07302016Sat
Last update: Sat, 30 Jul 2016 10am

Business & Finance - Industries & Sectors

Sanofi sticks to targets after profit drop PARIS: French pharmaceutical giant Sanofi on Friday posted a sharp drop in net profit in the second quarter, but said it was confident it would still meet its full-year target of stable earnings.Net profit dropped 11.1 percent to 1.16 billion euros ($1.29 billion) on sales of 8.14 billion euros, down 5.1 percent.Sales fell across most divisions, except in speciality drugs thanks notably to the Genzyme unit, which specialises in the treatment of rare diseases."Our second-quarter financial performance was in line with expectations and reflected anticipated headwinds," Sanofi chairman Olivier Brandicourt said in a statement.Brandicourt said he stood by the group's target of "broadly stable" earnings for the full year, but only when stripping out exchange rate factors.Exchange rates moved against Sanofi in the first half, especially in its Venezuelan operations, the group said.Copyright AFP (Agence France-Presse), 2016


Business & Finance - Industries & Sectors

Japan Airlines three-month profit more than halves TOKYO: Japan Airlines said Friday its three-month net profit more than halved as savings from a decline in fuel costs could not make up for weak travel demand at home and abroad.Falling oil prices have helped the carrier's bottom line -- fuel is often an airline's single-biggest expense.JAL said the impact of killer earthquakes in April in western Japan dented tourist travel to the region and thus demand for flights, while revenue on international routes ...

Business & Finance - Banking & Finance

UBS net profit slips 14pc in second quarter ZURICH: Swiss banking giant UBS on Friday beat earnings expectations in the second quarter, despite a 14-percent slide in net profits as economic uncertainty hit its activities. Switzerland's largest bank posted net profits of 1.03 billion Swiss francs (953 million euros), $1.05 billion), beating the expectations of analysts polled by the Swiss AWP agency who had expected the lender to post a figure of around 730 million francs.Net banking income fell 5 percent to 7.4 ...

Business & Finance - Industries & Sectors

Sony warns over falling smartphone sales, strong yen TOKYO: Sony on Friday cut its sales forecast for the current fiscal year, citing the impact of a surging yen and slower smartphone sales, as net profits also took a hit.Revenue in the year to March 2017 will be down 5.1 percent from its previous forecast to 7.4 trillion yen ($71 billion), the firm said, adding that net profits in its latest quarter dived 74 percent due to a one-time gain a year earlier and ...

Business & Finance - Banking & Finance

Barclays posts sliding first-half profits LONDON: British bank Barclays saw first-half net profits tumble by almost a third, hit by non-core losses and an impairment at its French retail division, it said Friday.Turning to Britain's recent EU exit referendum, Barclays -- which had backed the unsuccessful Remain campaign -- said it was well placed to survive any economic fallout.Earnings after taxation dived 31 percent to £1.1 billion ($1.45 billion, 1.31 billion euros) in the six months to June, compared with ...

Business & Finance - Industries & Sectors

Microsoft further trims smartphone division jobs SAN FRANCISCO: Microsoft is cutting more jobs from its smartphone hardware and global sales divisions by shedding an additional 2,850 positions, the company said Thursday.The news came in a corporate annual report filing to the US Securities and Exchange Commission.It noted the company had announced in May it was cutting 1,850 jobs and that the new cuts were "an extension of the earlier plan."The cuts are expected to be completed by the end of June ...

Business & Finance - Industries & Sectors

BoJ under pressure for stimulus after weak data TOKYO: All eyes were on the Bank of Japan (BoJ) Friday as more tepid data heaped pressure on policymakers to deliver a one-two punch for the sluggish economy, after Tokyo unveiled a huge growth-boosting package this week.Central bank policymakers wrap up a meeting later in the day as speculation runs high that it will make a move, after a senior government official called on the BoJ this week to join forces with the government.Japanese officials ...