05012016Sun
Last update: Sun, 01 May 2016 02pm

Business & Finance - Industries & Sectors

Ford Motor sets records for profit, operating margins DETROIT: Ford Motor Co reported a 113 percent surge in quarterly net income and records for global and North American operating margins, thanks to robust pricing of its F-150 pickup trucks in North America and improved profit in Europe.Ford's net income was $2.45 billion, or 61 cents per diluted share, in the first quarter through March 31, versus $1.3 billion, or 29 cents per diluted share, a year ago. Excluding one-time items, Ford's earnings per share of 68 cents easily beat Wall Street expectations of 48 cents a share. Ford shares were up 2 percent at $13.93 in premarket trading and were the most actively traded on the New York Stock Exchange.The company's operating profit of $3.1 billion in North America and its record 12.9 percent operating margin in the region drove the company to a record pretax profit of $3.8 billion. In contrast, rival General Motors Co reported a ...


Business & Finance - Banking & Finance

Deutsche Bank posts surprise profit, aims to speed up cuts FRANKFURT: Deutsche Bank posted a surprise net profit in the first quarter that was helped by lower litigation costs, lifting its shares, and said it saw 2016 as the peak of a restructuring drive. Germany's flagship lender said on Thursday its quarterly net income fell 58 percent to 236 million euros ($268 million) after a slump by its investment bank in volatile markets and its departure from certain businesses. But that beat analysts' average expectation ...

Business & Finance - Industries & Sectors

VW leaves worrying set of tyre tracks LONDON: Volkswagen's stricken core brand is selling fewer cars for more money but at a loss. That's an odd bunch of signals, but hints at price cuts and aggressive marketing to mitigate the fallout of its emissions scandal. At least its premium brands are picking up the slack. Copyright Reuters, 2016

Business & Finance - Managed Funds

Croatia to offer 400mn HRK in T-bills next week ZAGREB: Croatia will offer 400 million kuna ($60.70 million) worth of treasury bills at an auction next week, the Finance Ministry said on Thursday. On May 3, it will offer only one-year paper denominated in the national currency. This week's auction, at which it also offered only one-year kuna bills, slightly surpassed the 600 million kuna target. The ministry also often auctions three- and six-month bills as well as papers denominated in euros. The benchmark ...

Business & Finance - Industries & Sectors

VW sees return to profit in 2016 after huge loss last year WOLFSBURG: Embattled German carmaker Volkswagen expects to drive back to profit in the current year after turning in a huge loss last year as a result of the global engine-rigging scandal, its chief financial officer said Thursday."We're starting from the assumption that we'll end the year in profit," CFO Frank Witter told VW's annual earnings news conference. In 2015, VW booked a loss of 1.58 billion euros ($1.8 billion), its first loss since 1993, after ...

Business & Finance - Industries & Sectors

LG Electronics posts 415pc increase in Q1 profit SEOUL: Booming sales of home appliances and televisions helped South Korea's LG Electronics report a surge in first-quarter profits Thursday, despite a continued slump in smartphone sales. Net income for January to March amounted to 198 billion won ($173.9 million), up 415 percent from a year ago, the Seoul-based company said in a statement. The tech giant produces a range of consumer electronics from air conditioners to TVs and mobile phones. Robust sales of top-of-the-line ...

Business & Finance - Industries & Sectors

Sanofi makes $9.3bn offer for cancer drug firm Medivation PARIS: French pharmaceutical giant Sanofi said Thursday it had made a bid to acquire Medivation in a deal valuing the US cancer drug firm at around $9.3 billion (8.2 billion euros).Under terms of the offer, Sanofi would pay $52.50 per share in cash for the San Francisco-based firm, which specialises in cancer treatments.If the bid is accepted, it would be Sanofi's biggest acquisition since it bought the US biotech group Genzyme in 2011 for more ...