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Air France pilots' strike halts flights and hits shares PARIS/FRANKFURT: Pilots at Franco-Dutch airline Air France-KLM began a one-week strike at the French arm of the business over plans to cut costs, halting more than half of its flights on Monday and sending the group's shares down more than 3 percent.Air France said on its web site it expected to operate 48 percent of its flights on Monday, but "last minute disturbances are not excluded".Tuesday will be worse hit again, with only 40 percent of flights guaranteed to run, it said in a later statement.New competition from low-cost rivals and fast-growing long-haul carriers in the Gulf has prompted Europe's legacy carriers to speed up restructuring measures and tweak their business models.Lufthansa is expanding low-cost services, Italian airline Alitalia is set to undergo restructuring and loss-making Finnair said last month it is taking rapid steps to cut its costs.But Lufthansa and Air France-KLM, which have both issued profit warnings in ...

Lufthansa pilots to strike in Frankfurt on Tuesday FRANKFURT: Lufthansa pilots will hold an eight-hour strike on Tuesday, wiping out flights from its Frankfurt hub, union Vereinigung Cockpit said on Monday, announcing the fourth strike by the pilots to hit the German airline within three weeks.The pilots are trying to increase the pressure on Lufthansa in negotiations over an early retirements scheme. The proposed strike on Tuesday will run from 0700-1500 GMT, the union said. There will be no flights from Lufthansa's main ...
Roche starts late-stage trial for eye drug lampalizumab ZURICH: Swiss drugmaker Roche said on Monday it had started late-stage trials for its experimental drug lampalizumab as a treatment for a serious eye disease. The Basel-based firm has initiated Phase III trials for lampalizumab as a treatment for geographic atrophy, a leading cause of blindness in adults over 55, which gradually causes vision loss in the macula, making it harder to read, drive and recognise people's faces. Copyright Reuters, 2014 ...
South Africa launches support package for troubled power supplier JOHANNESBURG: The South African government on Sunday announced a wide-ranging support package for troubled state-owned power supplier Eskom, that will see it receive an equity injection and raise additional debt.Eskom, which supplies 95 percent of South Africa's electricity, has been struggling to meet growing demand, hobbled by years of underinvestment and ageing infrastructure."Eskom is facing significant challenges that threaten its sustainability," the finance ministry said in a statement."Cabinet approved a package to support a strong ...
Samsung seeks state probe of LG executives for vandalism SEOUL: Samsung said Sunday it had requested a state investigation of senior executives from its South Korean rival LG for allegedly destroying its products at stores in Berlin, renewing a bitter feud between the electronics giants.Samsung said it had asked Seoul prosecutors to investigate "a president and other executives of a Korean company" for defamation, property damage and obstruction of business.LG admitted Sunday that its executives were the target of the accusation.Samsung complained earlier this ...
Sanofi aims to grow Genzyme unit with new drugs, acquisitions PARIS: Sanofi rare disease unit Genzyme hopes to become a leader in the multiple sclerosis (MS) field with the help of new products developed in-house but also through acquisitions, senior Genzyme executives told Reuters. The Cambridge, Massachusetts company is confident in the commercial success of its two MS drugs Lemtrada and Aubagio and is "very active" in its hunt for external growth, Bill Sibold, the head of Genzyme's MS franchise, told Reuters. He declined to ...
Air France to cut flights by 50pc on Monday as pilots strike PARIS: Air France will reduce flights by about 50 percent from Monday as pilots begin a one-week strike over company plans to cut costs to recapture market share from budget airlines, its chief executive said on Saturday.Speaking to France Inter radio, Francois Gagey repeated that the strike, which could run until Sept. 22, would cost the airline between 10-15 million euros a day.Europe's second-largest traditional carrier by revenue said in early September it would move ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln