12042016Sun
Last update: Sun, 04 Dec 2016 02am

Industries & Sectors

Business & Finance - Industries & Sectors

South Africa's MTN Group plans expansion in Iran JOHANNESBURG: MTN Group, Africa's biggest mobile phone company by sales, is planning to expand in Iran, exploiting frontier markets amid falling sales at home. The move is part of MTN's 10-year plan to cement its leading position in risky but lucrative frontier markets in the Middle East and Africa, where it aggressively expanded a decade ago. But setbacks in Nigeria have knocked MTN's share price and drawn sharper scrutiny of its hunt for returns in politically unstable and economically fragile markets. "We're very excited about Iran and the possibilities there," MTN's newly appointed head of strategy, mergers and acquisitions, Stephen van Coller, said in an interview with Reuters. "That digital economy in Iran is going to move fast." MTN, which has set aside about $700 million in capital expenditure that includes revamping its network in Iran, is also looking to expand its services to include rapidly expanding its e-commerce offering ...

Business & Finance - Industries & Sectors

Samsung to unveil shareholder return plans amid calls to split company SEOUL: Samsung Electronics Co Ltd said it will disclose plans to boost shareholder value on Tuesday - a move that comes amid pressure from US fund Elliott Management to split the company in two and provide more in payouts. The US activist hedge fund, which owns 0.6 percent of Samsung, called on the South Korean tech giant in October to divide itself into a holding vehicle for ownership purposes and an operating company, as well ...

Business & Finance - Industries & Sectors

Solar, wind industries hope years courting Republicans pays off under Trump LOS ANGELES: US wind and solar companies for the first time gave more money to Republicans than Democrats during the 2016 election cycle, according to federal campaign disclosures, part of a years-long effort to expand renewable energy's appeal beyond liberal environmentalists. The industry is now hoping its strategy of reaching across the political divide will pay off in the form of Congressional support as Republican Donald Trump, a climate change skeptic who has expressed doubts ...

Business & Finance - Industries & Sectors

Volkswagen forms JV with Algeria's SOVAC for local assembly FRANKFURT: Volkswagen signed a deal on Sunday to assemble cars in Algeria in a joint venture with its local car importer SOVAC, aiming for a production capacity of more than 100 vehicles per day from June 2017, VW and Algerian officials said. The cars will be assembled at a $170 million plant in the western province of Relizane, Algerian Industry Minister Abdesselam Bouchouareb said at a signing ceremony in Algiers. Volkswagen will hold a minority ...

Business & Finance - Industries & Sectors

BMW to offer new version of i3 electric car in 2017 FRANKFURT: German luxury carmaker BMW plans to launch a new version of its i3 electric car next year with a longer range and revamped design, German weekly Welt am Sonntag reported, citing company sources.BMW will rework the front and rear of the i3 and equip the car with a new battery to increase its range substantially beyond the current 300 km maximum, the paper said, adding that the increase would be below 50 percent.BMW has ...

Business & Finance - Industries & Sectors

Lufthansa says some Sunday flights will be cancelled FRANKFURT: Germany's biggest airline Lufthansa said it will cancel some flights on Sunday even though its pilots have ruled out strikes that day following a four-day walkout that started on Wednesday. "Flight ops should proceed according to schedule on Sunday. Due to the strikes on the preceding days, there may still be a few cancellations," the company said via Twitter and email, asking customers to check the status of their flights.A Lufthansa spokesman said the ...

Business & Finance - Industries & Sectors

Shell CEO expects no valuation hit from climate accord AMSTERDAM: Royal Dutch Shell expects to pump out all the fossil fuel reserves listed on its balance sheet, its chief executive said, dismissing concerns that production limits in the wake of the Paris climate accord could hit the energy giant's valuation.In an interview with Dutch newspaper Het Financieele Dagblad, Ben van Beurden said the issue of "stranded" reserves - deposits in the ground that cannot be used because of carbon emissions limitations - would have ...