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Philips reports 15.0pc profit slump, flags in medical markets THE HAGUE: Electrical appliance group Philips reported a 15.0-percent slump in net first quarter profit on Tuesday, blaming a weak performance by its new strategic activities in healthcare equipment.Net profit plunged to 137 million euros ($190 million) because of a fall in underlying profit on a 12-month comparison.But this was better than the average figure forecast by analysts polled by Dow Jones Newswires who had expected a net figure of 114 million euros.Sales on a comparable asset base were steady at 5.02 billion euros, but earnings before interest, tax and amortisation fell by 22.0 percent mainly because of a fall of profitability by the healthcare activities.Philips, a world leader in the field of electrical appliances for the home, for industry and for local authorities, is in the process of refocusing much of its business on equipment for the medical sector where it has technological expertise and where margins are strong.The ...

China Mobile Q1 net profit falls 9.5pc to lowest in 5 years BEIJING: China Mobile Ltd on Tuesday said net profit in the first quarter fell 9.5 percent to its lowest level in five years, as online messaging and call services such as Tencent Holdings Ltd's WeChat ate into profit. The world's biggest mobile carrier by subscribers reported January-March net profit of 25.24 billion yuan ($4.05 billion), compared with 27.88 billion yuan a year earlier, for its third consecutive quarter of year-on-year decline. Operating revenue rose 7.8 ...
GSK says to sell oncology arm to Novartis for $16bn LONDON: British pharmaceutical giant GlaxoSmithKline is to sell its oncology business to peer Novartis for $16 billion and to buy the Swiss company's vaccines division, GSK announced on Tuesday.Under a "major three-part transaction" GSK and Novartis have agreed also to create a consumer healthcare business, according to a statement issued by GlaxoSmithKline.Copyright AFP (Agence France-Presse), 2014 ...
China's Shandong Airlines orders 50 Boeing planes for $4.6bn BEIJING: Shandong Airlines, one of China's smaller carriers, said it has agreed to buy 50 passenger planes from US manufacturer Boeing for $4.6 billion, in another sign of the country's growing demand for air travel.The company signed a deal on Monday to purchase 16 Boeing 737-800s and 34 Boeing 737 MAX planes, a statement said, in a drive to grow its fleet for future business expansion.China's commercial airline industry is dominated by the "Big Three" ...
Mercedes says new Beijing plant has potential capacity of 350,000 BEIJING: Daimler AG can expand production capacity at its Beijing to 350,000 vehicles a year if customer demand calls for it, Rene Reif, the head of manufacturing at Beijing Benz Automotive, said on Monday. Daimler is expanding its new plant in Beijing before it starts making its long-wheelbase Mercedes-Benz C-Class model, a new car tailored for the Chinese market, as part of a global expansion push by the premium auto maker. The Chinese plant, which ...
Russia's MMK Q4 net loss $2.2bn due to one-offs MOSCOW: Russian steel major MMK reported on Tuesday a fourth-quarter net loss of $2.2 billion due to impairment charges and forecast higher steel sales in the first quarter of 2014. A Reuters poll of analysts had expected a net loss of $40 million excluding one-offs. MMK, controlled by billionaire Viktor Rashnikov, also reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of $312 million for the last quarter of 2013 versus a Reuters forecast of ...
Novartis exhanges assets with Glaxosmithkline ZURICH: Swiss drugmaker Novartis said on Tuesday it would exchange certain assets with GlaxoSmithKline and divest its animal health business to Eli Lilly. Novartis said it had agreed to acquire GSK's oncology products for a $14.5 billion payment.The Swiss drugmaker said it would divest its vaccines business, excluding flu, to GSK for $7.1 million plus royalties. In a separate transaction, Novartis said it had agreed to divest its animal health division to Eli Lilly for ...


Index Closing Chg%
Arrow DJIA 16,501.65 0.08
Arrow Nasdaq 4,126.97 0.83
Arrow S&P 1,875.39 0.22
Arrow FTSE 6,674.74 0.11
Arrow DAX 9,544.19 0.58
Arrow CAC-40 4,451.08 0.74
Arrow Nikkei 14,546.27 1.09
Arrow H.Seng 22,509.64 0.97
Arrow Sensex 22,876.54 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln