01182017Wed
Last update: Wed, 18 Jan 2017 10am

Business & Finance - Industries & Sectors

Ford cancels Mexico plant, will boost US output WASHINGTON: Ford announced Tuesday it is canceling plans to build a $1.6 billion plant in Mexico and will boost US production of electric vehicles, in part due to a better business environment under President-elect Donald Trump."Ford today announced it is canceling plans for the new plant in San Luis Potosi, Mexico," the company said in a statement.At the same time, Ford is adding 700 US jobs and investing $700 million from the funds earmarked for the Mexico plant during the next four years to expand its Flat Rock Assembly Plant in Michigan so that it can build self-driving and electric vehicles.Ford CEO Mark Fields told CNN the company looked at all the factors before making the decision "including what we view as a more positive US manufacturing business environment under President-elect Trump." He said company chairman Bill Ford spoke Tuesday morning to Trump, who has been critical of Ford in ...


Business & Finance - Banking & Finance

ANZ offloads Shanghai bank stake SYDNEY: ANZ Bank Tuesday agreed to sell its stake in Shanghai Rural Commercial Bank for Aus$1.84 billion (US$1.32 billion) as it continues to offload Asian assets as part of a restructure.The Australia and New Zealand Banking Group said Chinese shipping giant COSCO and Shanghai Sino-Poland Enterprise would each take 10 percent of its 20 percent holding.The move is part of the bank simplifying its business, having announced the sale in October of its retail and ...

Business & Finance - Industries & Sectors

Kia Motors says plans to sell 3.17mn vehicles globally in 2017 SEOUL: Kia Motors Corp aims to sell 3.17 million vehicles globally in 2017, the South Korean company said on Monday, up slightly from its 2016 goal of 3.12 million. The company also said it fell short of its 2016 sales target but did not give details.Hyundai Motor Co said earlier on Monday it aims to sell 5.08 million vehicles globally in 2017, up slightly from its 2016 goal.Copyright Reuters, 2017

Business & Finance - Industries & Sectors

Samsung Electronics to reveal Galaxy Note 7 probe results this month SEOUL: Samsung Electronics Co Ltd will announce this month the results of an investigation into what caused some of its Galaxy Note 7 smartphones to catch fire, the JoongAng Ilbo newspaper reported on Monday citing unnamed sources. The South Korean firm said in October it was examining all aspects of the phone, suggesting there may be a combination of factors that contributed to one of the costliest product safety failures in tech history. The world's ...

Business & Finance - Banking & Finance

Saudi bank Samba Financial raises H2 2016 dividend DUBAI: The board of Samba Financial Group , Saudi Arabia's third-largest bank by assets, has proposed a dividend of 0.50 riyals ($0.13) per share for the second half of 2016, it said in a bourse statement. The proposed figure is higher than the 0.45 riyals per share which the bank paid for the corresponding period of 2015.Copyright Reuters, 2017

Business & Finance - Industries & Sectors

Hyundai group aims to sell 8.25mn cars in 2017 SEOUL: South Korea's largest automakers Hyundai Motor and its affiliate Kia have forecast sales of 8.25 million vehicles this year amid hopes that new factories will tap into emerging markets. The projected sales for 2017 mark a slight increase from the previous year's target of 8.13 million, the Hyundai Motor group chairman Chung Mong-Koo said in a New Year email message to employees on Monday.Hyundai, which along with Kia forms the world's fifth-largest automaking group, ...

Business & Finance - Banking & Finance

Deutsche Bank chairman rules out European merger BERLIN: Deutsche Bank Chairman Paul Achleitner has ruled out a European merger or a state bailout after the lender's mortgage settlement with the US Department of Justice, Frankfurter Allgemeine Sonntagszeitung reported. The bank, Germany's biggest, last week announced a $7.2 billion settlement with the US Department of Justice over its sale and pooling of mortgage securities in the run-up to the 2008 financial crisis. "The management board in principle looks at everything that could help ...