04292016Fri
Last update: Fri, 29 Apr 2016 08pm

Business & Finance - Industries & Sectors

Etihad Airways 2015 profit jumps 41pc on passenger growth ABU DHABI: Abu Dhabi's state-owned Etihad Airways, which has become a major competitor to the biggest global airlines on European and Asian routes, posted a 41 percent leap in net profit for 2015 on the back of strong passenger growth, the airline said on Wednesday. Etihad, which owns stakes in Alitalia and AirBerlin, made a net profit of $103 million in 2015 compared with $73 million in the previous year, it said in a statement.Revenue climbed to $9.02 billion from $7.55 billion. The airline carried 17.6 million passengers in 2015, up 19 percent."Our profitability clearly demonstrates the success of our business strategy, based on organic growth boosted by our partnerships," President and Chief Executive James Hogan said.Revenue passenger kilometres, which measure passenger journeys, rose 21.3 percent to 83.2 billion while available seat kilometres, which represent capacity, grew 21 percent to 104.8 billion.Etihad, which has 50 codeshare agreements and equity in ...


Business & Finance - Industries & Sectors

Mitsubishi Motors says domestic orders halved since mileage cheating scandal TOKYO: Mitsubishi Motors Corp said that domestic orders have halved since it revealed it cheated on mileage tests, intensifying concerns over whether it can survive considering its already chequered history of scandals. Japan's sixth-largest automaker admitted this week that it used fuel economy testing methods that did not comply with Japanese regulations for 25 years, much longer than previously known.It said it may approach its financial backers, which include other companies in the Mitsubishi group, ...

Business & Finance - Industries & Sectors

Bosch profit boosted by auto sensor technology sales FRANKFURT: German car parts maker and industrial services firm Robert Bosch said it expected sales to rise at the lower end of its 3 percent to 5 percent forecast range this year if a slowdown in the first quarter continues. Bosch said revenue rose 22 percent to an all-time high of 70.6 billion euros ($79.9 billion) last year helped by sales of car safety and assistance systems but cautioned that momentum had slowed at the ...

Business & Finance - Industries & Sectors

Struggling Nintendo announces new console for 2017 as profits dive TOKYO: Japanese videogame giant Nintendo on Wednesday said it would release its new games console next year, after the success of its foray into smartphone gaming, but added sales had slipped and a resurgent yen hammered profits.The Super Mario maker -- which said its first-ever mobile game drew more than a million users within three days of its release -- plans to roll out the new console globally in March. Last month, the firm released ...

Business & Finance - Banking & Finance

Growth in eurozone private sector slows slightly: ECB FRANKFURT: Growth of loans to the private sector in the euro area slowed slightly in March, European Central Bank data showed on Wednesday.For the ECB, the statistics are a key indicator of the economic health of the single currency area, as borrowing is a main financing source for corporate investment which in turn should boost the eurozone's currently weak economy.In March, approved loans rose 1.0 percent from a year ago, slightly slower than growth of ...

Business & Finance - Industries & Sectors

Kia Motors Q1 profit up on SUV demand, weaker won SEOUL: Kia Motors Corp., South Korea's second-largest automaker, posted a solid first-quarter net profit on Wednesday on the back of a weaker Korean won and strong demand for its SUVs and motorhomes.Net profit stood at 944.6 billion won ($822.7 million) during the January-March period, up 4.6 percent from a year earlier, the company said in a regulatory filing."Profits have greatly increased thanks to the won's depreciation, popularity of new models such as Sportage (SUV) ... ...

Business & Finance - Industries & Sectors

First drop in iPhone sales, Apple revenue streak ends SAN FRANCISCO: Apple on Tuesday reported its first-ever drop in iPhone sales since launching the smartphone in 2007 as the tech giant's long streak of rising revenue ended.Apple said iPhone sales dropped year-over-year for the first time, slipping to 51.19 million units in the recently ended quarter compared with 61.17 million in the same period a year ago.Profits fell as well: Apple reported net income of $10.5 billion in the fiscal quarter to March 26 ...