01192017Thu
Last update: Thu, 19 Jan 2017 01pm

Industries & Sectors

Business & Finance - Industries & Sectors

Thai Airways to probe Rolls-Royce corruption BANGKOK: Thailand's flagship airline on Thursday said it had launched a probe into revelations that Rolls-Royce paid millions of dollars in bribes to win contracts, including to airline employees and government officials.The investigation comes after the renowned British engine-maker agreed to pay a $808 million fine to authorities in Britain, the United States and Brazil to settle bribery and corruption claims.After its largest ever graft probe, Britain's Serious Fraud Office found Rolls Royce paid massive bribes over three decades to win contracts in Indonesia, Thailand, India, Russia, Nigeria, China and Malaysia.A British judge this week said the investigation revealed "the most serious breaches of the criminal law in the areas of bribery and corruption" prompting Rolls Royce, which cooperated with the probe, to apologise.But the findings -- concerning the engine maker Rolls-Royce, which has no connection with Rolls-Royce cars, a marque owned by the Germany auto maker BMW -- will ...

Business & Finance - Industries & Sectors

German MPs to grill VW ex-boss over 'Dieselgate' BERLIN: Disgraced former Volkswagen boss Martin Winterkorn faces a grilling by German lawmakers Thursday, as accusations grow of top executives at the beleaguered auto giant colluding to cover up emissions cheating.The former CEO's testimony will be "particularly important" in light of the latest allegations against the VW group, said Herbert Behrens, who heads a special parliamentary committee investigating the "dieselgate" scandal.Winterkorn resigned in September 2015, days after the VW group admitted it had installed software ...

Business & Finance - Industries & Sectors

Hong Kong's Cathay Pacific to cut jobs as part of review SYDNEY: Hong Kong's flag carrier Cathay Pacific Airways will cut jobs and consider shifting some flights to its short-haul arm after completing the biggest review of its business in two decades, it said on Wednesday.The company laid out the results of the review in a document seen by Reuters that was e-mailed to its 33,700 employees on Wednesday after 350 managers were briefed in an internal meeting.Cathay had said it would review of its business ...

Business & Finance - Industries & Sectors

Etihad Airways not looking to take stake in Lufthansa ABU DHABI: Etihad Airways is not looking to take a stake in German carrier Lufthansa, a spokesman said on Wednesday, denying a report in an Italian newspaper that sent Lufthansa's shares higher on Tuesday. "We can confirm that are not looking to take a financial stake in Lufthansa," the spokesman said, after the Wall Street Journal quoted Etihad Aviation Group CEO James Hogan as saying he was interested in a closer partnership but not buying ...

Business & Finance - Industries & Sectors

Zain Saudi Q4 net loss narrows, meets forecasts DUBAI: Telecom Zain Saudi reported a narrower fourth-quarter loss on Wednesday, beating estimates as revenue increased. The company has yet to make a quarterly profit since launching services in 2008 and has battled to compete against better-resourced rivals Saudi Telecom Co (STC) and Etihad Etisalat (Mobily). Zain Saudi, 37-percent owned by Kuwait's Zain, made a net loss of 135 million riyals ($36.00 million) in the three months to Dec. 31, according to a bourse statement.This ...

Business & Finance - Industries & Sectors

HP Enterprise buys US software startup for $650mn SAN FRANCISCO: Hewlett Packard Enterprise on Tuesday announced a deal to buy business data management firm SimpliVity for $650 million in cash.Founded in 2009, the Massachusetts-based Simplivity sells "hyperconverged" systems that combine computing, storage and networking. HPE said the market for such systems was estimated at $2.4 billion last year and was expected to grow to nearly $6 billion by the year 2020."This transaction expands HPE's software-defined capability and fits squarely within our strategy to ...

Business & Finance - Industries & Sectors

Rolls-Royce shares jump on profit upgrade, bribery settlement LONDON: Shares in Rolls-Royce leapt on Tuesday after the British maker of engines for planes and ships finalised a 671 million-pound ($831 million) deal to settle a lengthy bribery investigation and said 2016 profits beat previous expectations.The agreement draws a line under investigations by British, U.S. and Brazilian authorities into alleged criminal conduct spanning three decades, at least seven jurisdictions and three of the company's business sectors.Coupled with an upbeat profit forecast, it removes a ...