09252016Sun
Last update: Sun, 25 Sep 2016 01am

Business & Finance - Industries & Sectors

China's Alibaba buys stake in India e-commerce firm One97 MUMBAI: Chinese e-commerce giant Alibaba announced Thursday it has bought a stake in India's One97 Communications, its first major investment in the country's rapidly growing online business market.Alibaba's online payment system Alipay has bought a 25 percent stake in One97 with an eye on Paytm, an e-commerce platform owned by the Indian firm that consumers can access through smart phone apps.The value of the deal hasn't been revealed but local media have pegged it between $200 million and $600 million."Paytm will use the funds to grow its mobile payment ecosystem and further boost its commerce user base," a joint statement said.Alipay will give all "strategic and technical support" to One97 to grow its business which has "vast untapped potential", it added."I believe that together, we will change the landscape of mobile payments and commerce in our country," Vijay Shekhar Sharma, founder and chief executive of One97 and Paytm said in ...


Business & Finance - Industries & Sectors

Hyundai to unveil refreshed SUV to revive key market sales SEOUL: Hyundai Motor will in March unveil the first major makeover of its top-selling Tucson sports utility vehicle in six years in a bid to revive growth in key markets like Europe and the United States where SUV sales are now strong.The debut follows what analysts say was a sluggish start last year for the South Korean automaker's flagship Sonata sedan in the U.S. and Korean markets. Hyundai, which with affiliate Kia Motors is the ...

Business & Finance - Industries & Sectors

Nissan Motor expands plan for Rogue exports to US from South Korea SEOUL: The Renault-Nissan alliance said on Thursday it would export 38 percent more Nissan Rogue crossovers to the United States from South Korea in 2015 than planned earlier, to meet rising demand in North America.The alliance will produce 110,000 Rogue crossovers at Renault's South Korean factory for U.S. exports this year, from its previous plan of 80,000, it said in a statement.Nissan started producing the Rogue in South Korea and shipping it to the United ...

Business & Finance - Banking & Finance

Deutsche Bank plans to cut bonuses: Sueddeutsche Zeitung BERLIN: Deutsche Bank is planning to cut the amount awarded in bonuses this year and freeze the pay of staff not on its in-house collective labour agreement, German daily Sueddeutsche Zeitung reported on Thursday.The cuts to bonuses will be dependent on business area, the paper reported, citing informed sources, adding the pay freeze would affect around half of Deutsche Bank's staff in Germany."The anger over the lower bonuses and the new pay freeze is widespread," ...

Business & Finance - Industries & Sectors

Suzuki Motor logs flat Q3 profit as Japan price competition bites TOKYO: Suzuki Motor Corp posted a 0.6 percent rise in third-quarter operating profit on Thursday, missing analyst estimates, as price competition at home in Japan offset a jump in income from India.Suzuki has been battling Daihatsu Motor Co for the top spot in Japan's minicar segment, where it retook the crown in 2014 for the first time in eight years. The cars, with an engine size of 660cc, are unique to the country where they ...

Business & Finance - Industries & Sectors

Vodafone posts higher than expected third-quarter sales LONDON: A steady recovery in Europe helped Vodafone stem the rate of sales decline in its third quarter, putting the world's second-biggest mobile operator in touching distance of overall revenue growth once again.The British company said on Thursday its main organic service revenue measurement, which strips out items like handset sales and currency movements, fell 0.4 percent in the three months to the end of December, helped by a return to growth in its home ...

Business & Finance - Industries & Sectors

Daimler's Q4 adj. EBIT up on Mercedes sales gains STUTTGART: Daimler said sales momentum at its Mercedes division would help it achieve significantly higher revenue and operating income this year, as it reported a 10 percent jump in fourth-quarter operating profit.The global rollout of a new version of its top selling C-Class sedan helped Mercedes raise its operating margin, lifting earnings before interest and tax (EBIT) adjusted for one-offs to 2.82 billion euros ($3.20 billion), above the 2.66 billion euros average forecast in a ...