pressures on margins as it refocuses its business on cloud-based software technology.In the three months to September, net profit rose by 16 percent to 881 million euros, SAP said, beating analysts' expectations. Third-quarter revenues rose by 5.0 percent to 4.25 billion euros, driven by a 45-percent increase in revenues from cloud subscriptions and support. In recent years, SAP has actively shifted its business focus away from on-site software to cloud-based products, which deliver software online to business customers.Copyright AFP ...

SAP cuts profit outlook as more customers switch to cloud FRANKFURT: German business software maker SAP on Monday cut its outlook for full-year operating profit amid an accelerating shift by customers to buy its software over the Internet rather than as packaged software, delaying recognition of those sales.SAP said it now 2014 expects operating profit, excluding some special items of 5.6 billion to 5.8 billion euros ($7.14-7.40 bln), down from 5.8-6.0 billion previously.Company executives said the accelerating switch from license-software sales to Internet-based, so-called cloud ...
Investors eye Reebok buy from Adidas for 1.7bn euros: report NEW YORK: A consortium of investors from Hong Kong and Abu Dhabi is interested in buying the Reebok brand from Adidas for 1.7 billion euros ($2.2 billion), The Wall Street Journal reported Sunday.Sources close to the matter told the business daily that Jynwel Capital chief executive Jho Low was behind the bid, arguing that Reebok would fare better as an independent brand.And funds linked to the Abu Dhabi government plan to communicate soon with Adidas ...
Japan to unveil first passenger jet in four decades NAGOYA: The first made-in-Japan passenger aircraft in nearly four decades is being unveiled Saturday as its maker pushes into the booming regional jet sector with an eye to taking on industry giants Embraer and Bombardier.Mitsubishi Heavy Industries, a military contractor best known for its "Zero" World War II fighter, is set to pull back the curtain on its new Mitsubishi Regional Jet (MRJ), a fuel-efficient, next-generation aircraft that claims to offer more passenger comfort with ...
Ukraine's industrial output drops 16.6pc y/y in September KIEV: Ukraine's industrial output fell 16.6 percent year-on-year in September, the national statistics office said on Thursday, reflecting the impact of the separatist war in the industrial east of the country. In August, the industrial production fell 21.4 percent, the biggest drop since the height of the global crisis in 2008-2009. Copyright Reuters, 2014 ...
European car sales accelerate 6.4pc in September: trade body PARIS: New car sales in Europe accelerated by 6.4 percent in September, with data released on Friday showing the thirteenth month running of increases as a recovery in the market spreads across the continent.The European Automobile Manufacturers Association said "substantial growth prevailed in all major markets" in the EU in September with nearly 1.24 million new cars sold.Spain led the pack, with sales jumping by 26.2 percent, thanks mainly to its "cash-for-clunkers" programme, although the ...
Volkswagen to recall more than 500,000 cars in China: report BEIJING: Volkswagen's Chinese joint venture will recall more than 500,000 cars in China due to a defect in the rear axles, state media said Friday.The German automaker, which has been in China since the 1980s, will recall a total of 581,090 cars, the official Xinhua news agency said, citing a statement from China's General Administration of Quality Supervision, Inspection and Quarantine."The administration said it launched an investigation into the cars in August and the recall ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln