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GE reports $13.6bn loss due to finance sale charges NEW YORK: General Electric Friday reported a $13.6 billion first-quarter loss on charges from its plan to sell most of GE Capital as profits rose in four of seven industrial businesses.The big loss had been expected after GE said a week ago that it would take about a $16 billion charge due to the GE Capital divestment. GE reported $3 billion in profits in the year-ago period.The plan to sell most of its finance operations is part of an overhaul directed by chief executive Jeff Immelt to emphasize the company's industrial and technological prowess.In the first quarter, a big gain in aviation profits and smaller increases in transportation, appliances and lighting and health care made up for lower profits from power and water and oil and gas.Overall industrial profits rose 8.6 percent to $3.6 billion.GE had said April 10 that it would take a charge of about $16 billion in ...

Volkswagen puts end to management tug-of-war FRANKFURT: German auto giant Volkswagen attempted Friday to draw a line under a bitter power struggle between its chief executive and supervisory board chief, saying it would extend the contract of chief executive Martin Winterkorn.The announcement was seen as a severe blow to supervisory board chief Ferdinand Piech, who has ruled the carmaker with an iron fist for more than 20 years."The executive committee of the supervisory board asserts that Martin Winterkorn is the best ...
Turkish Airlines plane turns back after false bomb alert ISTANBUL: A Turkish Airlines passenger plane flying from Istanbul to Basel turned back over Bulgarian air space Friday after a bomb alert that later turned out to be false, the airline said.The airline said the plane returned to Istanbul airport as a precautionary measure after the alert and underwent an investigation after all the passengers were taken off."The necessary investigation onboard has now been finalised and it became clear that it was a false bomb ...
Rolls-Royce wins $9.2bn engine order from Emirates for A380s LONDON: Rolls-Royce said it had won a $9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company after a torrid year of profit warnings.It is the first time the Gulf carrier has ordered Rolls-Royce engines for its superjumbo fleet, the rest of which is powered by Engine Alliance, a joint venture of General Electric and Pratt & Whitney.The deal was confirmation that of what ...
Nissan says to expand US regional recall for Takata air bags TOKYO: Nissan Motor Co said on Friday it would expand an investigative recall in certain US regions to replace air bags made by Takata Corp, adding about 45,000 Sentras from the 2004-2006 model years that weren't included previously.Japan's second-largest automaker has informed the US National Highway Traffic Safety Administration about its plans to replace passenger-side air bags of the affected Sentras, a spokesman said.Bloomberg reported earlier the expansion followed a March 21 accident in which ...
Australian energy firm AGL to shut all coal power stations by 2050 SYDNEY: AGL Energy Ltd, Australia's No.2 power retailer, said on Friday it would not buy any more coal-fired power stations and that it would close all its existing coal-fired power plants by 2050.The company, which in September 2014 completed a A$1.5 billion ($1.17 billion) purchase of two coal-fired power stations from New South Wales state, revealed the apparent about-face in a new "greenouse gas policy"."It will be an ongoing, progressive process, managing the efficient operations ...
Asiana suspends Hiroshima flights for safety check SEOUL: Asiana Airlines said Friday it was suspending flights to Hiroshima pending a safety review, after one of its passenger jets hit a communications antenna as it came in to land at the Japanese airport.The South Korean carrier said the suspension would last until the end of April while it checks "safety measures related to the Hiroshima route, airport facilities, planes and training."Flight OZ162 from Incheon, near Seoul, was carrying 73 passengers and eight crew ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln