09292016Thu
Last update: Thu, 29 Sep 2016 09pm

Business & Finance - Industries & Sectors

Samsung Elec delays S.Korea re-start of Note 7 sales by 3 days SEOUL: Tech giant Samsung Electronics Co Ltd said on Sunday it was delaying the start of new Galaxy Note 7 smartphone sales in South Korea by three days to Oct. 1, a move it says is needed for speedy completion of the ongoing recall in the country. Samsung announced on Sept. 2 a recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets, including South Korea, due to a faulty battery causing the phones to catch fire, offering refunds or replacement devices using safe batteries. The firm hopes to complete the recall quickly and restart sales in the fourth quarter to salvage earnings, but the latest hitch in South Korea underscore continuing challenges in those efforts. Though product exchanges in South Korea began on Monday, only about 200,000 affected customers have turned in their devices - which Samsung says represents half of affected customers and a recall ...


Business & Finance - Banking & Finance

Sudan needs swift reforms to revive ailing economy: World Bank KHARTOUM: Sudan must undertake swift structural reforms to revive its ailing sanctions-hit economy, including devaluing the Sudanese pound against the dollar, the World Bank said on Sunday.Rising inflation and the loss of nearly 75 percent of oil earnings following the north-south split in 2011 have led to a steady decline in Sudan's economic growth.The decline comes on top of an economy already damaged by US trade sanctions imposed since 1997, making international banking transactions cumbersome ...

Business & Finance - Industries & Sectors

Samsung Elec delays South Korea re-start of Note 7 sales by 3 days SEOUL: Tech giant Samsung Electronics Co Ltd said on Sunday it was delaying the start of new Galaxy Note 7 smartphone sales in South Korea by three days to Oct. 1, a move it says is needed for speedy completion of the ongoing recall in the country.Samsung announced on Sept. 2 a recall of at least 2.5 million Galaxy Note 7 smartphones in 10 markets, including South Korea, due to a faulty battery causing the ...

Business & Finance - Banking & Finance

Portugal to probe CGD, country's largest bank LISBON: Portugal has launched a probe into the state-owned Caixa General de Depositos bank, prosecutors said Saturday, with local media reporting that the investigation would centre on allegations of mismanagement and ruinous investments.The Expresso weekly said the inquiry will focus on leadership at the bank, Portugal's largest by assets, post-2000, including loans issued between 2005 and 2010 during former socialist prime minister Jose Socrates' time in office.Socrates was arrested in November 2014 and investigated for ...

Business & Finance - Industries & Sectors

Takata failed to report 2003 air bag rupture to US road authority WASHINGTON/TOKYO: Japanese air bag supplier Takata Corp said it failed to inform the US auto safety agency of a 2003 rupture of one of its air bag inflators in Switzerland, according to an internal Takata report released by US regulators on Friday. Takata also said in the report that its US arm, not the parent company, was largely responsible for designing, testing and producing tens of millions of defective air bag inflators.The National Highway Traffic ...

Business & Finance - Industries & Sectors

First test of driverless minibus in Paris Saturday PARIS: The French capital's transport authority will on Saturday carry out its first test of a driverless minibus, in the hope that regular routes for the hi-tech vehicles will be up and running within two years.The electric-powered driverless EZ10 minibus, able to carry up to 12 passengers, has already been tested on closed circuits in Japan, Singapore and California and in a road test in Helsinki.One of the self-driving shuttle buses, made by French hi-tech ...

Business & Finance - Banking & Finance

China to allow credit default swaps BEIJING: China has given the green light to controversial credit default swap trading for the first time, signalling that Beijing is willing to let indebted companies fail to stop economic slowdown.In a country where the government usually helps firms facing problems, the move will allow the market to absorb the shock of defaults, which will happen much more frequently.China's central bank has approved "the mitigation of credit risks," the National Association of Financial Market Institutional ...