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Statoil's CEO quits for top job at BG Group OSLO/LONDON: Statoil's long-serving chief executive Helge Lund unexpectedly quit on Wednesday to take on the top role at smaller rival BG, where he has been promised a big pay rise if he can turn round the flagging British gas and oil producer.Lund, who in 10 years transformed Norway's once domestic-focused state oil firm into a $77 billion international major, now faces a new set of problems at BG, Britain's third-largest energy firm, which has been struggling following a string of production downgrades that cost the previous CEO his job."(Lund) has built a world-class exploration and production portfolio at Statoil, and the company is now widely admired for its technical expertise, financial performance and strong, values-based culture," BG's chairman Andrew Gould said.BG shares are down 20 percent since the start of the year as its important Egyptian gas business has performed disastrously due to lower production for exports and its huge ...

Total's European refining margins rise near 2-year high PARIS: French oil company Total, Europe's biggest refiner, said refining margins in the region had risen to an almost two-year high in the third quarter of 2014, recovering for the second consecutive quarter after a 4-year low hit early in 2014.Total's European refining margins indicator ERMI rose to $29.9 in the third quarter from $10.9 in the previous quarter, a table showed on its website on Wednesday.That was the highest level since the fourth quarter ...
Lufthansa unit Germanwings hit by new pilots' strike FRANKFURT: The German pilots' union Vereinigung Cockpit on Wednesday called for a new 12-hour walkout at Germanwings, the low-cost airline belonging to Lufthansa, in an ongoing dispute over retirement benefits.Cockpit said in a statement that it was calling a strike from noon (10:00 GMT) until 11:59 pm (2159 GMT) on Thursday. "All Germanwings flights across Germany will be affected," the statement said.The union accused Lufthansa management of "stonewalling" and refusing to consider any compromise solutions ...
Japan toymaker unveils tiny talking, singing humanoid TOKYO: Japanese toymaker Tomy on Wednesday unveiled a multi-talented humanoid robot, named "Robi jr.," which can converse using some 1,000 phrases and belt out about 50 songs, as well as move its limbs and head.The company said it will put the Japanese-speaking humanoid, designed by well-known roboticist Tomotaka Takahashi, on the market early next year at a price of 15,000 yen ($140) apiece at stores and online in Japan.Its Chinese-speaking siblings will also debut in ...
Airbus signs draft deal to sell 250 planes to IndiGo PARIS: European aircraft giant Airbus has signed a draft agreement to sell 250 medium range, fuel-efficient A320neo airliners to Indian low cost operator IndiGo, it announced on Wednesday.If completed, the deal worth around $25 billion (20 billion euros) at list prices, will represent the biggest sale ever by Airbus in terms of number of aircraft, the group said.Like in many countries in Asia, India's air passenger market has expanded at breakneck speed.And IndiGo, India's largest ...
Drugmaker Shire urges AbbVie to proceed with $54bn takeover LONDON: Shire Pharmaceuticals on Wednesday urged AbbVie to proceed with its agreed $54-billion takeover, after the US drugmaker decided to reconsider the deal citing a US crackdown on tax inversions.Chicago-based AbbVie announced in a statement overnight that its board will meet next week to reconsider the Shire bid, in light of White House proposals to stop US companies moving offshore to cut their tax bills.The news sent Shire's share price plunging by almost a third ...
Samsung's Cheil Industries submits plans for roughly $1.4 bln IPO -source SEOUL: Cheil Industries Inc, widely seen as the de facto holding company of Samsung Group, is likely to offer around 1.5 trillion won ($1.41 billion) worth of shares in its upcoming initial public offering (IPO), a person with knowledge of the matter said on Wednesday.Cheil may sell the shares at a price ranging from 45,000 won to 55,000 won each, according to a preliminary plan submitted by the company to South Korea's stock exchange, said ...


Index Closing Chg%
Arrow DJIA 16,461.32 0.92
Arrow Nasdaq 4,382.85 0.83
Arrow S&P 1,927.11 0.73
Arrow FTSE 6,399.73 0.43
Arrow DAX 8,940.14 0.60
Arrow CAC-40 4,105.09 0.58
Arrow Nikkei 15,195.77 2.64
Arrow H.Seng 23,403.97 1.37
Arrow Sensex 26,787.23 0.80

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln