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Company News: World


Asia-focused Standard Chartered bank said Wednesday net profit fell 37 percent in 2014, the second consecutive year of decline, almost a week after announcing two of its top bosses would leave in a reshuffle aimed at transforming its fortunes. The troubled British lender said net profit came in at $2.51 billion for the year, down from $3.99 billion in 2013 and described the result as "disappointing".

Turkey's flag carrier Turkish Airlines, which has grown exponentially in the last decade, said Wednesday its net profit more than doubled last year and was targeting 15 percent growth in passenger capacity in 2015. Turkish Airlines said in a statement that its full year net profits in US dollar terms for 2014 were $845 million, up 137 percent from last year's figure of $357 million. Total sales rose 12.6 percent to $11 billion from $9.8 billion the year earlier, it added.
Ryanair said Tuesday it will consider any offer for its stake in Aer Lingus, which is currently being pursued for a takeover by British Airways owner IAG. London-listed International Airlines Group is drumming up support for its 1.35-billion-euro ($1.51-billion) bid for Aer Lingus but needs the support of Ryanair, which holds almost 30 percent of the former Irish national carrier.
Saudi Arabia's market regulator is investigating possible insider trading in shares of telecommunications operator Mobily relating to its shock earnings restatement, the watchdog said on its website. The Capital Market Authority (CMA) launched an investigation into Mobily in November after the firm slashed its profits for 2013 and the first half of 2014 by a combined $381 million, citing accounting errors.
Macau casino revenue plunged a record 49 percent year-on-year in February as China's corruption crackdown took its toll, but more mass market visitors lured by new mega-hotels could stem the free fall later in the year. It was the ninth straight month of decline as Beijing encourages the semi-autonomous territory to diversify away from gambling and reins in high rollers from the Chinese mainland.
Global miner BHP Billiton posted a 31 percent drop in half-year profit as prices for all its main products collapsed, but beat market forecasts and flagged further belt tightening to withstand the tough conditions. The company again cut its targets for capital spending and said it would reap savings of $4 billion in the three years to 2017, shoring up cash flows so it could stick to its policy of not cutting dividends.
Volkswagen, Europe's biggest car maker, said Friday it notched up record sales and earnings in 2014 but was cautious for 2015 in face of the emerging market weakness and currency fluctuations. VW said in a statement its bottom-line net profit jumped by 19.6 percent to 10.85 billion euros ($12.2 billion) in 2014. Underlying or operating profit was up 8.8 percent at 12.70 billion euros and revenues climbed by 2.8 percent to 202.5 billion euros.


Index Closing Chg%
Arrow DJIA 18,096.90 0.58
Arrow Nasdaq 4,967.14 0.26
Arrow S&P 2,098.53 0.44
Arrow FTSE 6,919.24 0.44
Arrow DAX 11,390.38 0.98
Arrow CAC-40 4,917.35 0.99
Arrow Nikkei 18,703.60 0.59
Arrow H.Seng 24,465.38 0.96
Arrow Sensex 29,380.73 0.72

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