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Telecom Italia says to explore tie-up with Hutchison Whampoa MILAN: Telecom Italia said Thursday it had set up a special committee to examine a merger with 3 Italia, a unit of Hong Kong conglomerate Hutchison Whampoa.Hutchison Whampoa has indicated it is interested in becoming the leading shareholder in Telecom Italia, the former national phone company said following a board meeting.The company suffered a net loss of 1.6 billion euros ($2 bn) in 2012. Copyright AFP (Agence France-Presse), 2013 ...

Siemens to cut over 3,000 jobs in industrial division BERLIN: German engineering giant Siemens said Thursday it is planning to cut over 3,000 jobs in its industrial division as part of a vast plan to save six billion euros ($8 bn) as it faces falling profits.In a presentation published on its website, the company said 500 jobs would be cut at its Munich headquarters, while a further 500 positions would be lost by reducing mechanics factories in Germany from four to two.The closure of ...
Burger King sees key sales down, CEO to head to Heinz CHICAGO: Burger King Worldwide Inc on Thursday said first-quarter comparable sales likely fell more than Wall Street expected, and laid out plans for a revamped leadership team as Chief Executive Bernardo Hees prepares to become the CEO of H.J. Heinz Co.The hamburger chain also said it expects adjusted earnings per share to rise to about 17 cents in the first quarter that ended on March 31. Analysts, on average, were looking for a profit of ...
Deutsche Bank to cut 18,000 small Dutch clients AMSTERDAM: Deutsche Bank is dumping most of its accounts with small businesses in the Netherlands, reversing an expansion drive of recent years to cut losses and focus on big companies.The decision follows a restructuring announced by Germany'sbiggest business lender in September, including job cuts and asset sales, as part of moves to meet tougher capital rules.Many of the affected customers are one-person or family businesses, such as hairdressing salons, home-based online companies, cafes, and farms ...
Mexico Feb industrial output growth slows, factories up MEXICO CITY: Mexican industrial production rose less than expected in February, but the manufacturing component picked up the pace to notch its fastest growth in three months.Industrial output rose 0.5 percent in February compared to the previous month, missing expectations in a Reuters poll for a 0.7 percent increase, the national statistics agency said on Thursday. The figure came in below January's upwardly revised 1.26 percent expansion.The figures showed stronger manufacturing after a recent slowdown ...
Siemens sees no quick recovery of Chinese demand FRANKFURT: Germany's Siemens AG said while Chinese industrial demand seemed to be stabilising it did not expect a notable recovery in the next two quarters."China is not and probably will not be an area of strength for the next quarters," Siegfried Russwurm, chief executive of Siemens' Industry business, said at an investor event on Thursday."But we are convinced that in the long run China is the place to be," he said.Slowing growth in China, euro ...
Roche sales up 5pc amid rush for Tamiflu, cancer drugs ZURICH: Swiss drug giant Roche said Thursday that heightened demand for its Tamiflu drug amid a severe flu season, as well as for its cancer medicines had sent its first-quarter sales up five percent, beating analyst expectations.During the first three months of the year, the company said its overall sales shot up to 11.6 billion Swiss francs ($12.4 billion, 9.5 billion euros).Analysts polled by Swiss financial news agency AWP had expected it to rake in ...


Index Closing Chg%
Arrow DJIA 17,172.68 0.62
Arrow Nasdaq 4,527.69 1.14
Arrow S&P 1,994.29 0.80
Arrow FTSE 6,773.63 0.94
Arrow DAX 9,749.54 0.51
Arrow CAC-40 4,442.55 0.42
Arrow Nikkei 16,205.90 0.71
Arrow H.Seng 23,955.49 1.44
Arrow Sensex 27,206.74 0.43

Banking Review 2013

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln