09272016Tue
Last update: Tue, 27 Sep 2016 06pm

Business & Finance - Industries & Sectors

Lufthansa makes new offer to pilots in bid to solve long-running row BERLIN: Lufthansa made a new offer on pay and conditions for its pilots on German collective labour contracts in a bid to resume talks with the union and end a long-running dispute. The German airline is trying to cut costs and restructure pension schemes to better compete with low-cost rivals and leaner Gulf carriers. It has already agreed wide-ranging deals with ground staff and cabin crew, but has so far failed to reach agreement with around 5,400 pilots on German contracts.Along with a pay rise of 4.4 percent in two stages, and a one-off payment, Lufthansa on Wednesday proposed keeping an early retirement scheme for new employees, provided the average retirement age of its German airline pilots is brought up to 60, from 59 now. Lufthansa had previously wanted to scrap the scheme for new pilots, but the union, Vereinigung Cockpit, wanted it to stay. Lufthansa also offered to guarantee ...


Business & Finance - Banking & Finance

Morocco's Credit Agricole gets government approval for Islamic bank RABAT: Moroccan state-owned bank Credit Agricole (CAM) has won the backing of the finance ministry to create an Islamic subsidiary with The Islamic Development Bank (IDB), according to a government decree.Morocco's central bank is in the final stages of launching an Islamic finance industry. It has said it will start issuing approvals for Islamic banks this year, with the aim of allowing them to begin business in early 2017. The North African kingdom adopted legislation ...

Business & Finance - Banking & Finance

Portugal says Caixabank has to launch mandatory bid for BPI LISBON: Spain's Caixabank has to make a new mandatory takeover bid for Portugal's Banco BPI, Portugal's stock market regulator CMVM said on Wednesday, which could force an increase in the bid price of 1.113 euros a share offered in April. The decision by CMVM came hours after shareholders in BPI lifted a 20 percent voting right limit, clearing the way for the takeover by the Catalonia-based giant, which already owns 45 percent of the bank, ...

Business & Finance - Industries & Sectors

Renault to move some production of Dacia Logan MCV to Morocco from Romania BUCHAREST: French carmaker Renault said it will move some production of its Dacia Logan MCV model from Romania to its plant in Tangiers, Morocco from the first quarter of next year. "We will take over the production of this model currently made in Romania beginning in the first quarter of 2017," Tangiers plant director Jean-Francois Gal was quoted as saying by French magazine L'Usine Nouvelle on Wednesday. Renault spokeswoman Celine Furet said only some production ...

Business & Finance - Industries & Sectors

Russian watchdog says Mitsubishi recalling 47,800 L200 cars MOSCOW: Mitsubishi Motors Corp is recalling 47,800 L200 pickup models in Russia to fix possible airbag problems, Russia's Standard Agency said on Wednesday, citing the carmaker's distributor. MMC Rus, the dealership, is recalling cars sold between February 2007 and February 2016, the Russian watchdog said in a statement. Copyright Reuters, 2016

Business & Finance - Industries & Sectors

Volkswagen trucks eyes Asian acquisitions HANOVER: Volkswagen's truck and bus division is looking at Asia to expand its business, its head said on Wednesday, singling out the Indian market. "We are currently looking at the issue of India," VW's trucks chief Andreas Renschler told journalists at a round table at the Hanover trucks show. He added the unit was also considering steps to further expand in China, where VW subsidiary MAN already has a stake in local producer Sinotruk. Renschler ...

Business & Finance - Industries & Sectors

Petrobras mulls lowering Brazil fuel prices in 2016 SAO PAULO: State-controlled Brazilian oil company Petroleo Brasileiro SA is considering lowering wholesale gasoline and diesel prices by year-end, which would be the first time since September 2015, O Globo newspaper said on Wednesday. Citing sources close to management, the paper said the company may cut prices of fuels at its refineries to match those of international competitors. In a news conference on Tuesday, Chief Executive Officer Pedro Parente said the company would not need ...