04302016Sat
Last update: Sat, 30 Apr 2016 08pm

Business & Finance - Industries & Sectors

Fiat Chrysler net profits rev up but debt builds MILAN: Fiat Chrysler Automobiles (FCA) Tuesday beat analysts' forecasts with significantly higher first-quarter net profits driven by sales in North America but the Italian-US automaker's debt pile also rose. The results were FCA's first as a single, unified global group since its January's split from luxury unit Ferrari.Helped by the sale of Ferrari, FCA said it had reduced net industrial debt "significantly" in 2015 to 5 billion euros ($5.6 billion), down from the 7.7 billion at the end of 2014. But the automaker said the total was back up to 6.6 billion by the end of March, owing to seasonal and currency factors.Fiat Chrysler shares fell 3.25 percent to 6.99 euros in the afternoon.CEO Sergio Marchionne said the group was determined to cut debts to below 5 billion euros this year.Net profit for the first three months accelerated to 478 million euros compared to 27 million a year earlier, the ...


Business & Finance - Industries & Sectors

Google, Uber in coalition to promote self-driving cars SAN FRANCISCO: Google and Uber are part of a coalition unveiled on Tuesday to push for a unified US legal code on self-driving cars as part of a broader lobbying drive to promote that technology.Car makers Ford and Volvo along with ride-sharing start-up Uber's rival Lyft rounded out a roster of five founding members of the Self-Driving Coalition for Safer Streets.Former US National Highway Traffic Safety Administration administrator David Strickland was named as coalition counsel ...

Business & Finance - Banking & Finance

Bundesbank chief puts question mark over European shield for savers FRANKFURT: The head of Germany's Bundesbank has signalled that Germany won't back a common deposit guarantee scheme for euro zone savers, saying that banks' risks are still too entangled with their home countries. Jens Weidmann said the fact that banks still owned many bonds of their home countries meant that any such pan-European shield for savers would mean Germany, as the richest country, would be exposed."The fact that member states have significant influence on the ...

Business & Finance - Industries & Sectors

Qatar National Bank investigates alleged hack DOHA: Qatar National Bank said on Tuesday it is investigating an alleged hack which potentially exposes the names and passwords of a large number of customers.Media reports claimed that a 1.4GB trove of documents has been leaked online anonymously.Among the information reportedly leaked are the bank details of several journalists working for satellite broadcaster Al-Jazeera.Another folder leaked apparently revealed details of the work of internal and overseas intelligence agencies, according to reports on various publications ...

Business & Finance - Industries & Sectors

South Africa's Eskom to spend $23.5 billion on new plants CAPE TOWN: South African power utility Eskom is not under pressure to tap international markets to help fund its 340 billion rand ($23.5 billion) five-year expansion plan, its chief executive said on Tuesday. State-owned Eskom is building new plants and transmission lines to augment a power grid that nearly collapsed in 2008 and was forced to implement controlled blackouts, or load shedding, early last year that dented economic growth. "Our funding for last year is ...

Business & Finance - Banking & Finance

ECB's Constancio: macroprudential policy should pre-emptive FRANKFURT: Central banks should have responsibilities over both monetary and macroprudential policies and their action should be both pre-emptive and strongly counter-cyclical, European Central Bank Vice President Vitor Constancio said on Tuesday. "Macroprudential policy is complementary to monetary policy and should share the same status as a policy area," Constancio told a conference. "Both areas need to work in close co-operation; central banks are more sensitive to macro-financial stabilisation goals; they possess more information about ...

Business & Finance - Banking & Finance

Fed awards $29.56bn reverse repos NEW YORK: The Federal Reserve on Tuesday awarded $29.56 billion of one-day, fixed-rate reverse repurchase agreements to 26 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Monday, the Fed allotted $24.15 billion in one-day reverse repos to 23 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is seen ...