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Cairn India, Vedanta boards to meet on Sunday amid merger speculation MUMBAI: The boards of oil company Cairn India and its parent Vedanta Ltd will meet on Sunday, Cairn said, to discuss what could be a potential merger of the company with its parent, the operating unit of London-listed mining and energy group Vedanta Resources Plc.Vedanta this week signalled it was considering merging the two Indian units, as it tries to resolve a mismatch between its debt, held at the top of the group, and its cash, largely generated by subsidiaries, including Cairn.On Friday, India's oil minister, Dharmendra Pradhan, told Reuters he had met Cairn executives this week to discuss the potential merger and a source familiar with the matter had said the deal could be announced as early as Sunday. Copyright Reuters, 2015 ...

Airbus says US to be biggest customer for A400M military plane FRANKFURT: European aircraft maker Airbus believes the United States will be the biggest customer for its A400M military transport plane, despite a fatal crash involving one of them during a test flight last month."By the next decade at the latest, the US armed forces will be the biggest customer for the aircraft," Airbus chief executive Tom Enders told the weekly magazine WirtschaftsWoche in an interview.Despite its current technical problems, there was no other rival product ...
Orange CEO tells Israel PM of deep regret over boycott row JERUSALEM: The head of French telecoms giant Orange told Israeli Prime Minister Benjamin Netanyahu on Friday he was distressed by reactions to remarks seen as backing a boycott of the Jewish State."I deeply regret the impact resulting from the context and interpretation of those statements," Orange quoted Stephane Richard as telling Netanyahu at a meeting in Jerusalem.A row erupted after remarks by Richard during a news conference in Cairo on June 3 in which he ...
Honda says expanded air bag recalls to cost $360mn, no change in guidance TOKYO: Honda Motor Co said on Friday it expects to spend 44.8 billion yen ($363 million) in quality-related costs to pay for the recall of cars fitted with air bag parts made by Takata Corp after the supplier agreed to an expanded recall in the United States.Japan's third-largest automaker said there was no change to its dividend and profit forecasts for the current business year through March 2016, since it had set aside sufficient reserves.A ...
India's Reliance Ind to start commercial telecoms operations by Dec MUMBAI: India's Reliance Industries Ltd will start commercial 4G telecommunication services by December, Chairman Mukesh Ambani said on Friday.Speaking at the company's annual meeting of shareholders, Ambani, India's richest man, said the telecoms unit will initiate a test launch over the next few months and that the fiscal year to March 2017 will be the first full year of its commercial operations.Reliance, which re-entered the telecoms business in 2010 by acquiring the only company that ...
China's ICBC, Taiwan's Sinopac optimistic about closing $600mn deal TAIPEI: China's Industrial and Commercial Bank of China (ICBC) and Sinopac Financial Holdings are optimistic about closing their T$20 billion ($600 million) deal which has been delayed by a stalled bill in Taiwan's parliament, according to a source with direct knowledge of the matter.ICBC, among the mainland's four biggest banks, agreed in 2013 to buy a 20 percent stake of Sinopac's banking arm but the companies have been forced to renew their contract as Taiwan's ...
India's PFC preparing to meet bond investors for dollar debut SINGAPORE: State-owned Power Finance Corp is likely to kick off meetings with fixed income investors next week for a potential debut offering of US dollar bonds.The meetings will be arranged by Barclays, SBI Caps and Standard Chartered, who were hired a year ago for the potential offering, sources aware of the situation said.The bonds would be issued out of a US$1 billion GMTN programme already registered with the Singapore Exchange.PFC has been an active borrower ...


Index Closing Chg%
Arrow DJIA 17,757.91 0.79
Arrow Nasdaq 5,013.13 0.53
Arrow S&P 2,077.42 0.69
Arrow FTSE 6,608.59 1.34
Arrow DAX 11,180.50 2.15
Arrow CAC-40 4,883.19 1.94
Arrow Nikkei 20,329.32 0.46
Arrow H.Seng 26,250.03 1.09
Arrow Sensex 28,020.87 0.86

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln