09262016Mon
Last update: Mon, 26 Sep 2016 12pm

Business & Finance - Industries & Sectors

Kia Motors to assemble cars in Ethiopia, considers Algeria ADDIS ABABA: South Korea's Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. "It is important to penetrate the African market. We are also looking at the prospects of opening similar plants in Algeria and other countries," Soon Nam Lee, President of Kia's Middle East and Africa headquarters, told Reuters. Kia and Belayab Motors PLC, with whom it signed the agreement, said the plant in the town of Adama south of the capital Addis Ababa, will produce its first vehicle in January. "We plan to produce 3,000 vehicles of three models every year," Fikadu Girma, Belayab's General Manager, told Reuters, adding the amount could rise to 9,000 if extra shifts are added. The Rio subcompact model and the Sportage sports utility vehicle are among the models that will be assembled at the ...


Business & Finance - Industries & Sectors

Boeing CEO hails WTO ruling on EU subsidies to Airbus NEW YORK: Boeing Co's Chief Executive Officer welcomed a ruling on Thursday that found the European Union had not complied with remedies set by the World Trade Organization for subsidies to rival planemaker Airbus. The ruling "finally holds the EU and Airbus to account for their flouting of global trade rules," Chief Executive Officer Dennis Muilenburg said in a statement. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Regulators expect Monte dei Paschi to ask Italy for help LONDON: European regulators expect Italian bank Monte dei Paschi di Siena will have to turn to the government for support, three euro zone officials with knowledge of the matter said, although Rome would strongly resist such a move if bondholders suffered losses. Less than two months after the Tuscan lender announced an emergency plan to raise 5 billion euros of fresh capital, having come last in a health check of 51 European banks, there is ...

Business & Finance - Banking & Finance

ECB needs flexible time horizon to reach inflation goal FRANKFURT: The European Central Bank's inflation objective is not in contradiction with financial stability goals as long as the bank is sufficiently flexible about the time horizon for reaching the inflation target, Governing Council Klaas Knot said on Thursday. "The first thing you need to do in this context is use the medium term perspective in monetary policy in a sufficiently flexible fashion," Knot told a conference in Frankfurt. "In such circumstances, financial stability and ...

Business & Finance - Industries & Sectors

France's Total says cutting costs, investment PARIS: French oil major Total said Thursday it would cut back costs and investment in 2017-2018 in the face of continued low oil and gas prices.Total said it would cut annual investment to between $15 and 17 billion from next year instead of previous plans for $17-19 billion, and that it now intends to shave $4 billion from operating costs instead of $3 billion.Copyright AFP (Agence France-Presse), 2016

Business & Finance - Managed Funds

Euro zone bond yields tumble on hesitant Fed LONDON: Euro zone bond yields hit two-week lows on Thursday, with Germany's firmly back below zero percent as Federal Reserve and Bank of Japan meetings this week eased fears that central banks are running out of ammunition to bolster growth and inflation. The Fed on Wednesday left US interest rates unchanged and slowed the pace of future rate hikes it expects.That followed an abrupt shift in monetary policy by the BOJ to target interest rates ...

Business & Finance - Banking & Finance

Banks take up higher-than-expected 45.3bn euros in cheap ECB loans FRANKFURT: European banks took up almost twice the amount of cheap loans that analysts had predicted in a second round of European Central Bank refinancing, according to data released Thursday.The ECB announced that it had agreed to lend 45.3 billion euros ($51 billion) to 249 banks in the eurozone under the so-called TLTRO 2 programme, lower than the first round in June but significantly higher than a forecast of 25 billion euros made by analysts ...