07242016Sun
Last update: Sun, 24 Jul 2016 07am

Industries & Sectors

Business & Finance - Industries & Sectors

VW labour head warns of tough talks over savings, strategy BERLIN: Volkswagen's efficiency drive at its namesake brand is paying off, but talks over further savings and strategy changes will be tough, the carmaker's labour boss predicted.Europe's largest automaker said on Wednesday its first-half profit rose 7 percent to 7.5 billion euros ($8.3 billion), excluding one-off items, beating forecasts and helped by an improved performance at the mass-market VW brand.However, the German group is under pressure to make more savings to help meet the billions of dollars of costs following its admission in September that it installed illegal software to mask emissions on about 11 million diesel vehicles worldwide.VW also said in June it needed big savings to help fund investments in electric cars, transport services and autonomous driving."We are facing a lot of work in the coming weeks," VW works council chief Bernd Osterloh told Reuters in an interview.Analysts have said a lasting improvement in profitability at the VW ...

Business & Finance - Industries & Sectors

Volvo Cars confident of setting sales record STOCKHOLM: Volvo Cars, owned by China's Geely, said Thursday it was on track to sell a record number of cars this year thanks to the success of its new high-end SUV.The Swedish carmaker said in its second-quarter earnings statement that strong sales were accompanied by improving margins despite investments tied to launching its new top-of-the-line models.Sales rose by 11 percent compared to the April through June period last year to 83.6 billion kronor, (8.8 billion ...

Business & Finance - Industries & Sectors

Samsung Electronics buys $450mn stake in Chinese electric car firm BYD BEIJING: Samsung Electronics is to pay 3 billion yuan ($450 million) for a stake in Chinese automaker and rechargeable batteries firm BYD Co Ltd , the Chinese company said in a stock exchange filing on Thursday.Automakers and technology companies have formed a series of partnerships in recent years as the race to develop electric, self-driving, internet-connected vehicles has created demand for more electronics components and software.The Samsung investment has been made through Chinese subsidiary Shanghai ...

Business & Finance - Industries & Sectors

GM raises full-year forecast after strong second-quarter profit DETROIT: General Motors Co raised its forecast for full-year earnings after reporting a record second-quarter profit that handily beat Wall Street expectations.Shares in the world's third-largest automaker rose more than 6 percent to $33.45 in premarket trading.GM said it expects adjusted earnings before interest and taxes of $5.50 to $6.00 per share for full-year 2016, up from a previous forecast of $5.25 to $5.75 per share.GM said second-quarter net income rose to $2.87 billion, or ...

Business & Finance - Industries & Sectors

Daimler drives on to record sales FRANKFURT: German top-of-the-range carmaker Daimler said Thursday that it sold a record number of vehicles worldwide in the second quarter, driven largely by strong demand for its flagship Mercedes-Benz brand.Daimler said in a statement that it sold 761,3340 cars and commercial vehicles in the period from April to June, an increase of seven percent over the year-earlier period.That strong performance pushed second-quarter revenues up by three percent to 38.6 billion euros ($42.6 billion) and bottom-line ...

Business & Finance - Industries & Sectors

Unilever spruces up profits but sees gloomy global outlook THE HAGUE: Dutch food and cosmetics giant Unilever on Thursday posted a rise in sales for the first half of 2016 boosted by mens' grooming products but warned of "no sign of an improving global economy."Total sales clocked in 2.6 percent higher at 26.3 billion euros ($29 billion) and net profit stood at 2.7 billion euros, up by 2 percent from 2015.Unilever said the first half of the year was marked by "a period of ...

Business & Finance - Industries & Sectors

Volvo Cars eyes record year as profit triples in first half STOCKHOLM: Geely-owned automaker Volvo Car Group reported its operating earnings tripled in the first half and said a further roll-out of new, more up-market models left it confident about reaching record sales and earnings for the full year. Bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, Volvo said operating earnings rose to 5.59 billion Swedish crowns ($649.8 million) from 1.66 billion.One of Sweden's biggest companies by sales and staff ...