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Spain's Telefonica sells O2 to Hutchison Whampoa for £10bn MADRID: Spain's Telefonica said Tuesday it will sell British telecom giant O2 to Hong Kong group Hutchison Whampoa for £10 billion in a deal set to create one of Britain's biggest mobile phone firms."A definitive agreement has been reached after the finalisation of the process of due diligence on O2 UK," the Spanish firm said in a statement, saying the deal was worth equivalent to 14 billion euros ($15.2 billion.)Copyright AFP (Agence France-Presse), 2015 ...

Hyundai Motor targets 5pc US sales growth this year SEOUL: South Korea's Hyundai Motor aims to boost its U.S. sales by 4.7 percent this year, ahead of the industry's projected growth rate, despite a consumer shift to SUVs and pick-up trucks.Sales of Hyundai's mainstay sedans, the Elantra and Sonata, have slowed in the United States as consumers take advantage of lower fuel prices to switch to less fuel-efficient larger vehicles, strongholds of U.S. and Japanese firms.Hyundai said on Tuesday it aims to increase its ...
Volkswagen to cut working hours, jobs at Russian plant MOSCOW: Volkswagen will reduce shifts and lay off at least 150 workers at its Russian car plant, the German car producer said on Monday, to try to cut costs in a market downturn.Car sales in Russia dropped sharply last year as the economy was hit by a fall in oil prices and Western sanctions over Ukraine. The rouble also weakened, hurting demand.General Motors said last week it would shut its Russian factory and wind down ...
China's Alibaba invests in funds of Israeli venture capital firm TEL AVIV: Chinese e-commerce company Alibaba Group is investing in the funds of Jerusalem Venture Partners (JVP), one of Israel's leading venture capital groups.JVP managing partner Kobi Rozengarten announced the investment on Monday during the firm's annual meeting, without giving details.The Calcalist financial newspaper said on its website the investment amounted to tens of millions of dollars.JVP has nearly $1 billion under management.Calcalist said the investment was Alibaba's first in a venture capital fund.A delegation ...
Chinese developers turn to onshore yuan debt, lower costs eyed HONG KONG: Chinese developers plan to eschew the offshore market and borrow more money onshore this year thanks to lower funding costs and improved liquidity on the back of government easing measures.The move by Chinese property firms, which account for about one-third of the Asia high-yield market, coincides with interest rate cuts on the mainland and an expected hike in US interest rates later in the year.Expectations of a weaker yuan, which fell 2.4 percent ...
China firm to take wheel of Italian tyre maker Pirelli SHANGHAI: A Chinese state firm has agreed to buy just over a quarter of Italian tyre maker Pirelli, renowned for its Formula One equipment and racy calendars, in a deal that will lead to a takeover bid.Pirelli's largest shareholder Camfin said Sunday that it had signed a deal with state-owned chemical giant ChemChina to create a "long-term industrial partnership" for the tyre firm.ChemChina confirmed it had agreed to pay 15 euros ($16) per share for ...
Sinopec posts first quarterly loss as listed company HONG KONG: Sinopec Corp posted its first quarterly loss since becoming a public company in 2000, hit by a slide in global crude oil prices and flagging domestic demand.Asia's largest refiner said in a separate statement on Sunday it expected that impact to continue, warning it might only break even in the first quarter as its margins took a hit from higher-cost crude purchased earlier.Sinopec reported a worse than expected fourth-quarter net loss of 5.3 ...


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ArrowNasdaq 4,863.36 0.27
ArrowS&P 2,056.15 0.24
ArrowFTSE 6,895.33 1.37
ArrowDAX 11,843.66 0.18
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ArrowNikkei 19,471.12 1.39
ArrowH.Seng 24,497.08 0.13
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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln