08282016Sun
Last update: Sun, 28 Aug 2016 11am

Business & Finance - Industries & Sectors

VW says sees limited impact of production stoppages on staff hours BERLIN: Volkswagen said the impact of production stoppages on staff hours caused by a dispute with two parts suppliers has been significantly reduced thanks to internal remedies.Volkswagen (VW) will take advantage of "internal flexibilisation measures" at five of six plants affected by supply chain problems to cushion the impact of output disruptions on working hours, it said on Friday.VW applied for support under the government's "Kurzarbeit" short-time work programme only at its factory in Emden where production of Passat models was halted after one of the suppliers stopped delivering seat covers. Copyright Reuters, 2016


Business & Finance - Industries & Sectors

Air New Zealand full-year profits in tourism boom, but faces increased competition WELLINGTON: Air New Zealand announced record results on Friday amidst a tourism boom, but profits were below expectations and the company warned of increased competition. Net profit before taxation had risen 40 percent to NZ$663 million in the year to June. Analysts had been expecting a pretax profit of around NZ$837 million. Air New Zealand was not alone in capitalizing on New Zealand's tourism boom and the company warned they were expecting increased competition as ...

Business & Finance - Industries & Sectors

Tesla wins US antitrust approval to buy SolarCity WASHINGTON: Tesla Motors Inc has won US antitrust approval to buy solar panel installer SolarCity Corp, the Federal Trade Commission said on Thursday. The deal was on a listing of proposed transactions that won quick approval because the merging companies have few or no overlaps.The deal was announced on Aug. 1 and is part of an effort by Tesla to improve economies of scale in electrical energy management systems, battery production and marketing. SolarCity's shares ...

Business & Finance - Managed Funds

Atlanta Fed pares US Q3 GDP growth view to 3.4pc NEW YORK: The US economy is on track to grow at a 3.4 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Thursday following a report of a steeper-than-expected 3.2 percent drop in home resales in July. The latest third-quarter GDP estimate was lower than the 3.6 percent figure calculated on Aug. 16, the Atlanta Fed said on its website. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Mexico central bank concerned about growth, US election-minutes MEXICO CITY: Mexican policymakers were unanimous in their decision to hold interest rates steady earlier this month, the central bank said on Thursday, while a majority of board members flagged worsening risks to growth. Policymakers voted 5 to 0 to maintain the bank's key rate at 4.25 percent in an Aug. 11 decision in which they warned that uncertainty around the US presidential election might cause deeper peso losses that could fan inflation. The minutes ...

Business & Finance - Managed Funds

Croatia to offer 400mn HRK, 5mn EUR in T-bills next week ZAGREB: Croatia will offer 400 million kuna ($60.26 million) and five million euros ($5.64 million) worth of one-year treasury bills at two separate auctions on Aug. 30, the Finance Ministry said on Thursday.This week the sale of treasury bills surpassed target with yields inching down.The ministry also occasionally offers three-month and six-month bills.The benchmark overnight rate on the local money market was quoted at 0.55 percent on Thursday and the one-year rate at 1.30 percent. ...

Business & Finance - Managed Funds

Portuguese yields retreat from 1-month highs as bank deal brings respite LONDON: Portugal's borrowing costs pulled away from one-month highs on Thursday after an agreement on the recapitalisation of ailing state-owned bank CGD eased worries about the health of the country's banking sector. The European Commission and Portugal on Wednesday agreed in principle to the recapitalisation, on market terms, of Caixa Geral de Depositos, envisaging an injection of up to 2.7 billion euros ($3 billion) in state funds and nearly as much in debt and equity. ...