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Volvo Cars sees profits, China sales drop in first half STOCKHOLM: Swedish automaker Volvo Cars, owned by China's Geely, reported Wednesday a drop in first half profits as sales tumbled in its biggest market, China.Net profit plunged by 60 percent to 173 million kronor (18.3 million euros, $20 million), while turnover climbed by 12 percent to 75.2 billion kronor.Operating profit surged by more than 70 percent to 1.66 billion kronor, thanks to a strong US currency and robust sales of Volvo's SUV model XC60.Volvo's overall car sales in terms of units rose by 1.4 percent to 232,284 during the first half.The strongest sales growth was registered in Sweden and western Europe, while remaining stable in the United States and declining in China and the rest of the world, including Russia.Volvo went through several dark years before returning to profit in 2013. In 2014, it beat its sales record from 2007, selling almost 466,000 vehicles. CEO Hakan Samuelsson told Swedish news ...

UAE's Etisalat says no voting rights for foreign shareholders DUBAI: Etisalat will not extend voting rights to foreign investors when the United Arab Emirates' former telecom monopoly opens up its shares to non-UAE investors, it said on Wednesday.Government-run Etisalat is worth nearly twice as much as the second biggest listed UAE company, but its publicly-traded shares can only be owned by UAE nationals and all institutions are excluded. In June, Etisalat said it would loosen these rules to permit foreign and institutional investors to ...
Toyota extends halt in Tianjin operations on safety concerns TOKYO: Toyota Motor Corp said on Wednesday its operations near the Chinese port of Tianjin will remain closed at least until Sunday, extending a suspension originally set through Wednesday, due to safety concerns after last week's deadly chemical explosions in the area. Toyota also said Sichuan FAS Toyota Motor Co Ltd, a joint venture, would close its Changchun plant in northeast China through Friday because the port disaster had delayed custom clearance of parts shipped ...
Malaysia's AirAsia X sticks to profit plan despite currency challenge KUALA LUMPUR: Malaysian long-haul budget airline AirAsia X Bhd said on Wednesday a weaker ringgit makes it harder to achieve its target of reporting a profit this year, but it will push to meet the goal by attracting more passengers and increasing its fares. The carrier saw a net loss of 132 million ringgit for the April-June period from 128.8 million ringgit in the same period last year, recording its seventh consecutive loss. But it ...
SoftBank successor to buy $483mn in Japan company's shares TOKYO: The successor-in-waiting at SoftBank said Wednesday he would buy a whopping $483 million in company shares, after his move to the Japanese mobile carrier from Google.Nikesh Arora, who left a high-profile post at the Internet search giant last year, said he would buy 60 billion yen ($483 million) worth of SoftBank stock over the next six months.He was named president and chief operating officer in June as a potential successor to chief executive Masayoshi ...
Fletcher Building profits slump, but NZ pickup boosts revenue WELLINGTON: New Zealand construction giant Fletcher Building on Wednesday said its full-year profit slumped 20 percent, dragged down by one off costs, although a pickup domestically and in the US boosted revenues.Net profit in the year to June 30 fell to NZ$270 million (US$177 million), from NZ$339 million a year earlier, hit by NZ$150 million of charges, including from site closure costs and the sale of some businesses.But revenue rose 3.0 percent to NZ$8.66 billion, ...
Hackers post data from affair dating site: report WASHINGTON: Hackers have released stolen information from some 32 million users of the affair website Ashley Madison, tech magazine Wired reported.The data dump Tuesday on what Wired described as the "dark web" included millions of payment transactions, email addresses and phone numbers of people who were registered on the dating site.The release comes about a month after the data was stolen by hackers identified as the "Impact Team" who allegedly tried to shut the site ...


Index Closing Chg%
Arrow DJIA 16,374.76 0.14
Arrow Nasdaq 4,733.50 0.35
Arrow S&P 1,951.13 0.12
Arrow FTSE 6,194.10 1.82
Arrow DAX 10,317.84 2.68
Arrow CAC-40 4,653.79 2.17
Arrow Nikkei 18,182.39 0.48
Arrow H.Seng 20,934.94 1.18
Arrow Sensex 25,764.78 1.22

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln