07292016Fri
Last update: Fri, 29 Jul 2016 05pm

Industries & Sectors

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Air France strike hits 140 Paris hub flights PARIS: Air France had to scrap 139 long- and medium-haul flights Friday at its Charles de Gaulle-Roissy Paris hub on the third day of a strike by flight crew, airport sources said.The weeklong stoppage began Tuesday and Friday saw Paris' other main airport Orly cancel 20 percent of the carrier's flights with further medium-haul cancellations likely later in the day, the sources said.Roissy was maintaining more than nine out of ten long-haul and three quarters of medium-haul flights.Management said in a statement the carrier would maintain 80 percent of Saturday flights -- the same figure forecast across Friday. Unions representing around half of the strikers called the stoppage after marathon talks failed to reach a breakthrough on renewing a collective labour accord on rules, pay and promotions that expires in October.Management want to limit the extension of the agreement to 17 months, whereas unions want between three and five years.The ...

Business & Finance - Industries & Sectors

Bezos passes Buffett, becomes third-richest person: Forbes Jeff Bezos, the founder and chief executive of Amazon.com Inc, has become the world's third-richest person as of the market close for the first time, Forbes magazine said, passing Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc.Bezos' fortune was $65.3 billion as of 4:30 p.m. EDT (2030 GMT) on Thursday, compared with Buffett's $64.9 billion.Microsoft Corp co-founder Bill Gates remained the world's richest person, at $77.7 billion, while Spain's Amancio Ortega, who ...

Business & Finance - Industries & Sectors

Sharp Q1 loss shrinks on cost cuts, but revenue plunges by a third TOKYO: Japanese electronics maker Sharp Corp reported a smaller first-quarter loss helped by restructuring and cost cuts, although revenue shrank by a third as demand for its products slumped.The ailing company, which is due to be acquired by Taiwan's Foxconn, said it was hit by a drop-off in demand for smartphone camera modules, TV and tablet displays and by a decline in Chinese demand for consumer electronics. Demand for solar panels in Japan also fell.Revenue ...

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VW's Audi will miss 2016 profitability goal BERLIN: Volkswagen's luxury division Audi will miss its benchmark for profitability this year as costs for the diesel emissions scandal and possible recalls of cars fitted with Takata Corp airbags are weighing on results. First-half operating profit at Audi plunged 18 percent to 2.4 billion euros ($2.66 billion), including 265 million euros of special items which pushed down the brand's operating margin to 8 percent from 9.8 percent a year ago, Audi said on Friday.Audi, ...

Business & Finance - Industries & Sectors

Mercedes to create 2,500 jobs at new 1bn euro Hungary plant FRANKFURT: German luxury car maker Mercedes-Benz said on Friday it would spend one billion euros ($1.1 billion) on a large new factory in Hungary, creating around 2,500 jobs.The "convertible factory" -- designed to be rapidly reconfigured to produce different models -- will sit alongside an existing plant in the city of Keckskemet, Mercedes board member Markus Schaefer said in a statement.Construction will begin in 2018, with the company hoping to start production in 2020 or ...

Business & Finance - Industries & Sectors

British Airways owner cuts outlook on Brexit LONDON: International Airlines Group, owner of BA and Iberia, lowered its annual earnings forecast on Friday following the recent Brexit vote.The group, which also owns Ireland's Aer Lingus and Spain's Iberia, predicted that operating profit would see "low double-digit percentage growth" in 2016.That contrasted sharply with the 70 percent increase that was forecast prior to the shock June 23 EU exit vote.IAG had already warned one day after the referendum that it would unlikely meet ...

Business & Finance - Industries & Sectors

India online giant to cut down 1,000 jobs Flipkart, one of India’s largest e-commerce companies is acting tough on its hundreds of underperforming employees, as it has asked them to either meet targets or else get terminated with severance pay.This decision by the Bengaluru based ecommerce giant that boosts nearly 30,000 employees, is likely to affect some 700 to 1,000 employees, reported Business Insider."In situations where employees do not make progress despite being put on a performance improvement plan, they are encouraged to ...