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Amazon profit jumps while shares slip

The US tech giant said profit jumped 63% from a year ago to $3 billion in the fourth quarter

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Why putting your savings into a small bank can be more profitable

Smaller banks want to grow and for that they need your money

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Facebook’s rise in profits, users shows resilience after scandals

Facebook Inc shares rose on Wednesday after the social network reported a surprisingly strong 63 percent rise in profit and an increase in users, with no sign that business was hurt by a scandal over the mishandling of personal data. After easily beating Wall Street expectations, shares traded up 7.1 percent after the bell at…

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Fashion designer Nabila sets aside 50% of her profit for Rohingya Muslims

NEWS DESK: Fashion designer Nabila has set aside 50% of her profit for Rohingya Muslims’ donations. Through social media, she has been encouraging others to donate for the oppressed Muslim minority suffering in Myanmar. Watch here:

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Cash-strapped SoundCloud receives new funding

FRANKFURT: SoundCloud, the world’s most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this year, reported Reuters. The company, which laid off 40% of its staff in July, said in a blog post…

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Airlines soaring to record profits: IATA

The aviation industry is set to post record net earnings this year and is expected to remain profitable in 2017, despite rising oil prices and global political turbulence, its trade association said Thursday. “Airlines continue to deliver strong results. This year we expect a record net profit of $35.6 billion” (33 billion euros), said Alexandre…

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Samsung flags big jump in profit on strong S7 sales

SEOUL: Samsung Electronics on Thursday flagged its biggest operating profit in more than two years, boosted by cost-cutting efforts and solid sales of its latest flagship smartphone. The South Korean electronics giant — also the world’s top handset maker — predicted an operating profit of 8.1 trillion won ($7 billion) in April-June, up 17 percent…

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Samsung struggles to find fix for smartphone woes

SEOUL: More than a year into the overhaul of its smartphone lineup, Samsung Electronics Co Ltd has yet to find a way to reverse a slide in market share or margins, clouding its growth outlook and fuelling investor impatience. The world’s largest handset maker is forecast on Wednesday to guide for its first annual increase…

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PTCL profit falls 84pc as costs rise, revenue ebbs

DUBAI: Pakistan Telecommunication Co (PTCL), a unit of Abu Dhabi-listed Etisalat, reported an 84 percent drop in first-quarter net profit as operating and finance costs rose and its revenue and customer base declined. PTCL is Pakistan's former telecom monopoly. As well as running a fixed line network it also owns Ufone, the country's number four…

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Bajaj Auto Q3 net profit up 10.5 percent, beats estimates

MUMBAI: Motorcycle maker Bajaj Auto(BAJA.NS) reported a better-than-expected 10.5 percent increase in quarterly net profit, helped by foreign exchange gains and as higher revenues from exports helped offset weak demand for its vehicles.The company, for whom exports contribute more than a third of sales, said net profit for the October-December quarter was 9.05 billion rupees,…

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Pfizer third-quarter profit beats estimates; oncology drugs shine

NEW YORK: Pfizer Inc reported better-than-expected third-quarter earnings on Tuesday, helped by costs cuts and growing sales of recently approved cancer medicines.The largest U.S. drugmaker said it earned $2.59 billion, or 39 cents per share in the quarter, compared with $3.21 billion, or 43 cents per share, in the year-earlier period.Excluding special items, Pfizer earned…

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SBP asks banks to raise minimum profit rate on saving deposits by 50bps

Web DeskKARACHI: The State Bank of Pakistan on Friday issued fresh instructions to all commercial banks that the minimum profit rate to be paid on all rupee saving deposits will be 50 basis points below the prevailing SBP repo rate of 7%. SBP has announced the increase in minimum rate of return on all existing…

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Apple opts for profit over market share with not-so-cheap iPhone

SAN FRANCISCO: The higher-than-expected price of Apple Inc's new cheaper iPhone eased worries about gross margins, while arousing concerns the company was not being aggressive enough in its fight against Google Inc's market-dominating Android operating system.Apple's shares were down about 3 percent at $480.50 before the market opened on Wednesday, a day after it unveiled…

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Apple, Samsung do not have to disclose profit details: court

NEW YORK: Apple Inc (AAPL.O) and Samsung Electronics Co Ltd do not have to make public the financial details submitted to a U.S. court during high-profile patent litigation, a federal appeals panel ruled on Friday.The Federal U.S. Circuit Court of Appeals in Washington reversed a lower court ruling that ordered the two companies to disclose…

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BHP delays $14 billion Canada potash push as profit drops

MELBOURNE: BHP Billiton's new chief has put his stamp on the top global miner, mapping out a cautious approach to expanding into the potash market, which it sees as its next big growth business beyond 2020.CEO Andrew Mackenzie outlined the low-risk course as he handed down his first results, reporting a 15 percent drop in…

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Wipro signals demand pick-up after profit rise

BANGLORE: Wipro, India's third-largest software services exporter, sounded upbeat about demand for its outsourcing services, after posting an 11 percent rise in quarterly net profit helped by an increase in large contracts.The company expects revenues from IT services business for the current quarter that ends September 30 will range between $1.62 billion and $1.65 billion,…

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Traders’ unbridled lust for profit

Uncontrollable lust for more profit forces the traders to extract undue money from the purchasers by using every possible improper means. Umar Farooq reports from Lahore.

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Queen scores record profit from booming London property

LONDON: The Crown Estate – owned by the Queen – on Thursday said it made record profit in the year to March, thanks to the strong performance of its central London properties.Crown Estate's 5.2 percent rise in profits to 252.6 million pounds gives the queen a 38 million pounds 2014/15 payout, pegged at 15 percent…

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MGM says 'Skyfall', 'Hobbit' helped 2012 profit more than triple

LOS ANGELES: MGM, the storied movie studio that exited bankruptcy protection in 2010, posted a more than a three-fold increase in 2012 net income, the company said on Monday.Blockbuster hits like “Skyfall” and “The Hobbit” had bolstered its profit last year to $129.2 million, from $35.2 million in 2011, it said in a statement.Sources have…

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SBP directs banks to pay minimum profit rate of 6% from April 1

Web DeskKARACHI: The State Bank of Pakistan (SBP) on Friday directed commercial banks to pay minimum profit rate of 6.0% per annum on all rupee saving deposits on average monthly balances with effect from April 01, 2013. This rate of profit will be applicable on all existing and new saving deposits including term deposits, the…

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Travel firm Thomas Cook targets $500 million profit boost

LONDON: Travel firm Thomas Cook aims to boost profits by more than $500 million (334 million pounds) in the next three years by moving more of its operations online and further cutting costs, it said on Wednesday.A long-awaited strategy update from Chief Executive Harriet Green gave the latest positive signal that the company is responding…

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