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Rolls-Royce cuts forecasts on Russian sanctions LONDON: Rolls-Royce, the British maker of engines, announced on Friday that it was slashing its earnings forecasts partly as result of Western trade sanctions against Russia, causing a share price collapse.Rolls said underlying profit in 2015 would be flat at best compared with 2014 but could come in three percent lower. The company had previously expected earnings to grow next year."In the last few months economic conditions have deteriorated and Russian trade sanctions have tightened, leading a number of customers to delay or cancel orders particularly in our Nuclear & Energy and Power Systems businesses," said Rolls."At the same time we have made good progress on cost which has limited the impact of these adverse trading conditions on the group," it added in a trading update. The Russia-Ukraine crisis has caused the West to impose a series of sanctions, cutting Russia's access to Western money markets and forced its biggest ...

Virgin takes full control of Tigerair Australia for Aus$1 SYDNEY: Virgin on Friday took full control of budget carrier Tigerair Australia, buying the remaining 40 percent it did not already own for Aus$1 (88 US cents) from its Singapore-listed parent.Virgin Australia purchased a 60 percent stake in mid-2013 for Aus$35 million and said Tiger Holdings had agreed to sell the rest of the carrier, which has struggled to reach profitability, for the tiny sum, effectively ending their joint venture.Tiger will continue to licence its ...
Philippine Airlines tycoon Tan to buy out minority investors in listed parent MANILA: Philippine Airlines (PAL) owner Lucio Tan plans to buy out minority shareholders in parent PAL Holdings Inc at a discount to the listed firm's current market price, a senior airline official said on Friday.The voluntary tender offer comes hard on the heels of business tycoon Tan's $1 billion deal to acquire San Miguel Corp's 49 percent stake in PAL Holdings. With a free float of 10.22 percent and a market value of $3 billion, ...
Volvo Cars to add jobs, boost production in Sweden STOCKHOLM: Chinese-owned Volvo Car Group said on Thursday it would add 1,300 jobs and boost production at a plant in Sweden in the first quarter to meet rising demand for its new cars. Gothenburg-based Volvo has already seen deliveries rise nearly 10 percent in the first nine months of the year and expects to sell about 470,000 cars for the whole year, representing a 10 percent increase over 2013 and an all-time sales record for ...
EU anti-trust chief slams 'irrational' views of Google: report BRUSSELS: The EU's top anti-trust official sharply criticised the "irrational" response by European politicians to the Brussels investigation of search engine giant Google, a report said on Thursday."Google has provoked a lot of emotions and in some cases ... some kind of irrational emotions," EU Competition Commissioner Joaquin Almunia told the Wall Street Journal.Critics of Google see "this leviathan that will eliminate all our freedoms, all our privacy, all our rights and I think it ...
Board of AbbVie says no longer backs takeover of Shire NEW YORK: The board of directors of US pharmaceutical firm AbbVie said early Thursday it no longer backs a $54 billion (40 billion euro) takeover of its Irish-based competitor Shire.In a statement recommending shareholders vote against the deal, AbbVie said its decision was due to a new crackdown on US firms relocating abroad to save on taxes.The change made the takeover less appealing financially, the company said in a statement.It acknowledged the company may have ...
Japan staffing giant Recruit soars on Tokyo debut TOKYO: Japanese staffing giant Recruit Holdings soared 7.4 percent on its trading debut Thursday after a nearly $2.0 billion initial public offering, one of the biggest in Tokyo this year.The firm ended its first trading day at 3,330 yen ($31), well up from its IPO price of 3,100 yen. That came even as the broad-based Topix index, on which it is listed, tumbled more than two percent following heavy losses in New York and Europe.As ...


Index Closing Chg%
Arrow DJIA 16,677.90 1.32
Arrow Nasdaq 4,452.79 1.60
Arrow S&P 1,950.82 1.23
Arrow FTSE 6,419.15 0.30
Arrow DAX 9,047.31 1.20
Arrow CAC-40 4,157.68 1.28
Arrow Nikkei 15,138.96 0.37
Arrow H.Seng 23,333.18 0.30
Arrow Sensex 26,851.05 0.24

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln