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Russian steelmaker Severstal announces sale of US plants MOSCOW: Russia's steel giant Severstal announced on Monday the sale of its North American plants to US companies for a total of $2.3 billion (1.7 billion euros).Severstal is selling Severstal Columbus (Mississippi) to Steel Dynamics and Severstal Dearborn (Michigan) to AK Steel Corporation, the company said.AK Steel said separately that its acquisition was worth $700 million.The sale would be completed "by year-end 2014," Severstal's statement said."The work to prepare and sign the agreements to sell the assets was launched in the end of 2013 and has now been successfully finalised," it said.Severstal specialises in steel for the auto sector and household goods and is controlled by billionaire Alexei Mordashov.The company had explained its disposal of foreign assets as a cost-cutting move, but the final sale also comes amid the worsening standoff over Ukraine between Moscow and Washington, which last week introduced its toughest round of sanctions yet against Russian companies.Kommersant ...

British retailer Tesco says chief executive steps down LONDON: British supermarket giant Tesco said Monday that chief executive Philip Clarke will step down in October, after the group suffered its largest quarterly sales drop in four decades.Clarke, who has been at the helm for three years, will be replaced in October by Unilever executive Dave Lewis, Tesco said in a statement, adding that current trading conditions "are more challenging than we anticipated".Copyright AFP (Agence France-Presse), 2014 ...
Australia's Fairfax in mining mogul Rinehart's sights: report SYDNEY: Australia's richest person, mining magnate Gina Rinehart, is considering taking over respected media firm Fairfax out of frustration at its direction, a report said Monday.Rinehart is already a major shareholder in the newspaper, radio and digital company which publishes The Sydney Morning Herald, The Australian Financial Review and The Age in Melbourne.But rival The Australian newspaper, which is owned by Rupert Murdoch's News Corporation, reported Monday that Rinehart had approached business associates for suggestions ...
Philips reports 23pc profit slump THE HAGUE: Electrical appliance group Philips reported a 23 percent slump in net second quarter profit on Monday, to 243 million euros ($329 million).The Dutch giant said in a statement sales were also down 5.4 percent to 5.3 billion euros.The group had blamed weak performance by its new strategic activities in healthcare equipment for a slump in profits in the first quarter.A world leader in electrical appliances for the home, industry and local authorities, Philips ...
Huawei's H1 revenue up 19pc year-on-year at $22bn TAIPEI: Huawei Technologies Co Ltd , the world's No. 2 telecom equipment maker, said on Monday it will achieve sustainable growth in 2014 after posting a 19 percent jump in first-half revenue to 135.8 billion yuan ($21.88 billion). The Shenzhen-based company also said it expected to generate an operating margin of 18.3 percent in the first six months of 2014. The company did not elaborate in its brief statement. "Driven by increasing investments in LTE ...
China rich look abroad as home prices fall BEIJING: Rattled by falling home prices, some of the wealthiest Chinese are paring their property investments and turning to private equity or overseas holiday homes, a sign of fading hopes that the once red-hot market can bounce back any time soon. "Smart money" checking the exit is a bad omen for any market, especially one considered frothy after a five-year record-breaking bull run, but wealth managers, brokers and analysts say there is no reason for ...
Finland cashes in on cold by luring data storage firms HELSINKI: With freezing winters where the mercury can sink well below zero and cool summers, Finland will never be a destination of choice for the world's sun-seekers.But its chilly weather has attracted technology giants such as Google and Microsoft that seek a cool haven for thousands of servers holding terabytes of data from around the world."In Finland we are excited that we can finally turn (our) cold climate and uneventful boring society into a competitive ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln