08282016Sun
Last update: Sun, 28 Aug 2016 11am

Business & Finance - Industries & Sectors

Russia's Rusal Q2 core earnings seen up 8pc q/q MOSCOW: Russian aluminium giant Rusal is expected to report an 8 percent rise in second-quarter core earnings compared with the previous quarter thanks to a recovery in aluminium prices, a Reuters survey of analysts at six banks showed.Rusal's second-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) are expected to increase to $336 million from $312 million in the first quarter.Aluminium prices on the London Metal Exchange (LME) are up about 11 percent since the start of 2016. However, on a year-on-year basis, Rusal's financial results are still suffering from weaker aluminium prices.Rusal's net profit is usually significantly affected by income from associates, the impact of the revaluation of electricity derivative contracts and some non-cash items.Copyright Reuters, 2016


Business & Finance - Banking & Finance

Bank of England pays high premiums for bonds in QE buyback LONDON: The Bank of England paid a high price to buy government bonds from investors on Tuesday, the latest sign that its plan to soften the Brexit hit to Britain's economy faces more of a challenge than initially thought.The BoE said on Tuesday it received fewer offers of long-dated bonds from investors than at a similar auction last week, part of its quantitative easing programme.The offer-to-cover ratio fell to 1.54 from 2.67 at an auction ...

Business & Finance - Industries & Sectors

VW, suppliers settle dispute after marathon talks BERLIN: Volkswagen and two of its parts suppliers on Tuesday resolved a contract dispute that had hit output at more than half of the carmaker's German plants and threatened to undermine its recovery from a diesel emissions scandal.After more than 20 hours of negotiations that went on through the night, VW said it had had settled its differences with CarTrim, which makes seats, and ES Automobilguss, which produces cast iron parts needed to make gearboxes, ...

Business & Finance - Banking & Finance

Turkey cuts rates again despite ratings worries ISTANBUL: Turkey's central bank cut interest rates for the sixth straight month on Tuesday, lowering its overnight lending rate by 25 basis points despite high inflation and the threat of possible credit rating downgrades.As expected, the bank cut the highest of the multiple interest rates it uses to set policy to 8.5 percent. It left its benchmark one-week repo rate unchanged at 7.5 percent.Fifteen of 17 economists in a Reuters survey had forecast a 25 ...

Business & Finance - Industries & Sectors

Samsung says to sell third Tizen OS smartphone in India SEOUL: South Korean tech giant Samsung Electronics Co Ltd said on Tuesday it will start selling its third smartphone powered by the company's own Tizen mobile operating system in India next week.The Z2 phone, equipped with a 4-inch screen and India-specific features such as a safety mode for motorcyclists, will be the cheapest Tizen phone Samsung has launched to date at 4,590 rupees ($68.44).The phone, the first Tizen-powered device that will run on 4G networks, ...

Business & Finance - Managed Funds

Saudi govt selling up to 20bn riyals of bonds RIYADH: The Saudi Arabian government is raising up to 20 billion riyals ($5.3 billion) from banks in this month's sale of domestic bonds, financial website Maaal reported on Tuesday. The government began the regular monthly sales in mid-2015 to help cover a budget deficit caused by low oil prices. Since then it has sold 156.6 billion riyals of bonds, of which 70.5 billion has come in the first half of this year, Maaal said.The government ...

Business & Finance - Industries & Sectors

Talks between Volkswagen, suppliers on home stretch HAMBURG: Volkswagen and two of its auto parts suppliers are nearing agreement in a contract dispute, a person familiar with the negotiations told Reuters on Tuesday. "Talks are on the home stretch," the person said.VW and two Prevent DEV group suppliers held talks overnight to resolve a contract dispute that threatens to cost the carmaker thousands of vehicles in lost output this week and is seen affecting automotive suppliers.VW and Prevent declined to comment on ...