08302016Tue
Last update: Tue, 30 Aug 2016 04am

Industries & Sectors

Business & Finance - Industries & Sectors

VW says sees limited impact of production stoppages on staff hours BERLIN: Volkswagen said the impact of production stoppages on staff hours caused by a dispute with two parts suppliers has been significantly reduced thanks to internal remedies.Volkswagen (VW) will take advantage of "internal flexibilisation measures" at five of six plants affected by supply chain problems to cushion the impact of output disruptions on working hours, it said on Friday.VW applied for support under the government's "Kurzarbeit" short-time work programme only at its factory in Emden where production of Passat models was halted after one of the suppliers stopped delivering seat covers. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Air New Zealand full-year profits in tourism boom, but faces increased competition WELLINGTON: Air New Zealand announced record results on Friday amidst a tourism boom, but profits were below expectations and the company warned of increased competition. Net profit before taxation had risen 40 percent to NZ$663 million in the year to June. Analysts had been expecting a pretax profit of around NZ$837 million. Air New Zealand was not alone in capitalizing on New Zealand's tourism boom and the company warned they were expecting increased competition as ...

Business & Finance - Industries & Sectors

Tesla wins US antitrust approval to buy SolarCity WASHINGTON: Tesla Motors Inc has won US antitrust approval to buy solar panel installer SolarCity Corp, the Federal Trade Commission said on Thursday. The deal was on a listing of proposed transactions that won quick approval because the merging companies have few or no overlaps.The deal was announced on Aug. 1 and is part of an effort by Tesla to improve economies of scale in electrical energy management systems, battery production and marketing. SolarCity's shares ...

Business & Finance - Industries & Sectors

Volkswagen reaches deal to compensate US dealers for polluting diesels WASHINGTON: Volkswagen AG said on Thursday it reached a deal to pay its 650 US dealers for their losses from the German automaker's diesel emissions scandal, and a judge ordered it to move quickly to decide whether to fix or buy back 85,000 luxury vehicles with polluting engines. The automaker and a lawyer for VW dealers announced a tentative settlement at a court hearing in San Francisco. The amount of the settlement fund was not ...

Business & Finance - Industries & Sectors

Vivendi implies time is on its side in battle with Mediaset PARIS: French media giant Vivendi implied on Thursday that time was on its side in a spat with Mediaset about a month after it backed out of a deal to buy the Italian broadcaster's pay-TV.Vivendi, led by billionaire Vincent Bollore, said the binding share-swap agreement it signed in April with Mediaset could be void after Sept. 30, citing the initial regulatory calendar to obtain the go-ahead from the European Commission."The commission would not accept a ...

Business & Finance - Industries & Sectors

British car output up in July but growth slows LONDON: British car production rose in July but at a slower pace than in June, according to an industry group which urged the government to make sure the country's exit from the European Union does not hamper the sector.Britain's overwhelmingly foreign-owned carmakers had urged voters to remain in the 28-member bloc, where over half of British car exports are sold.According to the Society of Motor Manufacturers and Traders (SMMT), output in July rose 7.6 percent ...

Business & Finance - Industries & Sectors

CNOOC reports $1.16bn net loss HONG KONG: China's main offshore oil and gas producer CNOOC saw its shares on the Hong Kong stock exchange fall Thursday, after it reported a $1.16 billion net loss for the first half of 2016.It was the company's first half-year loss since it started trading on the Hong Kong exchange in 2000, with CNOOC blaming low oil prices and write-downs on assets for its performance."Further recovery of international oil prices faces headwinds," the company said ...