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Chairman Piech's grip on VW weakened by row with CEO BERLIN/HAMBURG: Volkswagen Chairman Ferdinand Piech's iron grip on the German carmaker has been severely weakened following a dramatic confrontation with senior board members last week that nearly resulted in a push to oust him, sources told Reuters. Piech, patriarch of the family that founded Volkswagen and a dominant figure at the automaker for more than two decades, triggered a leadership crisis at the Wolfsburg-based firm by criticising Chief Executive Martin Winterkorn in a magazine article earlier this month. After an emergency meeting in Salzburg last Thursday to resolve the row, a group of six senior board members, including Piech, gave their full backing to Winterkorn and agreed to propose an extension of his contract beyond 2016. But sources briefed on the meeting said on Sunday that the vote of confidence in Winterkorn came only after a full-blown confrontation between Piech and the other five board members. Piech's office in Salzburg ...

Tesla struggling to electrify China car market SHANGHAI: Serial entrepreneur Elon Musk has launched spacecraft into orbit, but popularising his Tesla electric cars in China is proving to be tougher than rocket science.PayPal billionaire Musk -- co-founder and chief executive officer of Tesla as well as chief of rocket maker SpaceX -- visited China last month, and admitted sales in the world's largest auto market were below expectations."China is the only place on Earth that we have excess inventory," Musk told Chinese ...
Saudi giant SABIC Q1 net profit down 39 percent RIYADH: Saudi petrochemicals giant SABIC on Sunday posted a 39 percent decline in net profits in the first quarter of 2015 compared with a year ago before global oil prices plunged.SABIC, the largest publicly traded firm in the Gulf, reported net profit of 3.93 billion riyals ($1.05 billion) for the three months ending March 31.That compared with a net profit of 6.44 billion riyals in the same quarter a year earlier.The drop in oil prices ...
Vivendi shareholders grant long-term investors double voting rights PARIS: Vivendi shareholders rejected a resolution to deny long-term investors double voting rights at the group's general assembly in Paris on Friday, a move that critics say primarily benefits company chairman Vincent Bollore.The shareholder vote denied activist asset management group PhiTrust the two-thirds majority required to block application of a French law granting double voting power to investors whose holdings date back more than two years.The provisions were introduced by the so-called Florange law passed ...
Fiat Chrysler sets bonus scheme for Italian workers MILAN: US-Italian carmaker Fiat Chrysler Automobiles (FCA) announced an incentive system for employees in Italy tied to the group's productivity and profits in a move it hopes will improve prickly labour-management relations. FCA said in an announcement released late Thursday the scheme will pay bonuses to autoworkers tied to "productivity, quality and profitability targets established in the 2015-2018 business plan." The proposal -- which FCA says will cost a maximum of around 600 million euros ...
Emirates picks Rolls-Royce for $9.2bn engines deal LONDON: Dubai's Emirates Airline on Friday awarded a lucrative engines deal worth a record $9.2-billion (8.5-billion-euro) to British aircraft engine maker Rolls-Royce."Emirates has today announced an historic $9.2 billion deal with Rolls-Royce for Trent 900 engines and a long-term TotalCare package," it said in a statement.The engines will power 50 Airbus A380s that were ordered at the Dubai Air Show in 2013 and will start entering service next year.The deal -- the biggest ever for ...
GE reports $13.6bn loss due to finance sale charges NEW YORK: General Electric Friday reported a $13.6 billion first-quarter loss on charges from its plan to sell most of GE Capital as profits rose in four of seven industrial businesses.The big loss had been expected after GE said a week ago that it would take about a $16 billion charge due to the GE Capital divestment. GE reported $3 billion in profits in the year-ago period.The plan to sell most of its finance operations ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln