07282016Thu
Last update: Thu, 28 Jul 2016 07am

Business & Finance - Industries & Sectors

US telecom giants transmit new signal on prices NEW YORK: The signals from US wireless companies are becoming clearer. Verizon on Tuesday followed AT&T with news of mobile revenue shrinking again in a slowing market.Both operators, along with smaller Sprint, are now heralding an end to rate discounts and smartphone subsidies.A fresh focus on the bottom line may cheer investors, but also attract the attention of regulators. Sprint, which wooed more than 1 million customers with promotions including cutting their wireless bills in half, is being most explicit about backing out of the price wars. After seven years of losses, it is aiming to be cash-flow positive next year. Boss Marcelo Claure said Sprint, whose parent company SoftBank just unveiled plans to buy UK chipmaker ARM for $22 billion, soon will "move pricing up" and offer "more traditional pricing plans." At the same time, AT&T downplayed its loss of 180,000 wireless customers between April and June - about ...


Business & Finance - Industries & Sectors

Telecom Italia slightly raises FY guidance after H1 beat MILAN: Telecom Italia on Tuesday nudged up its guidance for domestic core earnings this year after reporting better-than-expected first-half results, helped by stronger performance from its mobile operations. Italy's biggest phone group, controlled by French media group Vivendi, said it expects low single digit growth in domestic earnings before interest, tax, depreciation and amortisation (EBITDA) in 2016 on an organic basis. The company earlier guided to "at least stable" domestic EBITDA this year. First-half EBITDA ...

Business & Finance - Industries & Sectors

VW gets preliminary approval for US diesel settlement SAN FRANCISCO: A federal judge in California granted preliminary approval on Tuesday to a $14.7 billion settlement over Volkswagen's emissions cheating scandal.At the close of a hearing in San Francisco, US District Judge Charles Breyer praised the "enormous effort" made by both sides.The development signaled that the German automaker was more than likely to put one episode within the scandal behind it definitively later this year."There's been an enormous effort to achieve a series of ...

Business & Finance - Banking & Finance

Nigeria hikes rates to lift naira, fight inflation ABUJA: The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate to 14 percent from 12 percent in move to stabilise the country's currency, the naira, and tame soaring inflation. CBN governor Godwin Emefiele told reporters the monetary policy committee which meets every two months "voted to increase the MPR (interest rate) by 200 basic points from 12 percent to 14 percent." MPR is the benchmark rate at which the CBN lends ...

Business & Finance - Banking & Finance

Goldman sued over 1MDB links in Malaysian bank merger NEW YORK: In a new development linked to the 1MDB corruption scandal, a former Hong Kong-based investment fund is suing Goldman Sachs for conflict of interest in advising a 2011 Malaysian bank merger.Primus Pacific Partners said Tuesday that Goldman and its then managing director in Southeast Asia, Tim Leissner, concealed its close relationship with Malaysian Prime Minister Najib Razak when the bank was recruited to advise EON Capital, partly owned by Primus, in its $1.7 ...

Business & Finance - Managed Funds

US bond yields rise before auction as Fed meets NEW YORK: Yields on US government bonds edged higher on Tuesday ahead of a $34 billion auction of five-year notes, while the Federal Reserve began a two-day meeting that may produce clues on the timing on a possible interest rate increase.The U.S. central bank is widely expected to leave its target on policy rates at 0.25 percent to 0.50 percent this week due to global risks, but traders seemed wary of signals the Fed would ...

Business & Finance - Banking & Finance

India central bank governor defends inflation record, urges independence MUMBAI: The Reserve Bank of India's outgoing governor, Raghuram Rajan, on Tuesday staunchly defended his record in curbing inflation and cleaning up bad debt at banks, and he called on the government to protect the central bank's independence.The comments mark Rajan's latest response to his critics after the former International Monetary Fund chief economist said last month he would step down when his three-year term ends in early September.Rajan had faced withering criticism from right-wing ...