02072016Sun
Last update: Sun, 07 Feb 2016 01pm

Industries & Sectors

Business & Finance - Industries & Sectors

India's Jet Airways posts record quarterly net profit NEW DELHI: India's Jet Airways Ltd said on Saturday its December quarter net profit rose more than seven times, with sharply lower fuel costs helping the carrier post a third consecutive quarterly gain following a series of losses. Jet, India's second largest carrier by market share, said net profit in the October-December period rose to 4.67 billion rupees ($68.88 million) from 631.1 million rupees a year earlier, marking a record high quarterly profit.The airline's fuel expenses dropped by 27 percent in the period, its fiscal third quarter. Total income from operations grew by 8 percent to 54.44 billion rupees aided by a 20 percent surge in passenger traffic, the company said in a statement."Our strong operational performance resulting in record profit demonstrates the progress we continue to make in our turnaround plan," CEO Cramer Ball said in a statement.Despite rapidly rising demand for air travel in India, Jet, which is ...

Business & Finance - Industries & Sectors

Portugal boosts govt's TAP airline stake to 50pc LISBON: Portugal's new Socialist government said Saturday it had boosted its stake in national airline TAP to 50 percent from 39 percent in line with an election pledge of re-nationalisation.Prime Minister Antonio Costa made the announcement, saying Lisbon will pay 1.9 million euros ($2.1 million) to take 11 percent from the 61 percent stake sold late last year to a private consortium.The outgoing conservative administration made the sale to the consortium headed by US-Brazilian businessman ...

Business & Finance - Industries & Sectors

Bilfinger sells Water Technologies unit to Chinese firm FRANKFURT/BERLIN: Troubled German industrial services group Bilfinger has agreed to sell its water treatment unit to Chengdu Techcent Environment Group for about 200 million euros ($223.18 million), it said early on Saturday.Bilfinger is facing a breakup under pressure from tough markets and an activist investor as it is also considering offers for the rest of its Building and Facility unit, which comprises its most profitable businesses.The company said it expects to conclude the transaction in ...

Business & Finance - Industries & Sectors

Samsung kills Galaxy S7 Edge+ amid fans backlash The technology giant Samsung has cancelled its plans to launch Samsung Galaxy S7 Edge+ handset for UK. The decision came amid backlash from the loyal Note fans. However, it remained unclear whether the South Korean mobile maker, is pulling out the handset from other markets as well. The move by Samsung indicates that the UK users will only see a Note 6 in the coming months, but not its large-screen companion with an edge display.According ...

Business & Finance - Industries & Sectors

Mercedes January sales rise 20pc on 52pc China sales jump FRANKFURT: Daimler's Mercedes-Benz division increased deliveries of its luxury branded vehicles by 20 percent in January to 150,814, buoyed by a 63 percent rise in sales of sports utility vehicles and a 52 percent jump in deliveries in China. For Mercedes it amounts to the 35th consecutive month of increased sales with sales up 15.2 percent in Europe, 37.1 percent in Asia-Pacific, and almost flat growth in the United States, the company said. Copyright Reuters, ...

Business & Finance - Industries & Sectors

iPhoners beware of ‘scam text’ iPhone users are told not to open a scam text that appears to be sent by the company, as it tricks people into sharing their personal detailsAccording to Ashford Herald, in the latest row of viruses, the fraudulent message tells users that their account has been frozen and they should validate their iTunes account to avoid suspension.The malicious web address is disguised using a link shortener , therefore, it appears to say 'iTunesiPhone users are ...

Business & Finance - Industries & Sectors

Volvo readies for US slowdown as Q4 profit just lags STOCKHOLM: Swedish truck maker Volvo forecast a steeper than expected slowdown in the North American heavy-duty truck market this year and said it would cut production there after posting a slightly smaller than predicted rise in fourth-quarter earnings. Volvo, a rival of German Daimler and Volkswagen's truck brands, is contending with falling demand for commercial vehicles in the United States and Brazil and a plunge in purchases of its construction equipment in China. While European ...