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UK insurer RSA says receives £5.6bn bid from Zurich LONDON: British insurer Royal & Sun Alliance said Tuesday that it has received a £5.6-billion ($8.8-billion, 7.7-billion-euro) takeover approach from Swiss rival Zurich Insurance.RSA announced in a statement that Zurich has made an informal bid of 550 pence per share, adding that the pair are now in talks."The board has indicated to Zurich that it would be willing to recommend an offer at the level of the possible offer to RSA shareholders subject to the satisfactory resolution of the other terms of the offer," the British firm said in a statement."Accordingly, the board is in discussions with Zurich in relation to these terms."Under the terms of the proposal, RSA shareholders reserve the right to receive the recently declared interim dividend of 3.5 pence per share.The potential offer is conditional on the approval of the RSA board, as well as due diligence.Zurich had revealed in late July that it was evaluating ...

Mining giant BHP Billiton annual net profit down 86.2pc SYDNEY: Global mining giant BHP Billiton Tuesday posted an 86.2 percent slump in annual net profit despite slashing costs, as a collapse in Chinese demand for key raw materials hit hard.The US$1.91 billion result in the 12 months to June 30 compared to US$13.83 billion a year earlier, as the prices of key commodities, including iron ore, coal and oil, plunged over the year. Underlying earnings -- which exclude one-off writedowns -- were down 52 ...
China's Baosteel says iron ore rally to end as steel prices fall SHANGHAI: The recent rally in iron ore prices is expected to come to an end soon as domestic steel prices decline, leading Chinese steelmaker Baoshan Iron and Steel said in a briefing to shareholders on Tuesday. "We forecast that iron ore prices will also end their recovery as steel product prices once again soften," said Zhu Kebing, board secretary of the company.The firm said on Monday that its net profit in the first half of ...
SK Hynix to invest $38bn over 10 years SEOUL: South Korea's SK Hynix Inc., the world's second-largest memory chip maker, announced Tuesday it would spend 46 trillion won (US$38 billion) in facility investments over the next 10 years.The plan was unveiled by SK Group Chairman Chey Tae-Won -- newly released from prison by a presidential pardon -- at a dedication ceremony for a new chip plant in Icheon, 80 kilometres (50 miles) southeast of Seoul.The new plant will eventually attract a total of ...
Australia's Fortescue profits dive 88pc SYDNEY: Australian miner Fortescue Metals on Monday posted an 88 percent slump in full-year net profit on the back of tumbling prices for the steel-making commodity iron ore.Fortescue, one of the world's big four iron ore exporters along with Australia's BHP Billiton and Rio Tinto, and Brazil's Vale, made a profit of $316 million for the 12 months to June 30, down from $2.74 billion a year earlier.The result missed analyst expectations, sending the embattled ...
Shell's Bukom refinery fire occurred at a section under maintenance SINGAPORE: A fire which broke out at Royal Dutch Shell's 500,000 barrels-per-day refinery on Pulau Bukom island off Singapore on Friday occurred at a section of one of the units currently under scheduled maintenance, a company spokeswoman said on Saturday.The fire at the unidentified unit of the Pulau Bukom Manufacturing Site, Shell's largest wholly owned plant, was put out by the site's first emergency responders within an hour, Shell said.Three of the six contract workers ...
Japan's Sharp in talks with Hon Hai on tie-up TOKYO: Japanese electronics maker Sharp Corp has entered negotiations with Taiwan's Hon Hai Precision Industry Co for a tie-up over Sharp's struggling display business, the Asahi newspaper reported on Saturday.Investors and analysts have urged Sharp to overhaul its liquid crystal display (LCD) and consumer electronics divisions. Chief Executive Kozo Takahashi initially resisted but last month said he was open to major restructuring, including some kind of strategic deal for its LCD business.Sharp could consider accepting ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln