February 21, 2014
Government reiterates that Bank of Bahamas is safe
The Bahamas government has again sought to reassure nationals that it was not interfering in the operations of the Bank of Bahamas (BOB) in which it has 65 per cent majority share holding. “The Government does not control or interfere in the…
February 21, 2014
Shell in $2.6bn Australia asset sale
Oil giant Royal Dutch Shell has agreed to sell its Australian downstream business to oil trading firm Vitol for $2.6bn (£1.6bn). The sale includes Shell's refinery in Geelong, 870 service stations, its bulk fuels and chemicals unit and part of its…
February 21, 2014
Wal-Mart reports fall in quarterly profits
The world's largest retailer, Wal-Mart, has reported a 22% drop in quarterly profit and given a weaker-than-expected earnings forecast for the coming year. Net income for the three months to 31 January fell to $4.4bn (£2.6bn) from $5.6bn a year…
February 21, 2014
BAE Systems shares down 10% on lower earnings forecast
Shares in BAE Systems have dropped 10% after the defence group announced a big fall in profits in 2013 and said earnings would decline this year. Pre-tax profits for the year fell by two-thirds to £442m, down from £1.2bn in the previous year,…
February 20, 2014
Facebook to buy messaging app WhatsApp for $19bn
Facebook has bought messaging app WhatsApp in a deal worth a total of $19bn (£11.4bn) in cash and shares. It is the social networking giant's biggest acquisition to date. WhatsApp has over 450 million monthly users and is popular with people…
February 14, 2014
Barbados debt levels will hopefully stabilise by 2016 – IMF
The International Monetary Fund (IMF) says fiscal measures recently introduced by the Barbados government will, if fully implemented, should stablise debt levels by 2016. “However, downside risks are considerable and failure to implement corrective…
February 14, 2014
India telecoms auction raises $10bn from mobile firms
India's mobile phone firms have bid almost $10bn (£6bn) in a key auction for the country's second-generation (2G) telecoms licences. The amount far exceeded the government's target of $1.8bn, and will be used to shrink its budget deficit. The…
February 14, 2014
China’s consumer inflation holds steady at 2.5%
China's inflation rate remained subdued in January, despite rising food prices during the New Year celebrations. Consumer prices held steady at 2.5% from a year earlier, which was slightly higher than many economists expected. The National Bureau…
February 14, 2014
Jamaica Meets Latest IMF Targets
Jamaica met all of its quantitative performance targets and indicative targets for the end of December, according to the International Monetary Fund. The IMF, which recently concluded a nine-day mission to Jamaica, said it had reached “preliminary…
February 14, 2014
Tyre maker Bridgestone pleads guilty to price-fixing
Tyre maker Bridgestone has pleaded guilty to price-fixing and agreed to pay a $425m (£255m) fine to the US Department of Justice (DOJ). According to the charges, Bridgestone participated in raising the prices of anti-vibration rubber parts sold to…