05262016Thu
Last update: Thu, 26 May 2016 11am

Business & Finance - Industries & Sectors

Ford seeks partnerships as it looks beyond car-making DETROIT: Ford Motor Co Chairman Bill Ford said on Monday the automaker would look for more partnerships with other companies as it moves to expand beyond manufacturing and selling cars and trucks. "You'll see a lot of partnerships, a lot more than you used to see in the auto industry," Ford told reporters after addressing a conference on entrepreneurship in Detroit. Ford did not disclose any new deals and said Ford's management is still working to define its strategy for self-driving cars, connecting vehicles to the internet and developing new transportation services such as ride sharing. "You'll hear more from us as this year goes on," the chairman said, adding the company would consider acquisitions "if we thought that was the right way to go." Some of Ford's rivals, notably General Motors Co, are taking a more aggressive approach.GM earlier this year invested $500 million in ride-hailing service Lyft, and ...


Business & Finance - Banking & Finance

Deutsche Bank takes 450mn euro charge for equities fraud LONDON: Germany's Deutsche Bank said it took a charge of around 450 million euros last year in relation to share trading fraud, but declined to give any details on Monday. The bank increased its provisions for "external fraud" to 475 million euros in 2015 from 20 million euros in 2014, according to its annual report. "The increase in the event type 'External Fraud' is caused by a provision for equity trading fraud," the bank said ...

Business & Finance - Banking & Finance

Deutsche Bank needs BASF to spare its M&A blushes LONDON: Deutsche Bank's recent failings in mergers and acquisitions could do with some BASF fertilisation. Germany's biggest lender has so far failed to win a role on potentially the country's largest deal - the $62 billion offer by national champion Bayer for agrochemicals peer Monsanto . To spare its blushes, Deutsche sorely needs to advise BASF on a successful counterbid. The decline of Deutsche's corporate finance franchise is evident in the league tables.The bank is ...

Business & Finance - Banking & Finance

Bank of America wins reversal of $1.27 billion penalty in US mortgage case NEW YORK: A US appeals court on Monday overturned a jury's finding that Bank of America Corp was liable for mortgage fraud leading up to the 2008 financial crisis, tossing a $1.27 billion penalty and dealing the US Justice Department a major setback. The 2nd US Circuit Court of Appeals in New York ruled that the proof was insufficient under federal fraud statutes to establish liability in connection with a mortgage program called "Hustle" run ...

Business & Finance - Industries & Sectors

Bayer defies critics with $62 billion Monsanto offer FRANKFURT: German drugs and crop chemicals group Bayer has offered to buy US seeds company Monsanto for $62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Monsanto Co's stock rose 5 percent to $106.61 by midday trade on the New York Stock Exchange - well below Bayer's offer price, in a sign that it faces a tough task convincing the ...

Business & Finance - Industries & Sectors

Novartis sticks to $200 million FY Entresto f'cast after recommendation ZURICH: Novartis on Monday stuck to its full-year forecast of $200 million in revenue from its new heart failure medicine Entresto "as of right now", even as analysts raised their estimates following an endorsement in global medical guidelines. "We're confident in the forecast we've laid out in the first-quarter call," Chief Medical Officer Vas Narasimhan said in an interview. "As of right now, there's no changes to the outlook but we are also extremely confident ...

Business & Finance - Industries & Sectors

Versace names former head of Alexander McQueen as new CEO MILAN: Italian fashion house Versace named the former head of British brand Alexander McQueen as its new chief executive, in an unexpected move ahead of a planned stock market listing against a backdrop of slowing luxury industry growth. Jonathan Akeroyd will take over from Gian Giacomo Ferraris who has led family-owned Versace since 2009 and is credited with relaunching the group after it averted bankruptcy in 2004. The brand famous for its Medusa head logo ...