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Petrobras shares plunge after new Moody's downgrade SAO PAULO: Shares in Brazilian oil giant Petrobras fell nearly six percent Wednesday after ratings agency Moody's downgraded the scandal-plagued company for the fourth time in as many months.The plunge came after Moody's announced Tuesday it had downgraded all ratings for the state-controlled firm, citing concern over a politically charged kickbacks scandal, delays in delivering audited results and a high debt burden exacerbated by sliding oil prices.Petrobras shares dropped more than eight percent on the Sao Paulo stock exchange before recovering slightly to 5.95 percent in the red in afternoon trade.President Dilma Rousseff, whose left-wing Workers' Party has been caught up in the corruption scandal, downplayed the ratings cut, saying it showed a "lack of direct knowledge about what is happening at Petrobras.""I have no doubt Petrobras will be a company with great capacity to recover," she told journalists.Until recently, Petrobras, the largest company in the world's seventh-largest economy, had ...

Turkish Airlines doubles profits, targets more expansion ISTANBUL: Turkey's flag carrier Turkish Airlines, which has grown exponentially in the last decade, said Wednesday its net profit more than doubled last year and was targeting 15 percent growth in passenger capacity in 2015.Turkish Airlines said in a statement that its full year net profits in US dollar terms for 2014 were $845 million, up 137 percent from last year's figure of $357 million.Total sales rose 12.6 percent to $11 billion from $9.8 billion ...
Bayer lifts dividend to 2.25 euros/share FRANKFURT: Germany's largest drugmaker Bayer said it would propose an annual dividend of 2.25 euros ($3) per share to investors, a tad more than the 2.23 euros expected on average by analysts. The dividend was 2.10 euros last year. The company has a long-term policy of paying out 30 to 40 percent of core earnings per share, which it defines as net income excluding goodwill amortisation and one-off writedowns. Bayer is due to report fourth-quarter ...
India's Bharti Airtel selling shares in tower unit MUMBAI: Bharti Airtel, India's biggest mobile phone operator by users, is raising as much as $415 million through the sale of shares in its mobile tower unit Bharti Infratel, two sources directly involved in the process told Reuters. Bharti Airtel, which operates in 20 countries across Asia and Africa, is likely to use the proceeds for funding next month's auction for mobile phone airwaves, brokerage analysts tracking the telecoms sector said. India's Reliance Industries Ltd ...
South Africa's Palabora Mining to spend 9.3bn rand to revamp copper mine JOHANNESBURG: South Africa's Palabora Mining Company said on Wednesday its shareholders had approved a 9.3 billion rand ($812.01 million) plan to extend the life of its copper mine by 20 years."A group of shareholders composed of the Chinese consortium which include global steel manufacturer, HBIS and South Africa's IDC approves a 9.3 billion rand life of mine extension project for Palabora Copper," the company said in a statement.Copyright Reuters, 2015 ...
Irish property prices post first monthly fall in 10 months DUBLIN: Residential property prices in Ireland posted their first contraction for 10 months in January, falling 1.4 percent, but were still 15 percent higher than a year ago, data showed on Wednesday.While prices across Ireland are 38 percent below their 2007 peak, the central bank last month introduced restrictions on mortgage lending to try to ensure price rises do not return to unsustainable levels.Property prices fell 1.9 percent in Dublin in January and were up ...
VW CEO sees BMW, Daimler managers as potential successors FRANKFURT: Volkswagen boss Martin Winterkorn sees Andreas Renschler and Herbert Diess, who are joining VW from rivals Daimler and BMW respectively, among his potential successors, according to German weekly magazine Stern."The decision about who will succeed me is not an easy one for the supervisory board," Winterkorn, whose contract as chief executive runs until 2016, was quoted as saying.Both Renschler and Diess were in the running, the magazine said on Wednesday."Both colleagues are managers who ...


Index Closing Chg%
Arrow DJIA 18,214.42 0.06
Arrow Nasdaq 4,987.89 0.42
Arrow S&P 2,110.74 0.15
Arrow FTSE 6,949.73 0.21
Arrow DAX 11,327.19 1.04
Arrow CAC-40 4,910.62 0.58
Arrow Nikkei 18,785.79 1.08
Arrow H.Seng 24,902.06 0.50
Arrow Sensex 28,746.65 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln