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Japan's NEC to pull out of smartphones: report TOKYO: Japanese electronics giant NEC will likely abandon smartphone production after failing to bring China's Lenovo Group on board to bolster its money-losing unit, a report said Wednesday.Shares in NEC rose more than 4.7 percent on the news, despite broad losses on the Tokyo stock market.The Nikkei business daily said NEC had asked Lenovo to take a majority stake in development and production subsidiary NEC Casio Mobile Communications, but the two parties could not reach an agreement.Without the extra muscle Lenovo would have provided, NEC believes it will struggle to rebuild the business in a highly competitive market dominated by South Korean giant Samsung and consumer favourite Apple.The company plans to freeze development of new smartphones and focus solely on conventional handsets, the business daily said, without naming its sources.Smartphones account for more than half of sales at NEC Casio Mobile, which is saddled with excess liabilities of 60 billion ...

Hopes fade for revival of joint Korean industrial zone SEOUL: North and South Korea held fresh talks Wednesday on reopening their joint industrial zone, with low hopes of an early agreement following months of friction.A fourth round of talks over the complex, a rare symbol of cooperation between the two rivals, took place just across the border in the North. Three previous attempts this month all ended in deadlock."The weather is not so bad today. Do you think we will have good results today?", ...
Heat and lower wind boost day-ahead power prices WARSAW: Forecasts of high temperatures and little wind sent central European day-ahead power prices up on Tuesday, while higher carbon and oil prices supported the front-year contract, traders said.On regional exchanges, Czech and Slovak day-ahead prices surged to 46.40 euros while the Hungarian day-ahead price cleared the daily auction slightly higher at 46.46 euros.The three central European countries linked their day-ahead markets last year, but prices have diverged frequently since, with Hungary often trading higher.Prices ...
Hesse state seeks to use old E.ON plant for winter power FRANKFURT: Germany's Hesse state is seeking to reinstate an environmental licence that will allow a closed coal-fired power plant to be used as a capacity reserve in winter, its economics minister said on Tuesday.E.ON's Staudinger 1 block near Frankfurt is the latest in a series of efforts to avoid capacity shortages after Germany switched off large nuclear units in 2011 to rely increasingly on renewable power. The cost is being borne by the public."The government ...
European car market still in reverse: trade data PARIS: The EU car market shrank further in June to the lowest level for 17 years and there is no firm sign of a pick-up soon, trade data showed on Tuesday.The depressed figures reflect the impact of low growth and budget reforms on business and household spending in the European Union.The data casts a shadow over some signals that the EU economy may be recovering slowly, since in several EU countries the manufacture of cars ...
BMW sees European car market shrinking by 5pc FRANKFURT: German top-of-the-range car maker BMW expects demand for new cars in western Europe to shrink by 5.0 percent this year, its chief executive said in a newspaper interview on Tuesday. "Overall, the market in western Europe will contract by around 5.0 percent this year and remains a huge challenge for carmakers," BMW chief Norbert Reithofer told the financial daily Boersen-Zeitung. Furthermore, the situation could last until the middle of next year, he warned. "Maybe ...
China's Baidu buys mobile app firm for $1.9bn BEIJING: China's leading Internet search engine is to buy a smartphone app distribution firm for $1.9 billion, it said Tuesday, in what is said to be the largest takeover deal in the country's Internet industry.The move will consolidate Baidu's position as a leading access portal to China's mobile Internet, according to a report by Chinese industry research firm CCID.Baidu held 80.6 percent of the country's search engine market in the first quarter of this year, ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln