Asian stocks rose this week, with the regional benchmark index capping its 12th week of advance in 13 weeks, as positive economic reports from the U.S. boosted the outlook for the region’s exporters.
Toyota Motor Corp. (7203), Japan’s No. 1 carmaker, climbed 4.7 percent as the yen weakened against the U.S. dollar. Li & Fung Ltd., a supplier of clothes and toys to Wal-Mart Stores Inc., advanced 7.6 percent as U.S. retail sales, consumer confidence and employment reports exceeded economists’ estimates. China Railway Construction Corp. dropped 8.9 percent after a section of a high-speed track it built collapsed in central China’s Hubei province following heavy rains.
Etihad reports 52pc jump in annual profit
Etihad Airways, UAE’s national airline, has reported a 52 per cent rise in its annual profit, reaching $73 million from $48 million a year earlier, the carrier said in an emailed statement on Thursda
Saudi Airlines unit eyes $752m from IPO
Saudi Ground Services Company, a unit of national carrier Saudi Arabian Airlines, has set the price for its 30 per cent initial share sale at 50 riyals ($13.3) per share, a statement from the company
Saudi Binladin plans up to $265m sukuk
Saudi Binladin Group (SBG) has begun marketing a 364-day sukuk issue to local investors in the kingdom which could raise up to SR1 billion ($265 million) for the construction firm, sources aware of t