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Japan's Idemitsu oil eyes $4bn buyout: report TOKYO: Japan's second-largest oil distributor Idemitsu Kosan is planning to acquire its smaller rival Showa Shell Sekiyu in a deal worth an estimated $4.18 billion, a report said Saturday.The deal, which would create a firm controlling nearly one third of the domestic market, would see Showa Shell's largest shareholder, Anglo-Dutch oil major Royal Dutch Shell, selling shares in a tender offer, the Nikkei business daily said without naming its sources.Royal Dutch Shell will likely exit the oil-refining and sales business in Japan, due to thin margins caused by fierce competition, it said.Idemitsu, which plans to turn Showa Shell into a subsidiary, would become number two in Japan's oil distribution sector, behind JX Nippon Oil & Energy, the Nikkei said.Idemitsu and Showa Shell are expected to sign a basic agreement as early as February, with the tender offer to be launched pending regulatory approval, it said.Domestic demand for petrol has declined ...


Seven dead as Pakistan hits militant hideouts PESHAWAR: Seven people including a policeman and paramilitary soldier were killed in two separate incidents when Pakistani security forces hit militant hideouts in the restive northwest Saturday morning, officials said. In the first incident, police and paramilitary soldiers raided suspected hideouts in the Mechani neighbourhood of Shabqadar, a town around 30 kilometres (18 miles) north of Peshawar."A soldier of the Frontier Corps and a policeman embraced martyrdom in an exchange of fire with militants in ...

Xi warns Hong Kong and Macau in 'one China' message MACAU: Chinese President Xi Jinping warned Hong Kong and Macau on Saturday to remember they are part of "one China", as pro-democracy campaigners in both semi-autonomous territories call for free leadership elections.Security has been tight during Xi's two-day visit to Macau to mark the 15th anniversary of the gambling hub's handover from Portugal, just days after police cleared the last remaining protest sites in neighbouring Hong Kong.Reporters on the airport tarmac waiting for Xi's arrival ...

US drone strike kills five in North Waziristan PESHAWAR: A US drone strike killed at least five militants in North Waziristan near the Afghan border on Saturday, security officials said, warning that the death toll was expected to rise.The strike occurred in North Waziristan, one of the seven semi-autonomous tribal districts bordering Afghanistan, which is seen as a hub for al Qaeda and Taliban militants."A US drone fired two missiles at a compound in Mada Khail neighbourhood of Datta Khail area in North ...

Obama warns North Korea over Sony hack: 'We will respond' WASHINGTON: US President Barack Obama warned North Korea it would face retaliation for a crippling cyber attack on Sony Pictures over an irreverent film comedy that infuriated Pyongyang.Obama said the movie giant had "made a mistake" in canceling the Christmas Day release of "The Interview," a madcap romp about a CIA plot to kill North Korean leader Kim Jong-Un.Sony defended its decision, made after anonymous hackers invoked the 9/11 attacks in threatening cinemas screening the ...

S&P lower Ukraine rating to CCC- on increased default risk PARIS: Standard & Poors lowered its credit rating for Ukraine on Friday to CCC- with a negative outlook, warning that dangerously low foreign currency reserves could prompt a default within months."The negative outlook reflects our view of the increasing risk that, without additional financial support, Ukraine may default on its obligations," the credit rating agency said.Copyright AFP (Agence France-Presse), 2014


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln