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Philippine Airlines tycoon Tan to buy out minority investors in listed parent MANILA: Philippine Airlines (PAL) owner Lucio Tan plans to buy out minority shareholders in parent PAL Holdings Inc at a discount to the listed firm's current market price, a senior airline official said on Friday.The voluntary tender offer comes hard on the heels of business tycoon Tan's $1 billion deal to acquire San Miguel Corp's 49 percent stake in PAL Holdings. With a free float of 10.22 percent and a market value of $3 billion, PAL Holdings controls around 90 percent of Asia's oldest airline.The tender offer price, which will be announced next week, will be lower than current levels, PAL General Manager Jaime Bautista told Reuters by telephone."We are already in control but if the minority is willing to sell, we will commit to buy them out at the same economic terms that was agreed with San Miguel," Bautista said, adding the tender offer will be completed next month.The ...

Volvo Cars to add jobs, boost production in Sweden STOCKHOLM: Chinese-owned Volvo Car Group said on Thursday it would add 1,300 jobs and boost production at a plant in Sweden in the first quarter to meet rising demand for its new cars. Gothenburg-based Volvo has already seen deliveries rise nearly 10 percent in the first nine months of the year and expects to sell about 470,000 cars for the whole year, representing a 10 percent increase over 2013 and an all-time sales record for ...
EU anti-trust chief slams 'irrational' views of Google: report BRUSSELS: The EU's top anti-trust official sharply criticised the "irrational" response by European politicians to the Brussels investigation of search engine giant Google, a report said on Thursday."Google has provoked a lot of emotions and in some cases ... some kind of irrational emotions," EU Competition Commissioner Joaquin Almunia told the Wall Street Journal.Critics of Google see "this leviathan that will eliminate all our freedoms, all our privacy, all our rights and I think it ...
Board of AbbVie says no longer backs takeover of Shire NEW YORK: The board of directors of US pharmaceutical firm AbbVie said early Thursday it no longer backs a $54 billion (40 billion euro) takeover of its Irish-based competitor Shire.In a statement recommending shareholders vote against the deal, AbbVie said its decision was due to a new crackdown on US firms relocating abroad to save on taxes.The change made the takeover less appealing financially, the company said in a statement.It acknowledged the company may have ...
Japan staffing giant Recruit soars on Tokyo debut TOKYO: Japanese staffing giant Recruit Holdings soared 7.4 percent on its trading debut Thursday after a nearly $2.0 billion initial public offering, one of the biggest in Tokyo this year.The firm ended its first trading day at 3,330 yen ($31), well up from its IPO price of 3,100 yen. That came even as the broad-based Topix index, on which it is listed, tumbled more than two percent following heavy losses in New York and Europe.As ...
BHP Billiton to list spin-off in London SYDNEY: BHP Billiton Thursday said it plans to list its new spin-off in London after British shareholders complained about the mining giant's decision to list only in Australia and South Africa.The firm, which is listed in Sydney and London, outlined a proposal in August to create a new independent company by demerging non-core assets, including some of its aluminium, coal, manganese, nickel and silver operations.Under the plan, the new entity -- provisionally named NewCo -- ...
Thai Airways targets $5bn ticket sales, to focus on corporates BANGKOK: Thai Airways International PCL on Thursday said the flag carrier is aiming for passenger ticket sales of 157 billion baht ($4.84 billion) in 2014, and that it will focus more on corporate clients to boost revenue. The money-losing airline plans to approach companies in Singapore, China and India to buy its tickets after signing contracts with seven Thai companies, Vice President Surapol Isarakura na Ayutthaya told reporters, without providing 2013 figures. The airline, which ...


Index Closing Chg%
Arrow DJIA 16,399.67 0.12
Arrow Nasdaq 4,316.07 1.35
Arrow S&P 1,904.01 0.91
Arrow FTSE 6,267.07 0.68
Arrow DAX 8,717.76 1.50
Arrow CAC-40 3,991.24 1.04
Arrow Nikkei 15,111.23 3.98
Arrow H.Seng 23,070.26 0.20
Arrow Sensex 26,429.85 1.23

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