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Brazil's JBS buys European poultry producer for $1.5bn RIO DE JANEIRO: Brazilian group JBS, the world's largest meat producer, announced Tuesday it has completed the purchase of European poultry group Moy Park for $1.5 billion.The company indicated that the acquisition from Brazil's Marfrig had received the necessary approvals, including from the European Union.Moy Park, which is based in Northern Ireland, raises chickens and turkeys in the United Kingdom, Ireland, the Netherlands and France.In 2014, it had sales of some 5.5 billion reals, or 1.2 billion euros at the current exchange rate.Under the deal, JBS pays Marfrig $1.2 billion and assumes Moy Park's debt of about $293 million, the statement said.JBS President Wesley Batista said the purchase will allow the company to broaden its product line and expand in the European market.JBS is the world's biggest beef producer and a major poultry producer as well since the 2013 purchases of Tyson's operations in Mexico and Brazil, Marfrig's Seara subsidiary ...

Volkswagen's home town announces budget freeze in wake of pollution scam FRANKFURT: Volkswagen's home town of Wolfsburg in northern Germany has imposed an immediate freeze on spending and hiring in case its finances are hit by the massive pollution test scam engulfing the carmaker, city officials announced."Even if our town is debt-free and we've been able to build up reserves, we can expect to see a sharp drop in business tax," Wolfsburg's mayor Klaus Mohrs said in a statement released late on Monday. "It is still ...
Glencore hammered in Hong Kong as global commodities slump HONG KONG: Shares in mining giant Glencore crashed 27.5 percent in Hong Kong Tuesday, hammered by weak commodity prices as Chinese demand stumbled while a brokerage warned about the group's future.The slump follows a near 30 percent dive in its London-listed arm and comes as an economic crisis in China convulses global markets, with stocks, commodities and emerging market currencies tumbling.Most resources-linked firms have taken a hit in recent months as the price of copper, ...
Apple sells record 13mn iPhones in weekend launch WASHINGTON: Apple said Monday it sold 13 million of its new iPhones over the weekend, in a record-breaking launch for the latest model of its iconic smartphone.The California tech giant began selling the iPhone 6S and 6S Plus in nine markets, including China, on Friday.On Monday, the company said the devices will be available in 40 additional markets October 9 including Italy, Mexico, Russia, Spain and Taiwan."Sales for iPhone 6S and iPhone 6S Plus have ...
Renault says seeks to acquire Lotus F1 racing team PARIS: French auto manufacturer Renault said Monday it had signed a letter of intent to take a controlling stake in the cash-strapped Lotus Formula One team.Renault said it had struck a deal with the Lotus team's current owners Genii Capital and said it marked the manufacturer's "first step towards the project of a Renault Formula 1 team from the 2016 racing season."Due to their financial problems, Lotus were embarrassingly locked out of paddock hospitality at ...
Shell scraps controversial oil exploration in Alaska LONDON: Anglo-Dutch energy giant Royal Dutch Shell said Monday it had scrapped its controversial offshore exploration in Alaska after failing to find sufficient quantities of oil and gas.Shell announced that its Burger J well in the Chukchi Sea, off the northwest coast of Alaska, did not warrant further exploration, adding it would now stop its activities in Alaskan waters.The energy major began drilling in July, two months after US President Barack Obama authorised Arctic oil ...
Ryanair says to pay out 398 million euros to investors LONDON: Ireland's low-cost carrier Ryanair said Thursday it will pay out 398 million euros ($445 million) to shareholders from the sale of its Aer Lingus stake.The Dublin-based group will distribute the proceeds from the sale of its near 30 percent Aer Lingus holding via a share buyback, Ryanair said in a statement issued at its annual meeting.The company had agreed on July 10 to sell its stake to British Airways owner International Airlines Group, clearing ...


Index Closing Chg%
Arrow DJIA 16,472.37 1.23
Arrow Nasdaq 4,707.77 1.74
Arrow S&P 1,951.36 1.43
Arrow FTSE 6,129.98 0.95
Arrow DAX 9,553.07 0.46
Arrow CAC-40 4,458.88 0.73
Arrow Nikkei 17,725.13 0.02
Arrow H.Seng 21,506.09 3.17
Arrow Sensex 26,220.95 0.25

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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 $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln