05062016Fri
Last update: Fri, 06 May 2016 02pm

Business & Finance - Industries & Sectors

Two more Takata-linked airbag deaths in Malaysia: Honda KUALA LUMPUR: Two people have died in Malaysia after airbag inflators made by Japan's Takata exploded, carmaker Honda announced, raising the global toll to 13 in a scandal that has led to the biggest auto recall in US history.Tokyo-based auto parts giant Takata is struggling to deal with a defect that can send metal and plastic shrapnel from the inflator canister hurtling toward drivers and passengers when an airbag is deployed.The defect has been blamed for grisly injuries that have in some cases proved fatal.The latest deaths came in April in Sabah state on Malaysia's Borneo island and in the northern Kedah state in May."Honda has confirmed that the Takata single stage driver's airbag inflators ruptured in two crashes in April and May respectively in Malaysia," Honda Malaysia said in a statement Wednesday."Both crashes resulted in the tragic deaths of the drivers," it said, adding that the official cause of ...


Business & Finance - Industries & Sectors

BHP, Vale shares slide on Brazil mining lawsuit SYDNEY: Shares in Anglo-Australian mining giant BHP Billiton fell further Thursday after Brazilian prosecutors filed a US$43.4 billion lawsuit over a mine accident that killed 19 people and wreaked environmental havoc.The firm sank 1.92 percent to Aus$18.43 -- but off intra-day lows -- following a 9.36 percent drubbing Wednesday as traders were taken aback by the sheer size of the claim.Brazilian iron ore leader Vale, co-owner of the Samarco iron mine with BHP, was also ...

Business & Finance - Banking & Finance

Australia's NAB earnings up after Clydesdale spin off SYDNEY: National Australia Bank shares rallied Thursday as bad debt charges eased, although it booked a hefty Aus$1.74 billion (US$1.29 billion) half-year net loss from spinning off troubled British asset Clydesdale.Cash profit in the six months to March 31, the financial industry's preferred measure which strips out volatile items, was up 6.5 percent at Aus$3.31 billion.Taking into account its exit this year from the struggling Scottish business, which involved a one-off Aus$4.22 billion hit from ...

Business & Finance - Industries & Sectors

Facebook’s ‘Live Tab’ would change the way you use Facebook The world largest social media platform Facebook, announced last month that it would be making some huge changes to its mobile apps. It was said that Facebook’s ‘live tab’ would take the center stage, which would push the Messenger button aside. According to Mashable, the new tab would offer users a dedicated place to find Facebook live videos and even stream their own. The highly anticipated tab has finally being rolled out to some Android ...

Business & Finance - Banking & Finance

Barclays begins offloading Africa business with 12pc stake sale JOHANNESBURG: Barclays Plc said on Wednesday it is selling shares representing 12 percent of Barclays Africa Group and that South Africa's state pension fund would be an anchor investor.Barclays Plc is selling down its 62 percent stake, which is worth some $5 billion, in Barclays Africa Group (BAG) under a plan by new Chief Executive Jes Staley to simplify the bank's structure and generate higher shareholder returns.Barclays said in a statement it would sell 103.6 ...

Business & Finance - Banking & Finance

RBS prepares for Brexit uncertainty, to cut more costs EDINBURGH/LONDON: Royal Bank of Scotland Chairman Howard Davies said the state-backed bank was preparing for a potential phase of economic instability following a referendum on Britain's membership of the European Union.Speaking at the bank's annual investor meeting in Edinburgh on Wednesday, Davies said the vote was generating additional uncertainty in a sector already buffeted by low interest rates and economic volatility, but RBS would continue to support its customers whichever way the British electorate votes ...

Business & Finance - Banking & Finance

Bank of England set to end monthly rate meetings after new law passes LONDON: The Bank of England will later this year move to a schedule of eight monetary policy meetings a year rather than 12, after reforms to Britain's central bank became law on Wednesday.The BoE wants to follow the example of the U.S. Federal Reserve and the European Central Bank and hold interest rate-setting meetings every six weeks, rather than once a month.The change needed legislation to pass through the British parliament, and the BoE said ...