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Simon Property second-quarter earnings rise  NEW YORK: Simon Property Group Inc , the largest US owner of malls and outlet centers, said Tuesday that second-quarter funds from operations (FFO) rose more than 18 percent, as occupancy, sales and rent at its properties increased. The world's largest real estate company's second-quarter FFO rose to $688.8 million, or $1.89 per share, from $583.0 million, or $1.65 per share, a year earlier. FFO is a real estate investment trust performance measure that usually excludes gains or losses from property sales and removes the effect depreciation has on earnings.  (Reporting By Ilaina Jonas; editing by Jeffrey Benkoe) After Swiss-based refinery Petroplus filed for insolvency last year. The refining units, which stopped production on January 10, restarted operations last month under a deal with Royal Dutch Shell, the former owner of the refinery, to deliver 100,000 barrels per day of products. The refinery, which has a staff of 550, has benefited from improved refining margins ...

China says home prices increase in more cities BEIJING: Home costs in more Chinese cities rose in June than in the previous month as recent interest rate cuts encouraged buying and stoked expectations of a rebound in prices, the government said Wednesday. New home prices in 25 out of the 70 Chinese cities tracked by the government increased in June from the previous month, the National Bureau of Statistics said in a statement, up from just six in May. The spread of price rises to ...
Philippine firm in $1.07bn JV with Okada MANILA: Philippine property firm Empire East on Tuesday confirmed it would invest more than $1 billion in a joint venture with Japanese gambling tycoon Kazuo Okada. Empire East said in a disclosure to the stock exchange that it would develop "at least 25 upscale residential towers" in Entertainment City, a gambling and resort complex on Manila Bay. The firm, owned by Filipino real estate tycoon Andrew Tan, would invest 45 billion pesos ($1.07 billion) and have a ...
China to invest $5bn to renovate rural houses: Xinhua SHANGHAI: China will provide 31.87 billion yuan ($5 billion) in subsidies for the renovation of rural households this year, the state-run Xinhua News Agency said on Saturday. The pilot scheme will cover 4 million poor rural homes, the agency cited a joint statement by the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and the National Development & Reform Commission. Each dilapidated house will be given 7,500 yuan on average, while 130,000 poverty-stricken rural households ...
Hong Kong property tycoons charged with graft: reports HONG KONG: Two of Hong Kong's richest property tycoons were charged with corruption on Friday along with a former senior official, in the biggest graft scandal the regional banking hub has seen, reports said. Sun Hung Kai Properties co-chairmen Thomas and Raymond Kwok were among five people charged under anti-graft laws and will appear in court later Friday, public broadcaster RTHK reported. Former chief secretary Rafael Hui was also charged, along with another Sun Hung Kai director, ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln