07252016Mon
Last update: Mon, 25 Jul 2016 03am

Business & Finance - Industries & Sectors

Global oil downturn hits Caterpillar Q4 earnings NEW YORK: US heavy equipment maker Caterpillar said Tuesday that the plunge in oil prices took a hit on the company's earnings in the fourth quarter of 2014.It also said it did not expect much of an upturn this year, with mining commodities still in a slump as the global economy grows slowly and with sweeping cutbacks in investment by the oil industry.The company reported a slight decline in fourth quarter revenues from a year earlier and a sharper drop in profits, falling short of its own forecasts.Total revenues were down 1.1 percent from the fourth quarter of 2013 to $14.2 billion, and net profits dropped by nearly a quarter to $757 million.Earnings per share fell to $1.23 from $1.54; EPS stripped of extraordinary items, like restructuring costs, were $1.35, down from $1.68.Analysts had expected adjusted EPS to come in at $1.55.Chairman and chief executive Doug Oberhelman said that despite ...


Business & Finance - Industries & Sectors

Donors pledge $7.5bn to extend child vaccine drive BERLIN: Countries and private donors have pledged $7.5 billion (6.6 billion euros) to help immunise 300 million more children in developing countries over the next five years, a major vaccine alliance announced Tuesday.The Global Alliance for Vaccines and Immunisation (GAVI) announced it had just slightly exceeded its "bold" request for funding for 2016 to 2020 at a two-day pledging conference in Berlin.The funding will help the alliance, created in 2000 as an international public-private partnership, ...

Business & Finance - Industries & Sectors

Brazil steel plant closes, cuts 770 jobs SAO PAULO: A steel plant making precision tubing in Brazil's Sao Paulo state closed its doors and laid off 770 workers, who are demanding unpaid wages, union sources said Tuesday.Workers at the MTP plant in the city of Guarulhos, which manufactures parts for the auto industry, held a vigil outside the site to protest the job cuts and demand back pay and benefits they say the company owes them, union vice-chairman Josinaldo Jose de Barros ...

Business & Finance - Industries & Sectors

Aer Lingus backs fresh IAG takeover bid LONDON: Irish airline Aer Lingus on Tuesday backed a 1.35 billion euro ($1.51 billion) takeover bid from International Airlines Group, parent of British Airways and Iberia, in a deal aimed at slashing costs.Aer Lingus announced that its board was "willing to recommend" IAG's improved proposal -- its third since December -- subject to certain conditions.The Dublin-based airline announced the news a day after revealing that IAG had submitted a sweetened proposal worth 2.55 euros per ...

Business & Finance - Industries & Sectors

Twitter woos users with group chat and video features SAN FRANCISCO: Twitter on Tuesday began rolling out new group chat and video features as it worked to ramp up use of the one-to-many messaging service."Private conversations on Twitter are a great complement to the largely public experience on the platform," product director Jinen Kamdar, whose handle is @jinen, said in an online post."The group function lets you start conversations with any of your followers and they don't all need to follow one another in ...

Business & Finance - Managed Funds

30-year yield hits record low as US business spending disappoints NEW YORK: US Treasury debt prices rose on Tuesday, with 30-year yields touching record lows after economic data signaled falling crude oil prices and sputtering world growth may be dragging on U.S. businesses.As U.S. stock prices fell sharply, 30-year bonds were last up 1-7/32 in price to yield 2.3356 percent. Earlier the yield hit a record low of 2.328 percent.A gauge of U.S. business investment plans unexpectedly fell. The Commerce Department said non-defense capital goods ...

Business & Finance - Banking & Finance

UBS to charge large companies for Swiss deposits ZURICH: UBS said on Tuesday it had introduced a charge on deposits for certain large account balances in Switzerland, in a move which follows the surprise jump in the Swiss franc's exchange rate earlier this month.The Swiss National Bank shocked financial markets on Jan. 15 by removing a three-year-old cap on the franc's value against the euro and announcing even lower negative interest and Swiss bank-to-bank Libor lending rates."These extraordinary market conditions, coupled with increased ...