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Electrolux profit soars 42pc after cost-cutting programme STOCKHOLM: Swedish electrical appliance maker Electrolux reported its third-quarter net profit soared 42 percent to 933 million krona (102 million euros, $130 million) thanks to a cost-cutting programme started at the end of last year.Sales over the quarter increased 5.6 percent to 28.8 million krona, slightly better than the 28.4 million krona expected by analysts.Electrolux said in a statement that its European operations were performing better because of the reduced costs and improved management of product portfolios.The trims included cutting its number of employees by 3 percent.Electrolux bought General Electrics appliances business for $3.3 billion (4.2 billion euros) in September as part of an expansion aimed at doubling its US sales. The transaction is to be concluded during next year.Copyright AFP (Agence France-Presse), 2014

Germany's Metro reports 4pc fall in sales BERLIN: German retail giant Metro AG on Monday reported a four-percent decline in its yearly sales to 63 billion euros ($80 billion), largely because of a strong euro and divestments.However the group said it would still meet its pre-tax operating profit of 1.75 billion euros for its 2013-2014 financial year, the full details of which would be given on December 16.Metro, whose rivals include Wal-Mart and Carrefour, said in a statement its Metro Cash & ...

Russia central bank shifts rouble's trading band by 5 kopecks MOSCOW: Russia's central bank said on Monday it had shifted the boundaries of its floating rouble corridor by 5 kopecks, following market interventions to curb the pace of the currency's decline. As of Oct. 17, the new corridor extended from 37.30 to 46.30 against a dollar-euro basket, compared to 37.25 to 46.25 previously. Copyright Reuters, 2014

Lufthansa flights hit by strikes Monday and Tuesday BERLIN: Pilots for Lufthansa are to hold a one-day strike Tuesday that will hit long-haul flights operated by the German carrier, Europe's largest, their union said.The stoppage will deepen strike action at Lufthansa, already set to begin on Monday with a previously announced 35-hour strike impacting most of its short- and medium-haul flights.The strike will not affect Lufthansa's international subsidiaries Swiss and Austrian Airlines.The latest action is the ninth to buffet Lufthansa in less than ...

Electrolux Q3 core profit tops forecast STOCKHOLM: Global home appliances maker Electrolux posted a bigger than expected rise in third quarter core earnings on Monday but said the 2014 outlook for European market demand was running at the lower end of its forecast. The Swedish group, vying for market leadership with US Whirlpool and China's Haier, said it still expected the US market to expand 4 percent and the European to rise 1-3 percent, but for the latter market growth was ...

SAP cuts outlook despite profit rise in Q3 FRANKFURT: SAP, the German software giant, said Monday it was trimming its profit forecast for the whole of 2014, despite a strong rise in revenues and profits in the third quarter. SAP said in a statement it expects full-year operating profit to be in a range of 5.6-5.8 billion euros ($7.1-7.4 billion), lower than its previous forecast of 5.8-6.0 billion euros. SAP attributed the downgrade to "less upfront revenues" and short-term pressures on margins as ...

SAP cuts profit outlook as more customers switch to cloud FRANKFURT: German business software maker SAP on Monday cut its outlook for full-year operating profit amid an accelerating shift by customers to buy its software over the Internet rather than as packaged software, delaying recognition of those sales.SAP said it now 2014 expects operating profit, excluding some special items of 5.6 billion to 5.8 billion euros ($7.14-7.40 bln), down from 5.8-6.0 billion previously.Company executives said the accelerating switch from license-software sales to Internet-based, so-called cloud ...


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