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BHP says days of $100 iron ore prices likely over SYDNEY: The world's biggest miner BHP Billiton says iron ore prices are unlikely to rise above US$100 a tonne again as the commodity trades at five-year lows amid a supply glut and weak Chinese demand.Iron ore prices have slumped some 40 percent this year as output from resources giants such as BHP, Rio Tinto and Brazilian mining powerhouse Vale increases, hurting higher-cost producers.A year ago, iron ore fetched about US$135 a tonne, but it is now below US$70."I've learnt never to say never, and I think that there's... always short-term variations," the miner's iron ore chief Jimmy Wilson told reporters late Thursday."But, you know, I think that if you use basic economics and look at inducement pricing... certainly, you know, US$100 feels high going forward."It's hard to see the sort of significant bump that we've seen come from China happen again."The comments came as BHP marked the Anglo-Australian firm's shipment ...

Sony to launch PlayStation consoles in China from January SHANGHAI: Japanese gaming giant Sony is to offer its PlayStation consoles in China from January, the company said, following rival Microsoft into the potentially lucrative market after China ended a 14-year ban.The company will launch the PlayStation 4, the latest in its series, in China on January 11, priced at 2,899 yuan ($475), Sony said in a release, adding pre-sales started Friday.Its handheld game console PlayStation Vita will also be available, with a price tag ...
Airbus says group set for long-term growth BERLIN: Airbus sought to play down a warning on 2016 profit on Thursday, saying the group would grow earnings beyond that and that divestments would allow it to pay dividends even if investments in new planes hurt cashflow.Airbus shares plunged 10 percent on Wednesday after the group forecast flat earnings in 2016."For 2016, it's not a guidance. We're at end of 2014, there's a lot of parameters, we are giving you a trend," chief financial ...
Dutch energy group SBM cuts jobs as crude price slumps THE HAGUE: Dutch oil and gas group SBM Offshore said Thursday it would cut 1,200 jobs worldwide in a bid to slash costs as oil prices plunge.The group said it hoped to save $40 billion (32 million euros) a year through the workforce reduction which would take place over 2014 and 2015.The oil sector is currently facing down one of the steepest drops in crude prices in decades. Prices have plunged by 40 percent since ...
Fiat Chrysler shares down after bond, share offering priced MILAN: Shares in Fiat Chrysler Automobiles (FCA) fell at open on Thursday as traders said investors were selling the stock after buying a bond that convert into shares. The car maker priced on Thursday a $2.5 billion mandatory convertible bond due in 2016, and also an offering of 87 million shares at $11 dollar each. "Investors are arbitraging between the stock and the covertible notes," one trader said. A second trader confirmed the convertible issue ...
Japan automakers add 550,000 cars to Takata air bag recalls TOKYO: Three Japanese automakers will recall more than half a million cars globally to replace air bag inflators made by Takata Corp, bringing the total tally of Takata-related recalls across all brands to around 20 million since 2008. The recalls announced on Thursday by Honda Motor, Nissan Motor and Mitsubishi Motors correspond with a similar, precautionary recall by Toyota Motor last week after a recent "unusual deployment" of a passenger-side air bag at a scrap ...
Nissan to recall around 152,000 cars worldwide over Takata air bags TOKYO: Nissan Motor Co said on Thursday it would recall around 152,000 cars worldwide that carry potentially defective Takata Corp air bags. Japan's No. 2 automaker said it was recalling cars using Takata's passenger side air bags including its Presage minivan models. Nissan said it expanded its recall after a recent "unusual deployment" of a Takata air bag at a salvage yard in central Japan, which also triggered recalls by Toyota Motor Corp. The company ...

 



 
Index Closing Chg%
Arrow DJIA 17,068.87 0.65
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln