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India's Alkem Labs appoints banks for up to $291mn IPO MUMBAI: Indian drug manufacturer Alkem Laboratories has appointed Nomura and Axis Capital as lead bankers for a planned 15-18 billion rupees ($242.88-$291.45 million) initial public offering, five sources involved in the process told Reuters.Alkem is expected to soon file for the IPO with Securities and Exchange Board of India, according the sources, who declined to be named as the proceedings have not been made public.Local media reports had last week reported Alkem was considering a listing."We are planning to file the prospectus with the regulator soon," said one of the sources.Alkem, Nomura and Axis did not respond to queries seeking comments.Mumbai-based Alkem has sales revenues of more than $500 million, according to its website. The company has seven manufacturing ffacilities across the country.Copyright Reuters, 2015 ...

India's Mahanagar Gas to raise around $130mn via IPO MUMBAI: Mahanagar Gas Ltd, a natural gas distributor in India, is looking to raise around 8 billion Indian rupees ($129.66 million) in a stock market listing in the first quarter of 2015, three sources involved in the process told Reuters. Mahanagar Gas, a joint venture between GAIL (India) Ltd and U.K's BG Group PLC, has hired Kotak Mahindra Capital and Citigroup to manage the initial public offering (IPO), the sources added.The company is expected to ...
Societe Generale picks ex-ECB exec as board chairman PARIS: French bank Societe Generale said Monday it had reformed its governance, appointing former ECB board member Lorenzo Bini Smaghi as chairman of the board, leaving Frederic Oudea as chief executive officer."This change in corporate governance, prepared in 2014, meets the requirements applicable to banks in Europe," the bank said in a statement.Oudea had held both roles since 2009.The changes "...will allow Societe Generale to continue implementing its strategy and its transformation" in an "...increasingly ...
Air India to cut costs by $227mn in bid to reduce losses NEW DELHI: State-owned carrier Air India is to cuts its costs by 14 billion rupees ($227 million), or about 6 percent of its total outlays, in the next financial year after the government asked the loss-making airline to improve its finances.Air India, which controls close to a fifth of India's domestic air travel market, has been losing money for years and has long been criticised for its high costs. In 2012, the government handed the ...
Saudi's Sipchem Q4 profit falls 33pc as production, sales drop DUBAI: Saudi International Petrochemical Co (Sipchem) blamed a plant shutdown for lower production and sales as the company reported a 33 percent drop in fourth-quarter profit that was roughly in line with analyst estimates.Sipchem made a profit of 132.4 million riyals ($35.28 million) in the three months to Dec. 31, according to a statement to Riyadh's bourse. That compares with a profit of 196.8 million riyals in the prior-year period.Four analysts polled by Reuters on ...
Abu Dhabi's Al Jaber says wins $545mn road-building contracts DUBAI: A subsidiary of Abu Dhabi's Al Jaber Group has won two road-building contracts in the emirate worth about 2 billion dirhams ($545 million) combined, the company said on Monday.Abu Dhabi General Services Co awarded the contracts to Al Jaber Transport & General Contracting for improvements to two sections of the highway from Mafraq on the outskirts of Abu Dhabi to Al Ghwaifat on the Saudi border and near Qatar.Family-owned Al Jaber Group's main business ...
Indonesia's Bumi Resources posts $13.3mn profit for 9 months ended Sept JAKARTA: PT Bumi Resources Tbk, Indonesia's biggest coal miner, said on Monday it swung to a net profit of $13.3 million for the nine months ended September from a loss of $377.5 million a year earlier.The company posted revenue of $2.2 billion for the same period, down from $2.65 billion a year earlier.Copyright Reuters, 2015 ...


Index Closing Chg%
Arrow DJIA 17,678.70 0.03
Arrow Nasdaq 4,771.76 0.29
Arrow S&P 2,057.09 0.26
Arrow FTSE 6,852.40 0.29
Arrow DAX 10,798.33 1.40
Arrow CAC-40 4,675.13 0.74
Arrow Nikkei 17,468.52 0.25
Arrow H.Seng 24,909.90 0.24
Arrow Sensex 29,278.84 0.94

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln