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BHP boosts iron ore output and lifts production guidance SYDNEY: Global mining giant BHP Billiton lifted full-year iron ore guidance on Wednesday and posted better than expected March quarter output of 49.6 million tonnes.A five million tonne increase in guidance to 217 million tonnes was the second improvement this year.BHP said seasonal bad weather in western Australia had "relatively limited impact" on performance which beat market expectations.Full-year coking coal guidance was also ramped up 2.5 million tonnes to 43.5 million tonnes on record nine-month production of 33 million tonnes.On Tuesday rival miner Rio Tinto blamed cyclonic activity for a drop in its January- March production and shipment of iron ore.BHP Billiton chief executive Andrew Mackenzie praised the "outstanding results, underpinning a 10 percent increase in production so far this year.""Having achieved record iron ore and metallurgical coal production during the first nine months of this year, we have raised full-year guidance for both commodities."We continue to expect cumulative production ...

Nigerian power firm secures $255m capital: statement LAGOS: Nigeria's oil firm Seven Energy said on Tuesday it had secured $255 million in equity funding from global investors, including Singapore's Temasek, to boost gas supply to the country's ailing power sector.Industry operators often attribute shortage of gas for the generating plants as a major cause of Nigeria's under-performing power sector. The company said in a statement that Temasek's share of the funding was $150 million.The IFC, an arm of the World Bank and ...
Norway's Statoil proposes buyback of up to 7.1pc of shares OSLO: Norway's Statoil has proposed buying back and cancelling up to 7.1 percent of its shares by mid-2015 to reward shareholders and adjust the group's capital structure, it said on Monday.It would buy back up to 75 million shares or 2.4 percent of all shares from the group available on the market while the rest would be bought back from the state, ensuring that the government's 67 percent stake does not change. "It is a ...
Sharp drops to 5-month low on report of new share issue TOKYO: Shares in Sharp Corp fell to a five-month low on Monday after the Asahi newspaper said Japan's largest display maker is considering another issue of new shares that could raise around 200 billion yen ($1.97 billion) to bolster its stretched finances. The Osaka-based company said in a statement on Sunday that it was considering a variety of possibilities to boost its capital but had made no concrete decisions, adding that the report was not ...
Sharp eyes another share offering, could raise $2bn TOKYO: Sharp Corp, Japan's largest display maker, is considering another issue of new shares that could raise around 200 billion yen ($1.97 billion) to replenish its depleted capital base, the Asahi newspaper reported on Sunday. Sharp is aiming to launch the offering during the current financial year to March 2015 after carrying out restructuring at its flagship Kameyama LCD display factory and putting its earnings on a solid recovery path, the newspaper said. No one ...
Poland WARSAW: Poland's telecom firm Netia will stick to its plan to pay about 146 million zlotys ($48.50 million) in an annual dividend to shareholders, its outgoing chief executive Miroslaw Godlewski told daily Parkiet in an interview.The amount translates into about 0.42 zlotys per share.Godlewski, who announced earlier this year that he would leave his post later in 2014, also said Netia should be able to maintain that level of dividend payouts in the medium term."This ...
LATAM Airlines says passenger traffic up 1.6pc in March SANTIAGO: LATAM Airlines Group SA, Latin America's largest carrier, said on Friday that total passenger traffic rose 1.6 percent in March year over year. The company was formed in 2012 from the tie-up of Chile's flagship LAN and Brazilian airline TAM. In March, Brazilian domestic passenger traffic increased 6.5 percent, while non-Brazil domestic passenger traffic rose 5.4 percent, the carrier said in a statement.The company has been cutting capacity in Brazil to boost efficiency and ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln