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Richemont sees profit plunge, but shares surge ZURICH: Swiss luxury giant Richemont on Friday posted a sharp drop in first half net profit amid weaker demand in China, but saw trading bolstered on a market bracing for worse.The world's second largest maker of luxury products after LVMH saw its net profit plunge 23 percent during the first half of its 2014/2015 fiscal year to 907 million euros ($1.12 billion).Analysts polled by the AWP financial news agency had expected to see a net profit of 1.08 billion euros for the six-month-period.Despite missing the mark, the company, which counts Cartier and Piaget among its luxury brands, saw its share price surge more than four percent, with analysts saying investors had been bracing for far worse.Richemont also beat expectations on sales, which inched up two percent to 5.43 billion euros, surpassing the 5.3 billion anticipated by analysts.But sales shrank two percent in Asia, dragged down by dwindling sales in the ...

Allianz shares jump as dividend vow offsets Pimco concerns FRANKFURT: Shares in Allianz jumped more than 3 percent on Friday after the German insurer promised bigger dividend payouts having posted a forecast-beating jump in third-quarter net profit. The surprise dividend move helped mollify shareholders worried about turmoil at asset management arm Pimco, where the defection of investment guru Bill Gross has unsettled clients, triggered record investor outflows and weighed on the unit's quarterly contribution to the group. "Operating profit in asset management was still ...
Dovish central banks hit bonds, rouble fall eyed BUDAPEST: Central European government bonds eased on Friday as investors digested messages from regional central banks this week that were less dovish than some had expected.Fears Russia may face a currency crisis also hit some regional assets. The rouble plunged by more than 3 percent against both the dollar and the euro on Friday, extending heavy losses from earlier in the week.Investors were also eyeing US jobs data due later, which could hit appetite for ...
European stocks rise at open, before US jobs data LONDON: Europe's main stock markets climbed at the start of trading on Friday as attention turned to upcoming US jobs data.London's benchmark FTSE 100 index rose 0.40 percent to stand at 6,577.03 points compared with Thursday's close.Frankfurt's DAX 30 gained 0.31 percent to 9,406.16 points and in Paris, the CAC 40 won 0.26 percent to 4,238.87.Friday sees the release of US jobs data for October, with the market expecting a solid improvement to openings in ...
European stocks steady before rate calls LONDON: Europe's main stock markets steadied on Thursday, as investors awaited the outcome of monetary policy meetings being held by the ECB and Bank of England.London's benchmark FTSE 100 index dipped 0.12 percent to stand at 6,531.20 points nearing midday in the British capital.Frankfurt's DAX 30 won 0.14 percent to 9,328.81 points and in Paris the CAC 40 nudged up 0.04 percent to 4,210.18 compared with Wednesday's closing value."The general mood in the market today ...
Legrand loses ground as European shares slip ahead of ECB LONDON: European shares fell on Thursday, with switch maker Legrand underperforming, as investors' caution that a European Central Bank (ECB) meeting might not yield new monetary easing measures weighed on markets.The pan-European FTSEurofirst 300 index, which had risen 1.7 percent on Wednesday, slipped back to fall 0.3 percent to 1,344.26 points.Germany's DAX, which had hit a record high of 10,050.98 points in June, fell 0.1 percent to 9,302.81 points while France's CAC retreated 0.3 percent.French ...
Retailers support Britain's FTSE after encouraging updates EDINBURGH: Britain's top share index edged lower on Thursday, retracing some strong gains made in the previous session but supported by enthusiasm for retailers after reassuring corporate updates.WM Morrisons led the FTSE 100 leaderboard, up 5.5 percent, after reassuring investors over its full year outlook despite missing forecasts for quarterly sales.The stock remains down nearly 35 percent for the year, with traders saying that it was attractively valued, and any good news was likely to ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln