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Lufthansa pilots to strike in Frankfurt on Tuesday FRANKFURT: Lufthansa pilots will hold an eight-hour strike on Tuesday, wiping out flights from its Frankfurt hub, union Vereinigung Cockpit said on Monday, announcing the fourth strike by the pilots to hit the German airline within three weeks.The pilots are trying to increase the pressure on Lufthansa in negotiations over an early retirements scheme. The proposed strike on Tuesday will run from 0700-1500 GMT, the union said. There will be no flights from Lufthansa's main hub Frankfurt and no long haul flights using Airbus A380, A330 and A340 planes, and Boeing B747s. Germany's flagship carrier, which had called on the pilots to return to the negotiation table, said the strike announcement was disproportionate and that it would present a revised offer during the day. While it would be no new offer, it would provide more details of an early retirement package, Lufthansa said.Lufthansa shares fell 1.3 percent, making them the ...

Roche starts late-stage trial for eye drug lampalizumab ZURICH: Swiss drugmaker Roche said on Monday it had started late-stage trials for its experimental drug lampalizumab as a treatment for a serious eye disease. The Basel-based firm has initiated Phase III trials for lampalizumab as a treatment for geographic atrophy, a leading cause of blindness in adults over 55, which gradually causes vision loss in the macula, making it harder to read, drive and recognise people's faces. Copyright Reuters, 2014 ...
South Africa launches support package for troubled power supplier JOHANNESBURG: The South African government on Sunday announced a wide-ranging support package for troubled state-owned power supplier Eskom, that will see it receive an equity injection and raise additional debt.Eskom, which supplies 95 percent of South Africa's electricity, has been struggling to meet growing demand, hobbled by years of underinvestment and ageing infrastructure."Eskom is facing significant challenges that threaten its sustainability," the finance ministry said in a statement."Cabinet approved a package to support a strong ...
Samsung seeks state probe of LG executives for vandalism SEOUL: Samsung said Sunday it had requested a state investigation of senior executives from its South Korean rival LG for allegedly destroying its products at stores in Berlin, renewing a bitter feud between the electronics giants.Samsung said it had asked Seoul prosecutors to investigate "a president and other executives of a Korean company" for defamation, property damage and obstruction of business.LG admitted Sunday that its executives were the target of the accusation.Samsung complained earlier this ...
Sanofi aims to grow Genzyme unit with new drugs, acquisitions PARIS: Sanofi rare disease unit Genzyme hopes to become a leader in the multiple sclerosis (MS) field with the help of new products developed in-house but also through acquisitions, senior Genzyme executives told Reuters. The Cambridge, Massachusetts company is confident in the commercial success of its two MS drugs Lemtrada and Aubagio and is "very active" in its hunt for external growth, Bill Sibold, the head of Genzyme's MS franchise, told Reuters. He declined to ...
Air France to cut flights by 50pc on Monday as pilots strike PARIS: Air France will reduce flights by about 50 percent from Monday as pilots begin a one-week strike over company plans to cut costs to recapture market share from budget airlines, its chief executive said on Saturday.Speaking to France Inter radio, Francois Gagey repeated that the strike, which could run until Sept. 22, would cost the airline between 10-15 million euros a day.Europe's second-largest traditional carrier by revenue said in early September it would move ...
Allianz plans to sell US consumer business: paper FRANKFURT: German insurer Allianz is planning to sell the personal insurance business of its U.S. subsidiary Fireman's Fund as the unit continues to miss its targets, a German newspaper reported.Fireman's Fund's commercial coverage focused on small and medium-sized U.S. businesses will be integrated into Allianz' industrial insurance unit called Allianz Global Corporate & Specialty, Sueddeutsche Zeitung reported on Saturday.Allianz declined to comment.Fireman's Fund has been a headache for Europe's biggest insurer for years, repeatedly reporting ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln