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Alibaba executive detained over Tencent graft: firms SHANGHAI: A senior Alibaba executive has been detained by authorities in a corruption case relating to his previous employer Tencent, the two Chinese technology giants said Friday.The president of Alibaba's digital entertainment arm Patrick Liu had been held by police, Alibaba said."We understand that Patrick Liu with our digital entertainment unit has been detained by the authorities," the Internet firm said in a statement provided to AFP. "This issue is related to his time at Tencent and has nothing to do with Alibaba."Tencent, which operates messaging service WeChat, said in a statement Liu was among "five or six" former and current employees suspected of bribery and corruption uncovered during an internal audit.At the time, Liu was general manager of Tencent's online video department.Police had found Tencent employees colluded with video content providers to set higher purchase prices, Tencent said in an earlier statement, adding those involved had been detained by ...

China auto sales down 2.31pc in June: industry group BEIJING: China's auto sales fell year-on-year in June, an industry group said Friday, as a slowing economy and rollercoaster stocks hit demand in the world's largest car market. Vehicle sales in China declined 2.31 percent last month to 1.80 million units, the China Association of Automobile Manufacturers (CAAM) said. Passenger car sales alone decreased a sharper 3.36 percent to 1.51 million, according to the group. Stock market volatility, downside pressures on the economy, and car ...
Japan's Takata rejects creation of victims' fund: US lawmaker WASHINGTON: Takata, under fire for allegedly concealing dangers linked to its airbags, has refused to set up a victims' compensation fund, a US lawmaker said in an report in Friday's New York Times.Senator Richard Blumenthal at a congressional hearing last month urged the Tokyo-based company to create a fund for victims.He shared with the newspaper a letter he received from Kevin Kennedy, an executive vice president at Takata, rejecting his suggestion."Takata believes that a national ...
Ryanair says accepts IAG bid for Aer Lingus stake LONDON: Ireland's low-cost carrier Ryanair said Friday that it has decided to sell its 29.8-percent stake in Irish rival Aer Lingus to International Airlines Group.The news comes two months after the Irish government agreed to sell its 25-percent holding to British Airways owner IAG, which had launched a 1.4-billion-euro ($1.5-billion) takeover bid for Aer Lingus.Copyright AFP (Agence France-Presse), 2015 ...
IBM unveils 'breakthrough' computer chip NEW YORK: IBM on Thursday unveiled a powerful new chip which the company says could boost computing power of "everything from smartphones to spacecraft."The company unveiled the industry's first seven-nanometer chip that could hold more than 20 billion tiny switches or transistors for improved computing power.The new chips could help meet demands of future cloud computing and Big Data systems, cognitive computing, mobile products and other emerging technologies, according to IBM, which developed the chip ...
Honda recalls another 4.5mn cars over exploding airbags TOKYO: Japanese automaker Honda on Thursday said it was recalling another 4.5 million vehicles globally, as a scare over a deadly defect in Takata-made airbags widens.The move takes to 24.5 million the total number of vehicles that the country's number three auto manufacturer has called back after the faulty airbags were linked to eight deaths around the world.The defect -- thought to be associated with a chemical propellant that helps inflate the airbags -- can ...
Nissan says Takata air bag inflator caused fire in Japan crash TOKYO: Nissan Motor Co on Wednesday said an air bag made by Takata Corp installed in one of its cars had deployed with too much force and caused a fire in a light crash in Japan, marking the automaker's first such case in the country. Nissan and several rivals have recalled millions of cars globally because of a defect making Takata-made inflators explode and spray shrapnel. Regulators have been unable to determine the cause but ...

 



 
Index Closing Chg%
Arrow DJIA 17,440.59 0.73
Arrow Nasdaq 5,039.78 0.96
Arrow S&P 2,067.64 0.58
Arrow FTSE 6,505.13 1.13
Arrow DAX 11,056.40 2.56
Arrow CAC-40 4,927.60 2.57
Arrow Nikkei 20,350.10 0.95
Arrow H.Seng 24,351.96 3.09
Arrow Sensex 27,561.38 1.96





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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln