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Siemens investigates report of fictitious Chinese contracts FRANKFURT/SHANGHAI: Germany's Siemens said it was investigating a media report that it boosted sales figures of its healthcare equipment in China by creating fake contracts. Chinese business daily Yicai cited Chinese distributors as saying that Siemens' healthcare division had been creating contracts with them that were not backed up by real sales.The distributors would pay a 10 percent down payment, allowing Siemens to book the contracts. Siemens would then return the payments to them by other means, Yicai said. "This was a common practice for everyone and was considered to be helping each other out," the newspaper quoted a distributor named Wu as saying. The German industrial conglomerate said on Monday: "Regarding the points raised by some business partners as described in the news report, Siemens has attached high attention to them and has initiated internal investigations". "Siemens pays high attention to taking pre-emptive measures against unfair competition and any ...

Ericsson joins with Intel to help telecoms firms get in the cloud BARCELONA: Telecom equipment maker Ericsson and chipmaker Intel have agreed a partnership deal to help network operator customers build datacentres, putting them on a more competitive footing against big, cloud-based Internet firms such as Google, Facebook and Amazon. "We will build datacentre equipment which will actually have the same performance as many of the big cloud providers are doing for themselves," Ericsson's chief executive, Hans Vestberg, told a news conference at the Mobile World Congress ...
Intel launches chip for new push into low-price smartphones SAN FRANCISCO: Intel Corp is shipping new mobile chips that represent the semiconductor company's biggest hope for making progress in smartphones this year.Responding to a growing market in China for low-cost handsets often priced below $100, Intel announced plans for the chip, code named Sofia, in late 2013 at a meeting with investors."We went from PowerPoint to shipping in 15 months," said Aicha Evans, General Manager of Intel's Platform Engineering Group. As well as smartphones, ...
Dial *930# for 3G offers on Samsung Galaxy For the first time in Pakistan, Samsung has launched Telenor’s special tariff plans for Galaxy devices. Upon dialing *930# from a Telenor prepaid SIM, the users of a Samsung Galaxy device will receive the option to subscribe to any one of the special bundles being offered through this campaign.Under this special tariff offer; Samsung’s Weekly Package will provide the subscriber with 500 MB of Data, 500 On-net Minutes and 500 SMS for one week, at ...
French money manager TOBAM raises $2bn in 'smart beta' funds LONDON: Paris-based money manager TOBAM has raised $2.1 billion under its "anti-benchmark" funds in the last three months, it said on Monday, boosting assets under management to $8.7 billion."Anti-benchmark" or smart beta funds, the fastest growing segment of the exchange traded fund market (ETF), weigh holdings by criteria other than market capitalisation and are typically created via algorithms designed to cherry pick winning stocks.They are cheaper to invest in than a typical actively managed fund ...
Swiss manufacturing sector shrinks again in February ZURICH: The downturn in Switzerland's manufacturing sector worsened in February, a monthly survey showed on Monday, although a more stable Swiss franc helped slow the pace of decline after January's sharp fall.The Swiss purchasing managers' index, which gives a snapshot of the health of the manufacturing sector, fell to a seasonally adjusted 47.3 points in February from 48.2 points in the previous month, data showed on Monday. That is below the 50 mark that indicates ...
Deutsche Telekom boss calls for regulatory shift on web companies BARCELONA: Deutsche Telekom Chief Executive Tim Hoettges called for web companies like Google and Facebook to be regulated since they offer communications services much as telecoms operators do. "There is a convergence between over-the-top web companies and classic telcos," he said. "We need one level regulatory environment for us all."Hoettges spoke at Mobile World Congress on Monday where some 90,000 executives and delegates from the industry have gathered.He added that if policy makers wanted telcos ...


Index Closing Chg%
Arrow DJIA 18,096.90 0.58
Arrow Nasdaq 4,967.14 0.26
Arrow S&P 2,098.53 0.44
Arrow FTSE 6,919.24 0.44
Arrow DAX 11,390.38 0.98
Arrow CAC-40 4,917.35 0.99
Arrow Nikkei 18,703.60 0.59
Arrow H.Seng 24,465.38 0.96
Arrow Sensex 29,380.73 0.72

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln