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Samsung denies child labour at Chinese supplier SEOUL: South Korea's Samsung Electronics has refuted fresh allegations by a labour protection watchdog that one of its suppliers in China hired child workers.New York-based China Labor Watch (CLW) claimed in a report Thursday that Samsung supplier HEG Technology had hired people under the age of 16 at its facility in Huizhou, China.The report said the factory, where components for Lenovo are also built, had hired new workers, and neglected to check their identification.The youngest worker was found to be 14, the report said, adding the factory had also hired 117 college students, many of whom averaged 12.5 hours of work each day.The student workers eventually quit their jobs, but complained that the factory owed them money, according to the report.Samsung, however, insisted that a recent onsite investigation found no underage or student workers at the facility."The investigation found that there were no child workers nor student workers working in ...

Auchan reports profit drop on French price war, ruble fall PARIS: Supermarket giant Auchan said that a price war in France pushed net profit down 11.5 percent in the first half, but that overall sales held up because of international performance.In the first six months of the year, net group profit fell to 272 million euros ($359 million).Global sales rose by 4.7 percent to 31.2 billion euros, boosted by a strong performance in eastern and central Europe and in Asia.The group said it had made ...
Virgin Australia annual net loss triples SYDNEY: Virgin Australia on Friday posted an annual net loss of Aus$355.6 million (US$332 million) as intense competition led by Qantas, weak consumer sentiment and high taxes hurt its bottom line.The country's second largest carrier also announced the sale of a 35 percent stake in its frequent flyer programme to private equity firm Affinity Equity Partners, boosting its cash balance by Aus$336 million.The result was more than triple the Aus$98.1 million loss it reported in ...
Tesco slashes dividend and profit forecast as trading slumps LONDON: Britain's Tesco slashed its interim dividend by 75 percent on Friday, after tough operating conditions forced it to cut its trading profit outlook for the year.Tesco, which issued a profit warning in July as it announced the departure of its chief executive, said its new head Dave Lewis would now start on September 1, one month earlier than expected. He will review all aspects of the business.The group said it had revised its outlook ...
Germanwings pilots start strike as Lufthansa row rumbles on BERLIN: Pilots at Lufthansa's Germanwings started a six-hour strike on Friday, disrupting the travel plans of thousands of people returning from summer holidays; apply pressure on Lufthansa management in their dispute over a pension scheme.Low-cost carrier Germanwings, which mostly operates short-haul flights from airports outside of Lufthansa's main Frankfurt and Munich hubs, said it was cancelling 116 flights, affecting 15,000 passengers.The cancellations are equivalent to 70 percent of its scheduled flights for the strike period, ...
S&P cuts Fonterra rating after China tie-up plan SYDNEY/WELLINGTON: Credit ratings agency Standard and Poor's on Friday cut its long-term rating on dairy co-operative Fonterra , citing risks involved with the company's plans to take a stake in a Chinese baby food and formula maker.S&P cut its rating on the world's largest dairy exporter to A from A+, and affirmed the A-1 short-term rating. The outlook on the long-term rating is stable.S&P also lowered the rating on Fonterra's subordinated notes to A- from ...
Fiat does not expect exit-right cap to be breached MILAN: Italy's Fiat said on Friday that it did not expect the number of shareholders taking up an offer by the car maker to buy their shares at a set price ahead of a planned merger with Chrysler to be such that a 500 million euro cap would be exceeded.The merger would have been at risk if the cap on the amount of money that Fiat had earmarked for the buy-out had been breached. Fiat ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln