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Samsung scraps unit merger on shareholder opposition SEOUL: South Korea's Samsung scrapped Wednesday a merger between two major units, citing the spiralling cost of buying back stock from shareholders opposed to the deal.Samsung Heavy Industries -- the world's third largest shipmaker -- and Samsung Engineering had announced the planned merger in September as part of a major restructuring to smooth a generational ownership succession. Under the deal, the two firms were required to buy back shares from investors opposed to the merger.The shipbuilding and engineering units were allowed to spend up to 950 billion won ($866 million) and 410 billion won respectively, for the share buyback.But the Samsung Engineering shares to be returned by unhappy shareholders were valued far above the limit at 706.3 billion won, the two units said in a joint statement. "That means we have to shell out 1.62 trillion won to complete the merger, which will put great financial strain on the firms ...

Honda says no notice yet from NHTSA about expanding regional recalls TOKYO: Honda Motor Co said on Wednesday it had not received a notice from US safety regulators about expanding nationwide a previous region-specific recall of flawed air bags supplied by Takata Corp. The National Highway Traffic Safety Agency's (NHTSA) call for a recall expansion was prompted by an August incident in North Carolina, outside the area previously included in a recall involving hot and humid regions. "Honda will continue to cooperate with NHTSA in its ...
Netflix to launch in Australia, New Zealand in March SYDNEY: US online entertainment powerhouse Netflix ended months of speculation Wednesday in announcing it is moving into the Australian and New Zealand market from March.Netflix has pioneered online streaming of original content, including TV shows and films, challenging traditional network and cable broadcasters."Internet-connected users in Australia and New Zealand will be able to subscribe to Netflix and instantly watch a curated selection of popular movies and TV shows," the company said in a statement. Netflix ...
Safety watchdog urges full Takata air bag recall in US WASHINGTON: US safety regulators pushed Tuesday for a nationwide recall of cars with defective Takata air bags, increasing the pressure on both the Japanese firm and automakers ahead of a Senate hearing into the deadly problem.An earlier recall limited to several mostly southern US states needed to be expanded to the full country, said David Friedman, deputy administrator of the National Highway Traffic Safety Administration (NHTSA)."We now know that millions of vehicles must be recalled ...
Nokia plans comeback with 2015 tablet launch in China  HELSINKI: Finnish telecom equipment group Nokia announced an unexpected return to mobile devices Tuesday with a tablet aimed at the Chinese market. "We are pleased to bring the Nokia brand back into consumers' hands with the N1 Android tablet, and to help make sophisticated technologies simple," Nokia's head of products Sebastian Nystroem said in a statement. It will be made by the Taiwanese technology group Foxconn -- Apple's biggest supplier -- and launched on the ...
EU auto registrations surge 6.5pc in October PARIS: The European Union car market enjoyed a 6.5 percent surge in registrations in October over a year ago, boosted by booms in Britain as well as in struggling Spain and Italy, industry figures showed Tuesday.Overall, 1.07 million vehicles were registered in the European Union in October compared with one million units in October 2013. Figures for France on the key indicator of economic health were the notable exception, showing a 3.8 percent drop in ...
Sony takes hard look at streaming after Taylor Swift snub TOKYO: A Sony executive said Tuesday the firm was taking a hard look at music streaming services after pop star Taylor Swift yanked her songs from industry giant Spotify.The US artist -- whose album "1989", featuring the dance tune "Shake It Off," sold more in the first week than any album in a dozen years in the United States -- withdrew her songs over a payments dispute.Spotify and its competitors have come under fire from ...


Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,723.42 0.09
Arrow DAX 9,974.87 0.60
Arrow CAC-40 4,382.34 0.20
Arrow Nikkei 17,248.50 0.78
Arrow H.Seng 24,004.28 0.45
Arrow Sensex 28,438.91 0.19

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln