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China Railway Construction wins $12bn Nigeria deal BEIJING: China Railway Construction Corp has signed a deal worth nearly $12 billion with Nigeria to build a railway along the West African nation's coast, Chinese state news agency Xinhua said on Thursday.The announcement comes shortly after Mexico abruptly scrapped a $3.75 billion high-speed rail contract with a consortium led by the Chinese firm over transparency concerns.China is pushing to win railway construction projects around the world as part of plans to export its high-speed technology and lift its manufacturing sector up the value chain.Beijing is also pumping money into the sector, with more than $100 billion worth of infrastructure projects approved in late October and early November in a bid to bolster slowing growth in the world's second largest economy."It is a mutually beneficial project," CRCC Chairman Meng Fengchao told Xinhua. He added the railway project will lead to equipment exports from China worth $4 billion, including construction machinery, ...

BHP says demerger plans will drive growth SYDNEY: The world's biggest miner BHP Billiton Thursday defended its plan to split the company by spinning off non-core assets, saying it would generate stronger growth, with a vote on the demerger set for May.BHP announced in August a proposal to create a new independent company by demerging some assets, including aluminium, manganese, silver and selected coal and nickel operations.Under the plan, the new entity -- provisionally named NewCo -- will be dual-listed in Sydney ...
Statoil to keep up exploration spending despite falling oil prices STAVANGER: Norwegian energy group Statoil ASA will keep exploration drilling high in 2015 and plans to approve a new project this year, even as oil prices trade at four-year lows, its field development chief for Norway said.Statoil expects to give the final go ahead for a smaller, fast-track development before Christmas and sees three to five fast-track projects in coming years, with a further investment decision in 2015, Ivar Aasheim said on Wednesday.With oil prices ...
Video games, e-commerce booming in Mideast: study ABU DHABI: Video game and e-commerce markets are growing "exponentially" across the Middle East and North Africa, driven by the mobile revolution and new youth-produced content, according to a study.The gaming market is expected to nearly triple in size, from $1.6 billion in 2014 to $4.4 billion in 2022, said the study conducted by consulting firm Strategy& and the Abu Dhabi media regulatory body twofour54."Gaming in the region is growing faster than the global average, ...
Qatar Airways says delay on A380 delivery cost $200mn DUBAI: Qatar Airways' CEO said on Wednesday a three-month delay in the delivery of A380 superjumbo jets had cost the airline $200 million. "It cost us nearly three months.In revenue over $200 million," Chief Executive Akbar Al Baker said on the sidelines of an aviation conference in Dubai. Copyright Reuters, 2014 ...
Shell wins multi-million dollar India tax case MUMBAI: Anglo-Dutch energy giant Royal Dutch Shell has won a multi-million dollar court battle against Indian authorities, marking a significant victory for multinationals involved in tax wrangles in the country.The Bombay High Court ruled in favour of Shell, whose Indian unit had been accused of under-pricing shares issued to its parent firm by about 180 billion rupees ($3 billion).The company had challenged a demand by India authorities for tax on the interest that would have ...
Volkswagen China growth slows to 10pc due to capacity limits SHANGHAI: Volkswagen AG's growth in China is expected to slow to around 10 percent this year from 16 percent in 2013 due to a conservative strategy that has limited its production capacity, the head of its Chinese operations said on Tuesday. A shortage in capacity is the only reason Volkswagen's growth rate has lagged overall growth in China's vehicle market recently, Volkswagen China President Jochem Heizmann told reporters in Guangzhou, ahead of an annual auto ...


Index Closing Chg%
Arrow DJIA 17,814.94 0.02
Arrow Nasdaq 4,758.25 0.07
Arrow S&P 2,067.03 0.12
Arrow FTSE 6,731.14 0.02
Arrow DAX 9,861.21 0.77
Arrow CAC-40 4,382.31 0.32
Arrow Nikkei 17,407.62 0.29
Arrow H.Seng 23,843.91 0.21
Arrow Sensex 28,338.05 0.57

Banking Review 2013

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