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Burberry bags rising quarterly sales LONDON: British fashion group Burberry on Wednesday reported a rise in second-quarter sales, boosted by its online division, but cautioned that currency fluctuations would hit profits this year.Revenues at the luxury retailer rallied 19 percent to £1.3 billion ($2.2 billion, 1.6 billion euros) in the six months to the end of March, compared with the same part of the prior financial year, Burberry said in a trading update."We are pleased with our second half performance underpinned by the planned increase in investment in offline and online retail, innovative customer service and marketing," said chief executive Angela Ahrendts.She added: "While current exchange rates are a material headwind in what remains an uncertain macro environment, our continued global brand momentum provides an excellent foundation for the future."Burberry had already warned in January that it would be hampered by the strong pound, which costs the group more to convert other currencies back into ...

U.S. industry shows some vigor, but housing soft WASHINGTON: U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum.Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy."Several parts of the economy are warming up, but housing is the exception," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "We are still on track ...
AT&T may sit out auction if FCC spectrum plan is adopted WASHINGTON: AT&T Inc might sit out a major US auction of airwaves if regulators adopt rules that reserve some of the spectrum for smaller rivals, the No. 2 wireless company said in a filing released on Wednesday.The Federal Communications Commission recently drafted some of the rules for the highly complex auction scheduled for 2015. The auction would reshuffle the ownership of valuable frequencies between TV stations and wireless carriers clamoring for faster speeds and better ...
US industry shows some vigor, but housing soft WASHINGTON: US industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum.Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy.Output at the nation's factories, mines and utilities rose 0.7 percent last month after an upwardly revised gain of 1.2 percent in February, the Federal Reserve said on Wednesday.Economists had expected ...
Tesco seeks Asia pick-up after fresh profit setback LONDON: Supermarket giant Tesco announced a second drop in annual profits in a row on Wednesday, leaving Britain's biggest retailer hoping that recent expansion into India and China can offset weakness in Europe.The world's third-biggest supermarket group said its trading profit dropped 6.0 percent to £3.31 billion ($5.54 billion, 4.0 billion euros) in the year to late February, compared with its performance in 2012/13.But annual profit after tax soared to £974 million from £28 million ...
Philippine Airlines parent reports bigger net loss MANILA: Philippine Airlines' parent firm said Wednesday it suffered a net loss of $205.15 million in the nine months to December, bigger than its loss for the whole of the previous fiscal year.PAL Holdings cited higher charges and maintenance costs and lower passenger traffic for the net loss of 9.116 billion pesos for the nine months to December 2013.This topped the total net loss of 5.755 billion pesos for the 12 months to March 2013, ...
Bitcoin exchange MtGox placed in administration: CEO TOKYO: Failed Bitcoin exchange MtGox was Wednesday placed in administration by a Japanese court, with an order for bankruptcy expected to be issued soon, its administrator and chief executive said."The Tokyo District Court decided today to dismiss the application for commencement of a civil rehabilitation and at the same time, an order for Provisional Administration was issued and Attorney-at-law Nobuaki Kobayashi (Supervisor and Examiner under the Civil Rehabilitation Procedure) was appointed Provisional Administrator," a statement ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln