05012016Sun
Last update: Sun, 01 May 2016 01am

Business & Finance - Industries & Sectors

Telefonica Deutschland Q1 OIBDA down on integration, marketing costs FRANKFURT: Telefonica Deutschland said on Thursday its core profit dropped in the first quarter as a result of integration and marketing costs, while mobile service revenues were down. The company, which is majority-owned by Spain's Telefonica , said first-quarter operating income before depreciation and amortisation (OIBDA) fell 4.2 percent to 379 million euros ($428.7 million). That missed even the most pessimistic expectation of 393 million euros in a Reuters poll, with an average of 410 million euros. Telefonica Deutschland said it had stepped up its marketing campaign to promote its O2 brand in Germany and that it booked 23 million euros in restructuring costs for the integration of E-Plus, which it bought from KPN for 8.6 billion euros in 2014. Excluding special items and the impact of divestments such as the sale of the yourfone brand in 2015, OIBDA rose 6 percent to 401 million euros in the first quarter. ...


Business & Finance - Industries & Sectors

Lufthansa CEO says Europe needs more airline consolidation HAMBURG: Europe's airline industry needs more consolidation, Lufthansa Chief Executive Carsten Spohr said on Thursday at the carrier's annual shareholder meeting. "Consolidation is a part of what needs to happen in Europe in order to make the sector more competitive when compared to the United States and Asian," Carsten Spohr said, adding that Lufthansa wanted to take part in consolidation and not be a bystander. Lufthansa said late Wednesday it was looking at ways to ...

Business & Finance - Industries & Sectors

Kenya Airways says pilots on strike despite deal to defer action, experiences disruption NAIROBI: Kenya Airways said on Thursday it was experiencing unspecified disruption due to what it said was a strike by its pilots despite an agreement reached a day earlier to defer the strike notice until June 1.The Kenya Airline Pilots Association (KALPA) issued a two-day notice to the carrier on Tuesday saying its members would stop flying planes until Kenya Airways Chief Executive Mbuvi Ngunze resigned over what it called "questionable" turnaround measures. Kenya Airways ...

Business & Finance - Managed Funds

German bond yields fall after BoJ surprise, tight-lipped Fed LONDON: German bond yields dropped on Thursday after the Bank of Japan surprised markets by leaving policy unchanged and the US Federal Reserve gave no signal it would raise interest rates soon. Sharp falls in Asia's biggest stock market spilled over to European bourses, sending investors into the refuge of German bonds and other safe havens including the Japanese yen. German 10-year bond yields shed 5 basis points to 0.24 percent -- set for their ...

Business & Finance - Industries & Sectors

CNOOC Q1 revenue sinks 30.7pc on weak oil; output up 5pc BEIJING: CNOOC Ltd, China's offshore oil and gas specialist, reported a 30.7 percent plunge in first-quarter revenue as global crude prices sank to a more than 12-year low, but delivered a 5-percent growth in production over the period. CNOOC's total net production rose 5.1 percent over the year-ago period to 124.3 million barrels of oil equivalent (boe), as two new oilfields came on stream, the company said in a filing with the Hong Kong stock ...

Business & Finance - Banking & Finance

Malaysia's central bank fines troubled state fund 1MDB KUALA LUMPUR: Malaysia's Central Bank said on Wednesday that it has fined troubled state fund 1Malaysia Development Berhad (1MDB) for failing to comply with bank rules. It did not specify the amount that 1MDB had to pay. Bank Negara Malaysia said 1MDB had to repatriate funds remitted abroad after the central bank revoked three permissions it had granted for the fund transfers. The statement said 1MDB failed to submit evidence to justify its inability to ...

Business & Finance - Banking & Finance

EBRD buys into debut Turkish covered bond LONDON: The European Bank for Reconstruction and Development said on Thursday it had bought up a 10 percent chunk of Turkey's first property-backed covered bond. The EBRD said it had taken 50 million euros ($56.81 million)of a 500-million-euro "covered bond" issued by Turkish lender VakifBank, adding it was part of a drive to broaden sources of funding for banks in what is now the EBRD's biggest market. VakifBank launched the five-year bond earlier this week, ...