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Tesco paid new boss 4 mln pounds in first six months LONDON: Britain's biggest retailer Tesco paid new chief executive Dave Lewis 4.1 million pounds ($6.4 million) in the six months after luring him from consumer goods group Unilever and tasking him with turning around the firm.Tesco's annual report for the year to Feb. 28 published on Thursday showed Lewis, who succeeded the sacked Philip Clarke on Sept. 1, received salary of 570,000 pounds, benefits of 97,000 pounds, pension of 143,000 pounds and 3.32 million pounds in lieu of incentive awards he forfeited on leaving Unilever.Last year, Tesco issued four profit warnings and was embroiled in an accounting scandal after a 263-million-pound profit overstatement in the first half of its financial year. Its shares hit a 14-year low.Britain's Serious Fraud Office is investigating the accounting issue which relates to Tesco's booking of commercial income from suppliers. The Financial Reporting Council and industry watchdog, the Groceries Code Adjudicator, are also holding inquiries.Last ...

Mercedes cuts 500 Brazil jobs, 7,000 placed on leave SAO PAULO: German vehicle manufacturer Mercedes Benz said Wednesday it had cut 500 jobs at its Brazilian plant in Sao Bernardo dos Campos near Sao Paulo and placed 7,000 workers on short-term leave.A spokesman told AFP the 7,000 jobs were spread across all areas of production and the workers would have to take compulsory leave between June 1 and 15. The plant employs 10,500 to produce vans and buses.The layoffs come amid a deep slowdown ...
China gauge shows manufacturing activity still shrinking: HSBC BEIJING: China's manufacturing activity contracted at a slower pace in May, an HSBC survey showed Thursday, but companies cut back production and jobs despite government attempts to reinvigorate the world's second-largest economy.The preliminary reading for the British banking giant's purchasing managers' index (PMI) came in at 49.1 for this month, improving from a final figure of 48.9 in April, it said in a statement.The index, compiled by information services provider Markit, tracks activity in China's ...
Lenovo's annual revenue up 20 percent but profits miss target HONG KONG: China's Lenovo said Thursday revenue rose 20 percent in its past fiscal year, helped by its purchase of Motorola last year as the PC maker diversifies into the smartphone market, but net profit growth slowed to just one percent.The world's biggest personal computer maker said revenue reached $46.30 billion for the year ending March 31.Revenue from the company's mobile business including Motorola increased 71 percent year-on-year to $9.14 billion, making up about a ...
Telecom Italia welcomes foreign investors as Vivendi entry looms ROZZANO: Telecom Italia's chairman said he welcomed foreign investors in the Italian phone company as French media group Vivendi prepared to become the largest shareholder. Shareholders at the former Italian telecoms monopoly also approved changes to board appointment rules that could ensure minority investors get greater representation. "We reject the logic that foreign investments in Telecom Italia are dangerous: whoever brings capital and know-how contributes to make our company stronger, regardless of whether the investor ...
Vodafone sees net profits tumble LONDON: Vodafone's annual net profits slumped dramatically but the performance was skewed by the sale of its stake in Verizon Wireless, the British company said Tuesday.Earnings after taxation collapsed to #5.76 billion ($9.0 billion, 8.0 billion euros) in the year to March 31, the world's second-largest mobile operator said in a results statement.That compared with an enormous net profit of #59.25 billion in the previous 2013/2014 financial year, when earnings were boosted by the sale ...
Alibaba's Jack Ma says Kering lawsuit 'regrettable' SEOUL: The founder of Alibaba Group Holdings Ltd said a lawsuit by a group of luxury goods makers owned by Kering SA accusing the Chinese e-commerce giant of being a conduit for counterfeiters to sell goods was "regrettable"."I think it is regrettable that that company sued us. It would have been better had they tried to find a solution through cooperation with us," Executive Chairman Jack Ma told a press conference in Seoul.Copyright Reuters, 2015 ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln