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Last update: Sat, 01 Oct 2016 12pm

Industries & Sectors

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Daimler says working on new ‘hypercar’, new performance models PARIS: Daimler on Wednesday said it was working on a new "hypercar" and also plans to expand its range of upmarket AMG Mercedes-Benz performance cars by at least 10 models. The hypercar, due to be produced in about 2.5 years' time, will have the powertrain of the current Mercedes-Benz Formula 1 car with a modified gearbox and it will be made from carbon fibre. "In the past Formula one cars and road cars were separate. Now these are moving closer together," Thomas Weber, a Daimler board member responsible for development at Mercedes-Benz told Reuters on the sidelines of a Mercedes-AMG event in Paris on Wednesday. Daimler did not provide details of the car's top speed, horsepower, or sticker price, but did say that research teams from the Mercedes Benz AMG division and the conpany's Formula 1 engineers were working on the project. Tobias Moers, Chief Executive of Mercedes-AMG, told Reuters ...

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VW CEO: Hopeful for deal with US authorities by end of the year PARIS: Volkswagen AG Chief Executive Matthias Mueller said on Wednesday he is hopeful the German automaker can reach agreement by the end of the year with the US government on the size of a fine to settle a criminal investigation of the company's alleged violations of US clean air laws. Mueller, speaking on the sidelines of the Paris auto show, said he also sees "good progress" toward an agreement with US regulators that could allow ...

Business & Finance - Industries & Sectors

Airbus to create two new czars as reorganisation takes shape BARCELONA: Airbus Group Chief Executive Tom Enders is extending a promised overhaul of Europe's largest aerospace group by promoting two top managers to oversee crucial functions like engineering as they usher the company into the age of Big Data.The plan marks a further shake-up at the top after it emerged last week that Enders plans to make Fabrice Bregier his No. 2 by appointing him as group chief operating officer, on top of his role ...

Business & Finance - Industries & Sectors

Apple to make landmark Battersea Power Station its new London home LONDON: Technology giant Apple said on Wednesday it is moving its London headquarters to the landmark Battersea Power Station, a move hailed by the government as a sign that major firms are still investing after the Brexit vote. The power station, built in the 1930s and famous for its imposing quartet of art deco chimneys, stood derelict on the south bank of the River Thames for about three decades until the site was bought in ...

Business & Finance - Industries & Sectors

Lufthansa board approves Brussels Airlines takeover BERLIN: Lufthansa's supervisory board has approved plans to buy the 55 percent of Brussels Airlines the German carrier does not own as part of a plan to expand its low-cost airline Eurowings through acquisitions.The board is also expected to discuss plans for Lufthansa to take jets for Eurowings from Air Berlin, sources have said, to help it become the third largest low-cost airline in Europe after Ryanair and easyJet. Lufthansa said this year it was ...

Business & Finance - Industries & Sectors

MTN denies illegal transfer of $14 billion from Nigeria ABUJA: South Africa's MTN on Wednesday denied allegations it illegally repatriated $13.92 billion from Nigeria, the latest setback for the telecoms firm in its biggest but increasingly problematic market. The upper house of Nigeria's parliament agreed on Tuesday to investigate whether Africa's biggest telecoms company illegally transferred the money out of the West African country between 2006 and 2016."The allegations made against MTN are completely unfounded and without any merit," MTN Nigeria Chief Executive Ferdi ...

Business & Finance - Industries & Sectors

Russia dismisses MH17 findings as false, politically-motivated MOSCOW: Russia on Wednesday flatly dismissed a report from international prosecutors which concluded that Malaysian airliner MH17 had been downed by a Russian-made missile launched from a Ukrainian village held by pro-Russian rebels in 2014. In a strongly-worded statement, Russian Foreign Ministry spokeswoman Maria Zakharova said the Dutch-led investigation's findings were biased and politically-motivated. "To arbitrarily designate a guilty party and dream up the desired results has become the norm for our Western colleagues," said ...