Business

Airbus starts building first helicopter plant in China
May 28

Airbus starts building first helicopter plant in China

Qingdao : Airbus has begun building its first helicopter assembly plant in China, and the European planemaker plans to produce 18 machines a year there in hopes the country will soon open up its low-altitude airspace. China currently has a shortage of civilian helicopters for emergency medical...

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VAT to affect credit sales: expert
May 28

VAT to affect credit sales: expert

Manama : The implementation of Value-added Tax (VAT) will negatively impact the cash flow of companies providing generous credit terms to customers, warned an expert. “VAT once enforced, will have immediate ‘cash-flow implications’ on the companies offering huge credit sales, forcing them to...

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Apple opens first official store in SE Asia
May 27

Apple opens first official store in SE Asia

Singapore : Apple opened its first Southeast Asia store in Singapore on Saturday, drawing hundreds of excited fans to the swanky two-storey site in the city's upmarket shopping district. Located on the affluent Orchard Road, the new shop -- easily distinguished by its iconic glass facade -- is expected to be one...

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Nokia, Apple bury hatchet in patent dispute
May 23

Nokia, Apple bury hatchet in patent dispute

Helsinki : Nokia and Apple said Tuesday they were burying the hatchet in a bitter patent dispute with a cooperation agreement and an undisclosed cash payment by the US tech giant to the Finnish group. By settling their ongoing intellectual property dispute, the two companies would "move the relationship... from...

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Hong Kong police arrest 21 Uber drivers in sting
May 23

Hong Kong police arrest 21 Uber drivers in sting

Hong Kong : Hong Kong police on Tuesday arrested 21 Uber drivers for carrying passengers without a proper permit following an undercover operation in the latest setback for the ride-hailing giant. The sting comes as the San Francisco giant has encountered regulatory roadblocks around the world, despite its huge...

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Cuba's first luxury hotel opens in Havana
May 23

Cuba's first luxury hotel opens in Havana

Havana : Cuba's first ultra luxury hotel opened its doors Monday in Havana, with guests paying up to $2,500 a night to stay in five-star comfort on the Communist island. The "Gran Hotel Manzana," part of the Swiss group Kempinski Hotels, is situated in the heart of the Cuban capital in front of the verdant...

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Cathay Pacific sacks 600 staff in major shakeup
May 22

Cathay Pacific sacks 600 staff in major shakeup

Hong Kong : Hong Kong's flagship airline Cathay Pacific said Monday it would cut 600 staff as part of a major overhaul to slash costs and repair its bottom line.  The company posted its first annual net loss in eight years in March, citing intense competition as lower cost airlines, particularly from mainland...

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Asian energy firms lead market gains on hopes for oil ouput cut
May 22

Asian energy firms lead market gains on hopes for oil ouput cut

Hong Kong : Energy shares led a broad rally across Asian markets on Monday as oil prices were boosted by growing hopes that an OPEC-led output cut will be extended by another nine months. With the deal agreed between the crude cartel and key producer Russia set to finish at the end of June, there had been worries...

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Energy, industrial shares lead US stocks higher
May 20

Energy, industrial shares lead US stocks higher

New York : Wall Street stocks finished a volatile week on  a positive note Friday, with advances by energy and industry shares lifting the market. It was the second straight day of gains after Wednesday's rout, when major US indices fell more than 1.5 percent on worries about President...

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US oil output back near records, challenging OPEC
May 19

US oil output back near records, challenging OPEC

New York : American oil production is approaching record levels again, led by shale projects, potentially foiling efforts by OPEC to support prices. Oil prices were boosted this week after Saudi Arabia and Russia signaled they intend to extend an agreement to limit output.  That raised...

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Automakers settle deadly Takata airbag case for $553 mn
May 19

Automakers settle deadly Takata airbag case for $553 mn

New York : Four automakers including Toyota and BMW agreed Thursday to pay $553 million to settle a US lawsuit over the defective Takata airbags blamed for 11 deaths in the United States alone. The lawsuit filed in late February claimed the carmakers were aware of the dangerous defects and used the airbags in their...

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Volvo Cars moves into fast-growing Indian market
May 18

Volvo Cars moves into fast-growing Indian market

Stockholm : Swedish carmaker Volvo said Thursday it will start assembling cars in India this year in a move into a fast-expanding market where it has had only a small presence until now.  Volvo Cars said in a statement that it was teaming up with truck manufacturer Volvo Group to build cars at the latter's...

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Dollar under pressure on Trump troubles
May 18

Dollar under pressure on Trump troubles

Tokyo : The dollar was under pressure in Asia Thursday on fears that US President Donald Trump's mounting political woes will stall his economic growth plans and a June rate hike. Trump has been accused of asking former FBI chief James Comey -- who he later sacked -- to stop a probe into ex-national security advisor...

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Russia, Saudi call for oil output deal extension
May 15

Russia, Saudi call for oil output deal extension

Moscow : The world's biggest oil producers Russia and Saudi Arabia on Monday called for extending an output reduction deal ahead of an OPEC meeting later this month.  "To underscore the determination of oil producers to ensure market stability, predictability and sustainable development -- the joint actions of...

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Most Asian markets start week with gains
May 15

Most Asian markets start week with gains

Hong Kong : Most Asian markets rose Monday, with Hong Kong heading for a sixth successive gain as traders brushed off another set of disappointing US economic figures. Investors were given a healthy lead from Europe where London and Frankfurt ended at record highs but below-par Chinese figures...

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S.Korea's largest games maker goes public
May 12

S.Korea's largest games maker goes public

Seoul : South Korea's biggest mobile games maker Netmarble went public in Seoul Friday as it seeks overseas acquisitions, with the firm valued at around $12 billion. Netmarble's Lineage 2 is a hugely popular massively multiplayer online role-playing game (MMORPG) with a mediaeval setting. The firm's shares closed at...

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China agrees to open market to US beef, gas
May 12

China agrees to open market to US beef, gas

Beijing : China announced on Friday an agreement with the United States to resume imports of US beef and open its market to US natural gas and financial services. The deal comes a month after Chinese President Xi Jinping and Donald Trump held a friendly meeting at the US leader's Mar-a-Lago resort in Florida, where...

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OPEC wants 'collective efforts' to counter US oil output
May 11

OPEC wants 'collective efforts' to counter US oil output

Paris : OPEC said Thursday that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States. Ahead of a May 25 meeting of the cartel where its members and Russia are expected to roll over an agreement to cut production, OPEC said in...

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Saudi budget deficit drops 71 pct in Q1
May 11

Saudi budget deficit drops 71 pct in Q1

Riyadh : Saudi Arabia's budget deficit fell by 71 percent in the first quarter of this year, the finance minister said on Thursday, after the kingdom made sweeping spending cuts.   The deficit dropped to 26 billion riyals ($6.93 billion) in the first three months following the cuts made as a result of...

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Moon aims to shine new light on S. Korean businesses
May 11

Moon aims to shine new light on S. Korean businesses

Seoul : The world's biggest smartphone maker Samsung and other conglomerates that dominate South Korea's economy are firmly in the reformist sights of new president Moon Jae-In -- and analysts say he could succeed where many have failed. The likes of Samsung and Hyundai, sprawling family-led empires known...

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India passes new law to tackle bad debt
May 06

India passes new law to tackle bad debt

New Delhi : India yesterday gave greater powers to the central bank to intervene in cases of bad loans, seeking to tackle a mountain of debt that experts say is holding back the economy. The move authorises the Reserve Bank of India to order banks to take specific measures to deal with bad debts under the...

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Spain's oil giant Repsol beats expectations
May 04

Spain's oil giant Repsol beats expectations

Madrid : Spain's oil giant Repsol said Thursday its net profit rose 59 percent to 689 million euros ($752 million) in the first quarter on reduced costs and a slight boost in oil prices. The result is higher than the average of 528 million euros expected by analysts surveyed by Factset. The group...

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Facebook profit jumps as user base nears 2 billion
May 04

Facebook profit jumps as user base nears 2 billion

San Francisco : Facebook on Wednesday reported that its quarterly profit surged as its ranks of monthly users closed in on two billion, but warned of rising expenses and slowing revenue growth. The leading social network said it made a profit of $3.06 billion on $8.03 billion in revenue in the first three months...

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Apple starting US tech manufacturing fund with $1 bn
May 04

Apple starting US tech manufacturing fund with $1 bn

San Francisco :  Apple chief Tim Cook on Wednesday announced Apple is creating a fund to get more people in the US to do "advanced manufacturing," kicking it off with a billion dollars. Apple investing in high-tech manufacturing in the United States would come as rare common ground with US President Donald...

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VW confirms forecast after jump start to 2017
May 03

VW confirms forecast after jump start to 2017

Frankfurt : German carmaker Volkswagen on Wednesday confirmed its forecasts for 2017 after boosting revenue and profits in the first quarter, even as its emissions cheating scandal continues to make headlines. The group reported net profit of 3.4 billion billion euros ($3.7 billion) in the period from January to...

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Huawei gets top award at 5G summit
May 03

Huawei gets top award at 5G summit

Dubai : Leading global ICT provider, Huawei, received the ‘Biggest Contribution to 5G R&D’ award at the 5G MENA 2017 Summit, held in Dubai from 30 April to 2 May 2017.  The ‘Biggest Contribution to 5G R&D’ award was bestowed upon Huawei for leading the development of 5G...

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Apple delivers higher profits, but iPhone sales slip
May 02

Apple delivers higher profits, but iPhone sales slip

San Francisco : Apple reported a rise in quarterly profits Tuesday, but its shares took a hit from weaker iPhone sales ahead of a 10-year-anniversary model on the horizon. Apple said its profit climbed 4.9 percent to slightly more than $11 billion on revenue rising 4.6 percent to $52.9 billion in the quarterly...

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BP rebounds into quarterly profit on higher oil prices
May 02

BP rebounds into quarterly profit on higher oil prices

London : British oil giant BP rebounded back into net profit in the first quarter, energised by deep cost-cutting and rising crude prices, the group revealed Tuesday. Earnings after tax stood at $1.45 billion (1.33 billion euros) in the first three months of 2017, which contrasted with a net loss of...

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GM says will be first to profit from electric cars
May 02

GM says will be first to profit from electric cars

Detroit : US auto giant General Motors is poised to become the first manufacturer to make a profit from electric vehicles, a GM executive predicted on Monday. The company leads the pack in reducing the cost of electric vehicles and ultimately offering...

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IMF says fiscal reform moving Gulf in 'right direction'
May 02

IMF says fiscal reform moving Gulf in 'right direction'

Dubai : Oil-exporting Arab states of the Gulf are heading "in the right direction" to plug budgetary gaps thanks to fiscal reforms, but more change is still necessary, the International Monetary Fund said Tuesday. "If they continue on this path in the next three to five years, the level of deficit will be...

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Twitter, Bloomberg team up for streaming news channel
May 02

Twitter, Bloomberg team up for streaming news channel

Washington : Twitter is launching a 24-hour streaming news channel in partnership with the Bloomberg Media, in a major expansion of the social media firm's video operations, the two firms announced Monday. The new streaming channel "will combine the vast global editorial and newsgathering capabilities of...

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Tech billionaire buys Sydney mansion for record price
May 01

Tech billionaire buys Sydney mansion for record price

Sydney : Tech billionaire Scott Farquhar has bought a Sydney waterfront mansion for an Australian record Aus$75 million (US$56 million), a report said Monday, after the owners resisted selling the 1863-built home to developers. The co-founder of Australian software giant Atlassian, which floated in the United States...

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Sports broadcasting giant ESPN forced to reinvent itself
Apr 28

Sports broadcasting giant ESPN forced to reinvent itself

New York : ESPN, the giant of American sports television channels, has been losing subscribers by the millions while being clobbered by increasingly expensive broadcast rights. The company must reinvent itself quickly in order to survive. But how? Since its founding in 1979, in the town of Bristol, Connecticut, the...

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Oil prices rebalancing  after accord: OPEC
Apr 28

Oil prices rebalancing after accord: OPEC

Istanbul : Global energy markets are moving in the right direction after oil prices fell to historic lows due to oversupply, Qatar’s energy minister said yesterday, praising OPEC members for their adherence to a “successful” November deal to cut production.  Minister of Energy and Industry...

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Google parent Alphabet revs up revenue, profit
Apr 28

Google parent Alphabet revs up revenue, profit

San Francisco : Google parent Alphabet on Thursday reported strong gains in quarterly results, beating most market forecast despite rising costs for its "moonshot" efforts. Alphabet reported a 29 percent jump in quarterly profit to $5.4 billion, while revenue jumped 22 percent compared with a year ago to $24.75...

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Kia Motors announces $1 billion investment in India
Apr 27

Kia Motors announces $1 billion investment in India

New Delhi : South Korean car maker Kia Motors said Thursday it will build a new 1.1 billion plant in India, marking its entry into one of the world's fastest growing markets as sales in neighbouring China have sagged. Kia Motors said in a statement it would manufacture up to 300,000 cars a year at the new factory in...

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Lufthansa says not interested in taking over Alitalia
Apr 27

Lufthansa says not interested in taking over Alitalia

Frankfur : German airline group Lufthansa said Thursday it is not interested in snapping up troubled Italian carrier Alitalia, as Rome hunts for a buyer after workers rejected a bailout plan. "We are clearly not there to buy Alitalia," finance chief Ulrik Svensson said during a teleconference with analysts on...

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British Royal honour for LuLu Group
Apr 27

British Royal honour for LuLu Group

London : Y International (UK) Ltd., part of Abu Dhabi based, LuLu Group International has won the Queen’s Award for Enterprise: International Trade 2017, the most prestigious award for business excellence in the UK.  The annual award is given to organisations for their extraordinary contributions...

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Trump proposes major tax cuts, 15% corporate rate
Apr 27

Trump proposes major tax cuts, 15% corporate rate

Washington : The Trump administration Wednesday unveiled plans to dramatically cut taxes for US businesses and individuals, slashing the corporate rate to 15 percent, but the once-in-a-generation overhaul is headed for a tough fight in Congress. As Donald Trump's presidency nears the symbolic 100-day mark, the...

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Samsung posts biggest quarterly net profit since 2013
Apr 27

Samsung posts biggest quarterly net profit since 2013

Seoul : South Korean tech giant Samsung Electronics posted its biggest quarterly net profit for more than three years Thursday after shrugging off the fallout from the exploding Galaxy Note 7 battery debacle. The results, driven by strong demand for its memory chips, represented the company's second-largest ever...

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Standard Chartered reports $1.05 bn Q1 profit
Apr 26

Standard Chartered reports $1.05 bn Q1 profit

Hong Kong : Asia-focused bank Standard Chartered on Wednesday said its first quarter pre-tax profit nearly doubled compared to the same period last year, benefiting from the dampened effect of bad loans. Chief executive Bill Winters said the bank made "good progress" for the quarter, following a swing back to...

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Gulf Air names Voyager as Georgia GSA
Apr 26

Gulf Air names Voyager as Georgia GSA

Dubai : Gulf Air (GF) has named Voyager Ltd as its General Sales Agent (GSA) in Georgia to represent the airline and sell Gulf Air services and products on its behalf. With direct flights between Bahrain International Airport and Shota Rustaveli Tbilisi International Airport starting from 22nd June 2017, Voyager...

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Uber sets 'flying car' launch for 2020
Apr 26

Uber sets 'flying car' launch for 2020

San Francisco : Uber said Tuesday it wants to launch a system of flying cars to move people around cities, with a goal of putting demonstration projects in place by 2020. The ridesharing giant announced a series of partnerships to manufacture "vertical takeoff and landing" (VTOL)...

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Samsung to update software over 'red screen' smartphone
Apr 24

Samsung to update software over 'red screen' smartphone

Seoul : Electronics giant Samsung will this week offer an unusually early software update for its newly-released Galaxy S8 phone, it said Monday after some consumers complained of red-tinted screens. The launch of the device is a key step for the South Korean tech firm as it seeks to move on from last year's...

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Saudi to award  licences to  15 US firms
Apr 22

Saudi to award licences to 15 US firms

Washington : Saudi Arabia plans next month to award licenses to at least 15 US companies to operate in the kingdom, two Saudi officials said on Thursday, with one saying they would go to technology and pharmaceutical firms among others. Dow Chemical Co last June said it had become the first foreign company to...

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Samsung's Galaxy S8 hits stores, aims to move on from recall crisis
Apr 21

Samsung's Galaxy S8 hits stores, aims to move on from recall crisis

Seoul : The world's biggest smartphone maker Samsung Electronics added more than $1 billion to its market capitalisation Friday as investors cheered positive reaction to its new Galaxy S8 and the device went on sale over the counter. The device, unveiled in New York last month and a challenge to Apple's iPhone, is...

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Pence announces $10 bn in deals on Indonesia trip
Apr 21

Pence announces $10 bn in deals on Indonesia trip

Jakarta : US Vice President Mike Pence announced $10 billion in deals between American and Indonesian companies during a visit to Jakarta Friday, as he pushed for greater access to Southeast Asia's top economy. Eleven deals were signed. Energy firm Exxon Mobil, General Electric, and aerospace giant...

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Saudi Arabia extend oil output cuts
Apr 21

Saudi Arabia extend oil output cuts

Abu Dhabi : Saudi Arabia’s energy minister said yesterday that oil-producing countries might have to prolong output cuts agreed for the first six months of the year in order to achieve the desired rebalancing of the market. “We might have to extend in order to reach the target... of stock...

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Indian tycoon Mallya arrested in London for extradition
Apr 18

Indian tycoon Mallya arrested in London for extradition

London : Indian tycoon Vijay Mallya has been arrested in London on an extradition request from India, where he is accused of fraud, British police said on Tuesday. "Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud," the police said in a statement. He will...

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GFH to buy US Virginia Data Centre
Apr 17

GFH to buy US Virginia Data Centre

Dubai : GFH Capital, a subsidiary of Bahrain based GFH Financial Group, yesterday announced the signing for a new investment in a US Virginia-based Data Centre with market value exceeding US$100 million.  The investment is being undertaken in partnership with Corporate Office Properties Trust (COPT), a US$5...

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