Industries & Sectors
Friday, 24 May 2013 14:28
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MUMBAI: Shareholders of India's Jet Airways on Friday approved a deal in which Abu Dhabi-based airline Etihad will take a 24 percent stake in the private carrier, media reports said.Jet shareholders approved the proposed issue of shares on a preferential basis to Etihad, at an extraordinary general meeting held in the city, the Press Trust of India agency said.Shares will be allotted only after completion of all regulatory approvals."The commercial agreement with Etihad will help us to expand network, reduce costs and increase profitability," Jet's chairman Naresh Goyal reportedly told shareholders. Jet officials were not immediately available to comment.The Jet-Etihad deal, announced in April, is the first overseas investment in an existing Indian carrier since New Delhi eased restrictions in September to allow foreign firms a 49 percent stake in the country's airlines.Jet is India's second largest airline, with a 22.6 percent market share, according to the country's civil aviation ...
SEOUL: European aerospace giant EADS has offered a $2.0 billion investment sweetener as it seeks to edge out US rivals for a contract to provide 60 advanced fighter planes to South Korea.The consortium announced in a statement Thursday it would pump the cash into a separate South Korean project to develop its own advanced fighter jets, if EADS is chosen for the combat aircraft contract valued at 8.3 trillion won ($7.2 billion).Three fighters are in ...
SAN FRANCISCO: The US International Trade Commission sided with Microsoft on Thursday in a patent dispute with Google-owned Motorola Mobility that could have gotten Xbox 360 videogame consoles banned from import."The investigation is terminated," the ITC said in a notice announcing it was rejecting a Motorola Mobility patent complaint dating back to late 2010.Motorola Mobility had argued that Xbox 360 consoles infringed on patent technology for wirelessly transmitting data.If the ITC had sided with Motorola ...
NEW DELHI: Tata Steel Ltd, India's largest steelmaker by market value, swung to a loss in its fourth quarter, hit by weak demand in Europe, its top market and production region.The company is under pressure from investors to cut costs and idle or sell factories, especially its older plants in Britain, to turn around its loss-making European operation.Two thirds of Tata Steel's 27 million-tonne annual capacity is in Europe. However, demand there has fallen by ...
MUMBAI: London-listed resources giant Vedanta Group, controlled by tycoon Anil Agarwal, said Thursday it had raised $1.7 billion through a high-yield bond offering that it plans to use to refinance debt.The mining and resources group said in a statement the money raised would be used to refinance a loan taken out to buy a controlling stake in oil and gas explorer Cairn India three years ago.Vedanta, which has annual revenues of around $14 billion, said ...
TOKYO: Japan's number two carmaker Nissan said Thursday it would recall some 841,000 compact cars worldwide due to a steering wheel glitch.The recall will cover the Micra, known as the March in some markets, and Cube models produced in Japan and Britain between 2002 and 2006, a company spokeswoman said.Copyright AFP (Agence France-Presse), 2013 ...
BEIJING: Manufacturing activity in China contracted in May for the first time in seven months, HSBC said Thursday, in another sign of the weakness of recovery in the world's second-largest economy.The banking giant's preliminary purchasing managers' index (PMI) fell to 49.6 this month from a final 50.4 in April, putting it below the 50 mark that indicates contraction. A reading above signals expansion.It was the lowest figure since October's 49.5, according to the bank's data, ...
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