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Coffee group Massimo Zanetti to use flotation cash for acquisitions MILAN: Italian coffee maker Massimo Zanetti Beverage (MZB) plans to use proceeds from its stock market listing for acquisitions in a bid to turn the family-owned business into a stronger international player. MZB, which last week priced its shares at between 11.60 euros and 15.75 euros apiece to value the company at up to 540 million euros ($613 million), said on Monday it was looking at two markets where it could invest the flotation proceeds. "We are looking at potential acquisitions to expand in two countries where we feel we are not growing fast enough," Chairman and owner Massimo Zanetti said, adding he would target well-established brands. Headquartered near Venice, MZB already owns more than 20 coffee brands around the world including Italy's market leader Segafredo Zanetti, Chock Full o'Nuts in the United States and Britain's Puccino's. It generates 90 percent of its sales abroad. The listing of up to ...

Gold hits 3-month high after run of downbeat US data LONDON: Gold hit three-month highs on Monday, rising for a fifth session, as a run of soft U.S. data supported expectations that the Federal Reserve will hold off raising interest rates for the time being.Spot prices rose 3 percent last week, their biggest weekly climb in four months, after recent downbeat readings of the U.S. jobs market, retail sales and consumer sentiment led analysts to conclude that an imminent rate increase is unlikely.That took some ...
Wheat rises to near 1-month high as rain worries return PARIS/SINGAPORE: Chicago wheat futures rose on Monday to near a one-month high as forecasts for more rain in the U.S. Plains revived concerns about crop damage and encouraged buying among investors with large short positions.Corn tracked wheat higher, although gains were capped by planting progress in the U.S. Midwest and a recovery in the dollar after a near four-month low last week. Soybeans edged higher.Non-commercial traders hold net short positions in wheat, corn and to ...
NY cocoa hovers near 7-month high, sugar dips on firm dollar LONDON: New York cocoa futures steadied on Monday near the prior session's seven-month high, supported by concerns over Ghana's crop, while raw sugar dipped, pressured by a firmer dollar.Arabica coffee futures were little changed in slim volumes.New York cocoa steadied after Friday's rally driven by speculative buying and risked a technically-driven correction lower."If we are about to see the price of cocoa go up, an increase in chocolate prices will weigh on demand," said Hamish ...
Copper dips on dollar strength, demand expectations cap losses LONDON: Copper slipped as the dollar rose on Monday, though losses were limited by signs of potentially stronger demand and expectations of further policy easing by top consumer China.Benchmark copper on the London Metal Exchange was trading down at $6,387 a tonne at 1011 GMT, from $6,415 at Friday's close.The higher U.S. currency makes dollar-denominated commodities more expensive for holders of other currencies."It's a softer start to the week. The stronger dollar is weighing on ...
Rio Tinto to sell aluminium assets in $1bn deal LONDON: Global miner Rio Tinto plans to sell some of its aluminium assets in a potential $1 billion deal, the Financial Times reported, reviving a sale plan for its Pacific Aluminium unit two years after it was cancelled. The Financial Times, citing "people aware of Rio's plans", said on Sunday that Rio had hired Credit Suisse to find a buyer for Pacific Aluminium, known as PacAl, which comprises a group of smelters in Australia and ...
South Korean mills bought 94,000 T wheat from Australia HAMBURG: Two South Korean flour mills purchased a total of 94,000 tonnes of Australian-origin milling wheat in tenders which closed on Thursday, European traders said on Friday. Of the total, Daehan Flour Mill Co Ltd bought 45,000 tonnes and another unnamed mill bought 49,000 tonnes, traders said. Copyright Reuters, 2015 ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln