12092016Fri
Last update: Fri, 09 Dec 2016 12pm

Industries & Sectors

Business & Finance - Industries & Sectors

Carlos Slim's Telekom Austria to buy Croatia's Metronet ZURICH: Telekom Austria Group said on Thursday it had agreed to buy a controlling stake in Croatian communications and computing group Metronet Telekomunikacije, which last year generated revenues of around 28 million euros ($30.2 million). Mexican tycoon Carlos Slim bought a majority stake in Telekom Austria in 2014 in order to use it as a stepping stone for expansion in eastern Europe. Telekom Austria bought the stake for an undisclosed price from current owners including Croatian companies, financial institutions and the Quaestus Private Equity Fund. It will use cash flow to finance the deal, which is set to close in the first quarter of 2017 pending regulatory approval. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Russian car sales rise in November for first time in 2 years MOSCOW: Russian car sales recorded their first monthly rise in almost two years in November, the Association of European Businesses (AEB) lobby group said on Thursday, though it added it was too early to say the market had turned a corner. After a decade of annual sales growth in excess of 10 percent, Russia's car industry has become one of the most high-profile victims of an economic crisis fuelled by lower oil prices and Western ...

Business & Finance - Industries & Sectors

Airlines facing first profits drop in six years in 2017: IATA GENEVA: Airlines will see profits fall for the first time in six years in 2017, after peaking this year, as rising oil and labour costs bite and demand slows, the International Air Transport Association said on Thursday. IATA, representing some 265 airlines accounting for 83 percent of global air traffic, said it expects the industry's net profits to fall 16 percent to $29.8 billion next year, mainly due to rising oil prices, and with North ...

Business & Finance - Industries & Sectors

ThyssenKrupp secrets stolen in 'massive' cyber attack FRANKFURT: Technical trade secrets were stolen from the steel production and manufacturing plant design divisions of ThyssenKrupp AG in cyber attacks earlier this year, the German company said on Thursday. "ThyssenKrupp has become the target of a massive cyber attack," the industrial conglomerate said in a statement. In breaches discovered by the company's internal security team in April and traced back to February, hackers stole project data from ThyssenKrupp's plant engineering division and from other ...

Business & Finance - Industries & Sectors

Rosneft shares soar on Glencore, Qatar deal MOSCOW: Shares in Russian oil giant Rosneft leapt over five percent Thursday after the Kremlin announced the 10.5 billion euro ($11.3 billion) sale of a stake to commodities trader Glencore and Qatar's sovereign fund.President Vladimir Putin late Wednesday hailed the deal for 19.5 percent of the state-controlled firm as the largest in the global energy sector for 2016, a major fillip for the authorities as they seek to plug the country's growing deficit. The deal ...

Business & Finance - Industries & Sectors

AirAsia in component support deal with Air France maintenance unit KUALA LUMPUR: Malaysian budget carrier AirAsia Bhd said on Thursday that it has signed a $105 million component support agreement for its fleet of Airbus A320neo passenger jets with Air France Industries KLM Engineering & Maintenance (AFI KLM E&M).The agreement with Air France's maintenance unit was signed in the presence of AirAsia Group CEO Tony Fernandes and Air France CEO Franck Terner.AirAsia is ultimately scheduled to have 304 A320neo jets.The contract is valid for 10 ...

Business & Finance - Industries & Sectors

Tata Steel agrees deal on jobs, investment-unions      LONDON: Tata Steel UK has agreed a deal guaranteeing jobs and production at its British steelworks in exchange for cutbacks to pensions, unions said on Wednesday. Britain's largest steelmaker offered to keep production at the country's largest steel plant in Port Talbot, Wales, going for at least five years, with a commitment to try to avoid any compulsory redundancies for five years, steel unions said in a statement.  In return however, Tata, which employs some 4,000 people at the plant and 11,000 ...