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Swiss-based pharmaceuticals giant Novartis said Wednesday that it had signed a licensing deal with an international organisation that fights tuberculosis. In a statement, the group said that the exclusive world-wide licensing agreement with the Global Alliance for TB Drug Development covered compounds discovered at the Novartis Institutes for Tropical Diseases.

Hungarian lender OTP Bank expects a turnaround in most of its markets by next year after multiple setbacks pushed it to a record loss in the second quarter, its deputy chief executive told Reuters. The loss of 153.2 billion forints ($655 million) came as OTP set aside nearly 200 billion forints for losses at its core Hungarian bank and its Ukrainian subsidiary.
Sears Holdings Corp reported its ninth straight quarterly loss as sales continued to fall and the retailer said it might close more stores than planned this year. Shares of the company, which owns Sears department stores and the Kmart discount chain, fell as much as 7 percent in opening trading. Sears, controlled by hedge fund manager Eddie Lampert, has been closing stores, cutting inventory and selling property and assets to try to turn its business around after nearly a decade of falling sales.
Kuwait Projects Company (KIPCO) has rejected a $3.2 billion take-over offer from a US private equity firm for its pay-television subsidiary OSN, the parent company said in a bourse filing on Sunday. KIPCO owns 60.5 percent of OSN while Saudi Arabia-based Mawarid Group holds the remainder. They jointly refused an offer from the US firm, which was not identified in the statement.
Nobel Biocare, a Swiss dental implant maker that has been approached by potential buyers, said on Thursday that its turnaround strategy was "unquestionably working" as it raised its forecast for profitability. The world's second-biggest dental implant maker declined to comment on the progress of talks with potential buyers which it confirmed at the end of July were at a "very early" stage.
Viscose fibres maker Lenzing announced higher savings targets on Thursday after first-half operating profit more than halved on deteriorating viscose prices. The Austrian company, which is the world's biggest maker of cellulose fibres including its trademark Tencel, said it now expected cost savings of up to 90 million euros ($119 million) this year, half as much again as originally planned.
Britain has abandoned plans to sell shares in Lloyds Banking Group to private retail investors next month because of a decline in the bank's share price, banking industry and political sources told Reuters. Finance Minister George Osborne had been keen to sell some of the government's remaining 25 percent stake to private investors to let taxpayers share some of the benefit from the bank's return to profit.


Index Closing Chg%
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln