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Vodafone sees net profits tumble LONDON: Vodafone's annual net profits slumped dramatically but the performance was skewed by the sale of its stake in Verizon Wireless, the British company said Tuesday.Earnings after taxation collapsed to #5.76 billion ($9.0 billion, 8.0 billion euros) in the year to March 31, the world's second-largest mobile operator said in a results statement.That compared with an enormous net profit of #59.25 billion in the previous 2013/2014 financial year, when earnings were boosted by the sale of its 45-percent stake in Verizon Wireless to Verizon for $130 billion.The deal -- one of the biggest transactions in global corporate history - was agreed in September 2013 but completed in February 2014.In a separate development last week, US telecoms giant Verizon announced plans to buy faded Internet pioneer AOL for $4.4 billion.Vodafone added Tuesday that annual revenues rose 10.1 percent to #42.2 billion, aided by its purchase of Spanish cable firm Ono and ...

Alibaba's Jack Ma says Kering lawsuit 'regrettable' SEOUL: The founder of Alibaba Group Holdings Ltd said a lawsuit by a group of luxury goods makers owned by Kering SA accusing the Chinese e-commerce giant of being a conduit for counterfeiters to sell goods was "regrettable"."I think it is regrettable that that company sued us. It would have been better had they tried to find a solution through cooperation with us," Executive Chairman Jack Ma told a press conference in Seoul.Copyright Reuters, 2015 ...
Hyundai Motor Group chief says considering third India factory SEOUL: South Korea's Hyundai Motor Group said on Tuesday it is looking at building a third factory in India, highlighting its growing appetite for expanding globally after an unofficial two-year moratorium on boosting capacity.The world's fifth-largest auto group, which is comprised of Hyundai Motor Co and its sister company Kia Motors Corp, already has several car plant projects underway. It signalled in early 2014 that it would expand again after spending about two years focusing ...
Fiji Airways warns of delays after runway prang SUVA: Fiji Airways on Tuesday warned of likely delays across its international network for up to a week after a runway shunt damaged one of its Airbus planes.The carrier, formerly known as Air Pacific, said one of its A330-200 aircraft was preparing to leave the western city of Nadi for Los Angeles on Saturday night when there was "an unforeseeable tarmac incident".It said equipment operated by ground handling company ATS damaged the plane, forcing it ...
Mongolia and Rio Tinto sign Oyu Tolgoi deal HONG KONG: Anglo-Australian mining giant Rio Tinto and Mongolia agreed a multi-billion-dollar expansion of a vast copper and gold mine, officials said Tuesday, ending a two-year dispute as Ulan Bator seeks to restore its foreign investor appeal.The deal on the underground second phase of the Oyu Tolgoi project, estimated to cost $5.4 billion, comes with Mongolia looking to boost its flagging economic growth after foreign direct investment plummeted by three quarters last year."Mongolia is back ...
Rolls-Royce says to cut 600 jobs at marine unit LONDON: British engines maker Rolls-Royce on Monday announced plans to cut 600 jobs at its struggling marine division that has been hit by sliding oil prices.Rolls-Royce said half the losses would occur in Norway. Rolls' marine unit employs about 6,000 staff in 34 countries but is reducing the headcount by 10 percent as oil companies involved in offshore exploration cut investment after crude futures plunged at the end of last year and start of 2015."We ...
Renault, Fiat workers on strike in Turkey wage dispute ANKARA: Thousands of workers from factories of European car giants Fiat and Renault in western Turkey were on strike Monday in a rare wage dispute to hit the flourishing Turkish car sector.The production lines in Bursa, the centre of the Turkish car industry, were not working due the industrial action for higher pay, sources from both factories told AFP.The strike began Thursday in Turkey's biggest car plant which is managed by Oyak Renault, a joint ...

 



 
Index Closing Chg%
Arrow DJIA 18,126.12 0.20
Arrow Nasdaq 5,097.98 0.17
Arrow S&P 2,120.79 0.13
Arrow FTSE 7,040.92 1.11
Arrow DAX 11,677.57 0.79
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Arrow H.Seng 27,454.31 2.23
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln