Business

Fiat Chrysler an enticing takeover target for China
Aug 18

Fiat Chrysler an enticing takeover target for China

Detroit : Italian-American car maker Fiat Chrysler Automobiles would be an alluring takeover target for a Chinese company, instantly putting it at the top rung of the US auto industry, analysts say. In July, a well-known but unnamed Chinese automaker made at least one offer to buy Fiat Chrysler at a price...

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Saudi Electricity gets $1.75bn loan
Aug 17

Saudi Electricity gets $1.75bn loan

Riyadh : Saudi Arabia’s national electricity company yesterday announced it had secured $1.75 billion in international loans, its largest to date, to finance future plans.   The five-year loan is financed by eight international banks, according to a statement published by the Saudi Electricity...

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Italy enjoys best annual economic growth since 2011
Aug 16

Italy enjoys best annual economic growth since 2011

Rome : Italy posted its best annual economic growth figures since 2011 on Wednesday, its gross domestic product outdoing forecasts to grow year on year by 1.5 per cent. In the first six months of 2017, growth was 1.2 percent, according to the national institute of statistics (ISTAT). Quarterly growth held...

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Property sales boost  Emaar’s H1 profits
Aug 15

Property sales boost Emaar’s H1 profits

Dubai : Dubai developer Emaar Properties yesterday announced 15 per cent profit growth to $772 million in the first half of 2017, with property sales in the emirate up 22pc. Property sales in Dubai reached 10.814 billion dirhams ($2.94bn, 2.5bn euros) in the first six months, up 22pc on January to June last...

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Weak earnings hurt Dubai
Aug 15

Weak earnings hurt Dubai

Dubai : Egyptian stock markets yesterday fell for the fifth straight day of trading, while weak earning at several companies in Dubai weighed on the stock index there. Egypt’s index fell 1.1 per cent to 13,135 points, with its technical outlook continuing to deteriorate; it fell below its July low of...

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Renault signs 660 mln euro deal with Iran
Aug 07

Renault signs 660 mln euro deal with Iran

Tehran : French automaker Renault signed on Monday a long-awaited joint venture deal with Iran worth  660 million euros ($779 million) to build up to 300,000 cars per year. The new deal puts Renault in partnership with Iran's state Industrial Development and Renovation Organisation (IDRO) and private firm...

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BMW sticks to cautious forecast as profits shift up
Aug 03

BMW sticks to cautious forecast as profits shift up

Frankfurt am Main : German carmaker BMW reported Thursday a leap in profits in the second quarter, but stuck to its forecast for the full year as it spends on new models and research and development. Net profit at the group reached 2.2 billion euros ($2.6 billion) between April and June, a 13.6-percent increase...

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India cuts rates by 25 basis points: central bank
Aug 02

India cuts rates by 25 basis points: central bank

Mumbai : India's central bank Wednesday cut interest rates for the first time in almost a year, responding to a slowing economy and record low inflation. The Reserve Bank of India said the benchmark repo rate -- the level at which it lends to commercial banks -- would be cut by 25 basis points to 6 percent, a...

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Washington plans trade measures against China
Aug 02

Washington plans trade measures against China

Beijing : The United States is planning to take trade measures against China to force it to crack down on theft of intellectual property, the Wall Street Journal reported late Tuesday. President Donald Trump's administration plans to invoke a little used clause in US trade law that allows America to probe whether...

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Apple, global economic data fuel Asia rally
Aug 02

Apple, global economic data fuel Asia rally

Hong Kong : A fifth consecutive record close on Wall Street helped fuel further gains for Asian stocks Wednesday, with bullish sentiment boosted by strong results from Apple and benign world economic data.  Traders took heart from the iPhone maker's stronger-than-expected results for the past quarter as...

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Nigeria looks to 'white gold' for economic recovery
Aug 02

Nigeria looks to 'white gold' for economic recovery

Kano : Hamisu Haruna and his men are bent over, turning the earth under a relentless sun. The work is hard in this impoverished part of northern Nigeria but the harvest will be good. "In the last two years my yield has jumped to 35 bags of rice against the 20 I was getting in previous years," Haruna, who is in...

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France's PSA completes Opel, Vauxhall takeover
Aug 01

France's PSA completes Opel, Vauxhall takeover

Paris : French automaker PSA said Tuesday it had completed, ahead of schedule, the takeover of rival brands Opel and Vauxhall which makes the group Europe's second-biggest carmaker after Volkswagen. PSA -- which owns the Peugeot, Citroen and DS brands -- agreed in early March to pay some 1.3 billion euros ($1.46...

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Japan Airlines logs quarterly profit gain, upgrades outlook
Jul 31

Japan Airlines logs quarterly profit gain, upgrades outlook

Tokyo : Japan Airlines (JAL) on Monday reported a jump in quarterly net profit thanks to brisk sales at home and overseas, and revised its full-year forecast upward. JAL, once a symbol of Japan's rise from the ashes of defeat in World War II as it ferried the country's newly rich tourists around the world, received a...

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Apple removes some VPN services from Chinese app store
Jul 30

Apple removes some VPN services from Chinese app store

Beijing : Apple has removed software allowing internet users to skirt China's "Great Firewall" from its app store in the country, the company confirmed Sunday, sparking criticism that it was bowing to Beijing's tightening web censorship. Chinese internet users have for years sought to get around heavy internet...

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Samsung facing growing threats despite record profits
Jul 30

Samsung facing growing threats despite record profits

Seoul : Sprawling South Korean conglomerate Samsung Electronics has recovered from a humiliating recall fiasco and the arrest of its de facto leader with remarkable speed, analysts said, after the tech giant stunned investors with record-breaking profits. But the world's top smartphone maker, one of the huge...

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BA-owner profits capped by computer crash, cartel fine
Jul 28

BA-owner profits capped by computer crash, cartel fine

London : IAG, the parent group of British Airways, announced Friday a slight rise in net profits in the first half, with performance impacted by BA suffering a massive computer crash. Profit after tax increased 2.4 percent to 557 million euros ($651 million) in the first six months of 2017 compared with a year...

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Japan to impose emergency tariffs on US frozen beef
Jul 28

Japan to impose emergency tariffs on US frozen beef

Tokyo : Japan will raise tariffs on frozen beef from the United States and other countries from next month as an emergency measure due to increasing shipments, the government said Friday. Tariffs will be raised to 50 percent from the current 38.5 percent on frozen beef from the US, Canada and New Zealand until March...

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Starbucks takes full control of China stores in $1.3 bn deal
Jul 28

Starbucks takes full control of China stores in $1.3 bn deal

Shanghai : US coffee chain Starbucks has announced it will take full control of its mainland China outlets in a $1.3 billion deal, the largest single acquisition in the company's history. It will buy the remaining 50 percent of its East China joint venture from Taiwan's food and beverage giant Uni-President,...

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Sky TV hit by English Premier League broadcasting cost
Jul 27

Sky TV hit by English Premier League broadcasting cost

London : European pay-TV giant Sky, on course for a takeover by 21st Century Fox despite British hurdles, announced Thursday slim profits on the soaring cost of screening English Premier League football. Net profit rose 4.4 percent to £695 million ($914 million, 780 million euros) during its financial year to...

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Etihad Airways says it lost $1.87 bn in 2016
Jul 27

Etihad Airways says it lost $1.87 bn in 2016

Abu Dhabi : Abu Dhabi's Etihad Airways said Thursday it posted a $1.87 billion loss last year, hit by "one-off" impairments on aircraft and investments in troubled Alitalia and airberlin. The government-owned carrier said total impairments amounted to $1.9 billion, including a $1.06 billion "charge on aircraft,...

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AstraZeneca, Merck strike key cancer drugs partnership
Jul 27

AstraZeneca, Merck strike key cancer drugs partnership

London : Pharmaceutical giants AstraZeneca and Merck said Thursday they had agreed a multi-billion-dollar deal to jointly develop key cancer drugs. "The strategic collaboration is expected to further increase the number of treatment options available to patients," British company AstraZeneca and its US peer said in a...

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Nissan logs profit drops in April-June quarter
Jul 27

Nissan logs profit drops in April-June quarter

Tokyo :Nissan reported a drop in quarterly net profit on Thursday, hit by higher costs and weak sales in key markets, although it left its annual forecasts unchanged. The Yokohama-based company said for the April-June quarter net profit edged down 1.1 percent on-year to 134.9 billion yen ($1.2 billion) while...

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Airbus profits fall as engine problems stall deliveries
Jul 27

Airbus profits fall as engine problems stall deliveries

Paris : European planemaker Airbus said Thursday that net profits fell 17 percent to 1.5 billion euros ($1.8 billion) in the first half of the year due to problems with the engines for the new version of its top-selling A320 jet. "The commercial aircraft environment remains healthy while the robust order backlog...

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Samsung Electronics' record earnings see it overtake Apple
Jul 27

Samsung Electronics' record earnings see it overtake Apple

Seoul : South Korean giant Samsung on Thursday posted record quarterly earnings, putting it on course to overtake Apple as the world's most profitable tech firm as it seeks to move past a bribery scandal and last year's recall debacle. The firm said huge sales of its new Galaxy S8 smartphone and demand...

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Trump hails $10 bn investment from Apple supplier Foxconn
Jul 27

Trump hails $10 bn investment from Apple supplier Foxconn

Washington : President Donald Trump on Wednesday unveiled a $10 billion US investment by Apple supplier Foxconn to build a plant in Wisconsin. The businessman-turned-president made the announcement side by side with the Taiwanese tech giant's CEO Terry Gou, as he tried to show his "America First" economic rhetoric is...

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Amazon pushes into SE Asia with Singapore launch
Jul 27

Amazon pushes into SE Asia with Singapore launch

Singapore : Amazon launched its express delivery service in Singapore on Thursday, the US online retail giant's first foray into Southeast Asia and a move that puts it in direct competition with China's Alibaba. Prime Now allows online shoppers in the affluent city-state of five million people to order a wide range...

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Gulf stock markets steady
Jul 26

Gulf stock markets steady

Dubai : Most regional bourses were virtually flat yesterday with Saudi stock index falling 0.3 per cent in thin trade. National Shipping Co (Bahri) sank 5.6pc after reporting that quarterly net profit plunged to 153.9 million riyals ($41.0m) from 487.1m riyals a year earlier, as revenues also tumbled. It cited...

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BMW to build electric Mini in Britain
Jul 26

BMW to build electric Mini in Britain

Frankfurt : German luxury car manufacturer BMW said yesterday it will build a future all-electric version of its Mini in Britain, easing fears that it might move production away after Brexit. Electric drivetrains will be built at two plants in Bavaria “before being integrated into the car at Plant Oxford,...

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Shell shuts down key supply pipeline in Nigeria
Jul 25

Shell shuts down key supply pipeline in Nigeria

Lagos : Anglo-Dutch energy giant Shell said Tuesday it has shut down a key crude supply pipeline in Nigeria's restive south because of a leak. Shell subsidiary the Shell Petroleum Development Corporation of Nigeria Ltd (SPDC) said the Trans Niger Pipeline (TNP) was shut on July 21 at B-Dere in...

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Michael Kors buys Jimmy Choo for £900m
Jul 25

Michael Kors buys Jimmy Choo for £900m

London : US fashion brand Michael Kors on Tuesday agreed to buy British shoemaker to the stars Jimmy Choo for almost £900 million ($1.2 billion, 1.0 billion euros). Jimmy Choo -- whose celebrity fans include Beyonce, Lady Gaga, Nicole Kidman and Kate Middleton -- is the "ideal partner" for the US handbag and...

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Indian stocks hit record, break 10,000 barrier
Jul 25

Indian stocks hit record, break 10,000 barrier

Mumbai : India's stock markets hit record highs on Tuesday with the National Stock Exchange's much-watched Nifty index breaking the psychological 10,000 point mark for the first time as traders take heart from economic reforms. The Nifty, which consists of 50 of India's top companies across more than a dozen sectors,...

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Boeing signs $1 bn contract with Dassault Systemes
Jul 25

Boeing signs $1 bn contract with Dassault Systemes

Paris : US aerospace giant Boeing has signed a billion-dollarcontract with French industrial software company Dassault Systemes to modernise its production system, French media said Tuesday. "Boeing has signed a 30-year contract worth a billion dollars, renewable every 10 years," said Le Figaro newspaper, which...

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Banks push Qatar higher
Jul 25

Banks push Qatar higher

Dubai : Banks pushed Qatar’s stock market higher yesterday while Saudi Arabia’s market edged down as telecommunications firm Mobily plunged in the wake of a bigger-than-expected quarterly loss. The Qatari index added 0.8 per cent to 9,579 points, outperforming the rest of the region and closing at...

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India’s Ambani to launch free smartphone
Jul 22

India’s Ambani to launch free smartphone

Mumbai : India’s richest man Mukesh Ambani said yesterday that his telecoms venture Jio would launch a free smartphone, escalating a price war that is shaking up the country’s ultra-competitive mobile market. The announcement, made at a boisterous Reliance Industries annual general meeting in Mumbai,...

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GFH distributes dividends
Jul 19

GFH distributes dividends

Dubai : GFH Capital “GFH” the subsidiary of GFH Financial Group, yesterday announced the recent distribution of quarterly dividends for a number of its investments and funds in line with its continued progressive dividend policy.  These include distributions to investors of GFH funds with...

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Nissan, UAW agree on union vote at southern US auto plant
Jul 18

Nissan, UAW agree on union vote at southern US auto plant

Detroit : The United Auto Workers and Nissan said Monday that they reached an agreement to let workers at a Nissan plant in the southern state of Mississippi to vote on whether to unionize. Controversy over unionization at the largely African-American plant in the town of Canton, which opened in 2003...

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Qualcomm CEO sees settlement with Apple
Jul 18

Qualcomm CEO sees settlement with Apple

Aspen : Qualcomm chief executive Steve Mollenkopf said Monday the chipmaker's legal war with Apple is about defending his company's business model, but predicted an eventual out-of-court settlement. "At its core it's really about the price... what to pay for technology," Mollenkopf told a forum at the Fortune...

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EasyJet chief executive to step down after seven years
Jul 17

EasyJet chief executive to step down after seven years

London : British airline EasyJet said Monday that its chief executive Carolyn McCall will step down at the end of the year to become head of television channel ITV. "After seven years, the opportunity from ITV felt like the right one to take," McCall said in a company statement of her switch to the British...

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US judge pauses quest to block sale of Toshiba chip unit
Jul 15

US judge pauses quest to block sale of Toshiba chip unit

San Francisco : A California judge put on hold Friday a request by Western Digital to block the sale of Toshiba's chip division, suggesting a more collaborative order. San Francisco Superior Court Judge Harold Kahn gave Toshiba and Western Digital until a July 28 hearing to draft an order requiring the Japanese...

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Windows Phone 8 fades out
Jul 15

Windows Phone 8 fades out

San Francisco : Microsoft has ended support for its Windows 8 smartphones, as the US tech giant focuses on other segments, amid ongoing speculation about its strategy for mobile. Users of Windows-powered phones -- which have failed badly against rivals from Apple and Google Android -- were invited to upgrade to...

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EasyJet to create new company in Austria for Brexit
Jul 14

EasyJet to create new company in Austria for Brexit

London : EasyJet has applied for a new air operator's certificate in Austria to continue flying in the European Union after Brexit regardless of the final deal, the British carrier said Friday. The application "will allow EasyJet to establish a new airline, EasyJet Europe, which will be headquartered in Vienna and...

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India's Infosys eyes artificial intelligence profits
Jul 14

India's Infosys eyes artificial intelligence profits

Banglore : Indian IT giant Infosys said Friday that artificial intelligence was key to future profits as it bids to satisfy clients' demands for innovative new technologies. India's multi-billion-dollar IT outsourcing sector has long been one of the country's flagship industries. But as robots and automation grow in...

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GCC GDP on a growth path
Jul 14

GCC GDP on a growth path

Dubai : Regional economies have been on an accelerated growth trajectory for the period 2011-14, which has been mainly fuelled by record oil prices with the banking sector being the largest beneficiary of the economic boom. In a detailed report compiled by Al Masah Capital Limited, non-core income recovery, a...

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Sanofi buys US flu vaccine maker Protein for $750 mln
Jul 11

Sanofi buys US flu vaccine maker Protein for $750 mln

Paris : French pharmaceuticals giant Sanofi, which is looking to boost its presence in biotechnology, said Tuesday it had agreed to buy the privately-owned US vaccines maker Protein Sciences for up to $750 million (658 million euros).  Sanofi will make an upfront payment of $650 million and up to $100 million...

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Chinese developer Sunac to buy $9.3 bn of Wanda assets
Jul 10

Chinese developer Sunac to buy $9.3 bn of Wanda assets

Shanghai : Property Developer Sunac China Holdings plans to spend $9.3 billion on 76 hotels and a majority stake in 13 other projects from Chinese conglomerate Wanda, the two companies announced on Monday. They gave little explanation for the deal, but Wanda is among companies that have been the target of...

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Trump says time to work with Russia
Jul 10

Trump says time to work with Russia

Washington : US President Donald Trump pledged yesterday to work “constructively” with Russia but ruled out an immediate easing of sanctions while the countries remain at odds over the conflicts in Syria and Ukraine. In a series of tweets on his return from Europe, Trump said he had confronted his...

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SoundCloud slashes staff despite streaming growth
Jul 08

SoundCloud slashes staff despite streaming growth

New York : Streaming platform SoundCloud, which has become a favourite tool of artists but has struggled to find ways to make money, said yesterday it would lay off nearly half its staff. The company said it would eliminate 173 of its 420 positions, closing its offices in London and San Francisco. SoundCloud is...

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IndiGo says eyeing troubled Air India’s intl business
Jul 08

IndiGo says eyeing troubled Air India’s intl business

New Delhi : India’s largest airline IndiGo confirmed its interest in snapping up the international operations of troubled state-run Air India yesterday following the government’s bid to privatise the debt-laden flag carrier. Unveiling a broader plan to expand into long-haul flights, IndiGo told...

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Qualcomm steps up legal battle with Apple, asks iPhone ban
Jul 07

Qualcomm steps up legal battle with Apple, asks iPhone ban

Washington : Qualcomm yesterday escalated its legal battle with Apple, filing a patent infringement lawsuit and requesting a ban on the importation of some iPhones, claiming unlawful and unfair use of the chipmaker’s technology. Qualcomm said it filed two separate legal actions including a complaint asking...

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Google’s ‘moonshot’ factory spins off geothermal unit
Jul 08

Google’s ‘moonshot’ factory spins off geothermal unit

Washington : Google parent Alphabet is spinning off a little-known unit working on geothermal power called Dandelion, which will begin offering residential energy services. The announcement Thursday took the wraps off one of the secretive projects at the Alphabet unit X, known notably for its work on...

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