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Nigeria signs $1.3 bn power plant deal with China ABUJA: Nigeria has announced two major initiatives aimed at improving its woeful electricity supply, entering a $1.3 billion (960 million euros) power plant deal with China and on Monday handing over state power assets to private investors.The privatisation of most of state electricity firm PHCN has long been in the works in Africa's most populous nation, where blackouts occur multiple times daily despite the country's status as the continent's largest oil producer.Those taking over assets include Seoul-based Korea Electric Power Corporation as well as local investors.Separately, the deal with the Chinese government involves construction of a hydroelectric plant expected to add 700 megawatts to the national grid.A loan from China's Export-Import Bank will pay for 75 percent of the plant while the Nigerian government will cover 25 percent of the cost, a statement by the finance ministry said.It is not clear if the new plant will remain in state hands ...

GSK says sells thrombosis brands, French site LONDON: British drugs firm GlaxoSmithKline (GSK) said Monday that it has sold two thrombosis brands and a French plant to South African peer Aspen for £700 million ($1.13 billion, 834 million euros)."GSK today announced it has reached agreement to sell its thrombosis brands, Arixtra and Fraxiparine, and the Notre-Dame de Bondeville manufacturing site to The Aspen Group," said a statement."The agreement is a further example of GSK's commitment to increase focus on products with the ...
Unilever warns emerging markets slowdown extended LONDON: Unilever warned on Monday that a slowdown in its emerging markets accelerated in the third quarter and it now expects fundamental sales growth of just 3 to 3.5 percent in the period.That compares with a weaker-than-expected 5 percent rise in sales the Anglo-Dutch maker of Ben & Jerry's ice cream and Dove skincare products reported in July for the second quarter.Developed markets remained flat to down in the third quarter, it said, and overall ...
Nippon Steel & Sumitomo Metal Corp on track to meet target TOKYO: Nippon Steel & Sumitomo Metal Corp says it is on track to meet a target of shedding 300 billion yen ($3.05 billion) of unwanted assets in the current business year, 18 months ahead of schedule.Despite a glum Asian steel market, the company is upbeat about the impact of Japan's "Abenomics" stimulus programme and expects to benefit from the awarding of the 2020 Olympics to Tokyo, Chairman and Chief Executive Officer Shoji Muneoka said.Prime Minister ...
Lux Island Resorts says full-year profit jumps PORT LOUIS: Mauritius hotels group Lux Island Resorts reported a jump in pretax profit to 145.3 million rupees ($4.78 million) in its fiscal year to June 30 from 14.2 million, buoyed by its Maldives operation.The luxury hotel group, which has properties in the Maldives and Reunion as well as the Indian Ocean island, said full year occupancy rates fell 4 percent to 68 percent.However, revenue per available room, the hotel industry's widely used metric, grew ...
Japan's Toshiba to shed 2,000 jobs at foreign TV plants TOKYO: Japan's Toshiba said on Monday it would shut or sell two of its three wholly-owned overseas television plants in the next six months, shedding 2,000 jobs.The company, which has already ceased domestic production of television sets, said it will "integrate" its manufacturing facilities in China, Indonesia and Poland by the end of March 2014.The company has not officially decided which one should survive, a Toshiba spokesman said, adding two of the three plants would ...
Tokyo Electric set to receive $5.9bn financing TOKYO: Creditors are set to provide $5.9 billion in financing to Tokyo Electric Power Co (Tepco), a person involved in the talks told Reuters on Monday, offering a lifeline to the embattled owner of the crippled Fukushima nuclear plant.Tepco's major banks are prepared to provide 500 billion yen ($5.09 billion) in financing in December - 200 billion yen in loan rollovers and 300 billion yen in new financing - said the person, who has been ...


Index Closing Chg%
Arrow DJIA 17,356.87 1.69
Arrow Nasdaq 4,644.31 2.12
Arrow S&P 2,012.89 2.04
Arrow FTSE 6,336.48 0.07
Arrow DAX 9,544.43 0.20
Arrow CAC-40 4,111.91 0.46
Arrow Nikkei 16,819.73 0.38
Arrow H.Seng 22,585.84 0.37
Arrow Sensex 26,710.13 0.27

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln