05012016Sun
Last update: Sun, 01 May 2016 06pm

Industries & Sectors

Business & Finance - Industries & Sectors

China Eastern Airlines to buy 35 planes from Airbus and Boeing BEIJING: One of China's top airlines will split $10 billion of new orders between European manufacturer Airbus and US-based Boeing, it said, as competition heats up for aviation market share in the world's second-largest economy. China Eastern Airlines said in a statement to the Hong Kong stock exchange that the lion's share of the orders, nearly $6 billion, will go to Airbus for 20 A350 aircraft.It will also spend close to $4 billion on 15 Boeing 787-9 Dreamliners.The bitter aerospace rivals have been in a fierce battle for orders in China, which is forecast to have 1.7 billion air passengers by 2034, and is poised to become the largest civil aviation market in the world in the next two decades.China Eastern is one of China's top three airlines, operating 560 aircraft and carrying around 100 million passengers annually.The Shanghai-headquartered company plans to use the long-haul planes for travelling between China, ...

Business & Finance - Industries & Sectors

BASF says feeling pinch from low oil price FRANKFURT: German chemicals giant BASF said Friday that its first-quarter business took a hit from low oil prices, but bottom-line profit increased nevertheless thanks to lower taxes.BASF said in a statement that net profit rose by 18 percent to 1.4 billion euros ($1.6 billion) in the period from January to March.But that was largely due to a much lower tax rate in the three-month period, BASF explained.Underlying or operating profit declined by six percent to ...

Business & Finance - Industries & Sectors

PetroChina posts first quarterly loss since listing SHANGHAI: PetroChina shares plunged on Friday, after the Chinese energy giant posted its first quarterly loss since listing overseas 16 years ago, as it struggled with the weak domestic economy and lower international oil prices.PetroChina lost 13.79 billion yuan ($2.14 billion) in the first quarter, reversing from a gain of 6.15 billion yuan for the same period a year ago, it said in a statement to the Hong Kong exchange late Thursday.It was the first ...

Business & Finance - Industries & Sectors

Indian tycoon Mallya prepared to settle debts: FT LONDON: Former Indian airline boss Vijay Mallya said he is prepared to settle millions of dollars owed to banks after the collapse of his firm, in an interview published Friday in the Financial Times."But we wish to settle at a reasonable number that we can afford and banks can justify on the basis of settlements done before," he told the business daily, which gave a figure of £440 million (565 million euros/$645 million).Mallya, a part-owner ...

Business & Finance - Industries & Sectors

Puma eyes boost from Euro football championships, Olympics FRANKFURT: German sportswear and equipment maker Puma said Friday business increased in the first quarter and that it is expecting a boost from major sporting events such as Euro 2016 and the Brazil Olympics. Like its arch-rival Adidas, which earlier this week lifted its forecasts on the back of a strong first quarter, Puma said it got off to a good start to the year, despite negative exchange rate effects. "The first quarter of 2016 ...

Business & Finance - Industries & Sectors

Car parts maker Continental books solid first quarter FRANKFURT: Continental, the German car parts specialist, said Friday it got off to a good start to the year, driven largely by strong demand for its tyres. "In light of the difficult market environment, we had a good start to the new fiscal year," said chief executive Elmar Degenhart.This was "primarily attributable to volume growth in our tyre division and the stabilisation of industrial business" at the group's ContiTech, he explained.In the period from January ...

Business & Finance - Industries & Sectors

BA owner trims expansion plans after Brussels attacks LONDON: International Airlines Group, owner of British Airways and Iberia, said Friday it was scaling back plans to raise its flights offering, blaming the move on last month's militant attacks in Brussels.The announcement was made alongside news that IAG had swung into a net profit in the first quarter compared with a year earlier, thanks to its recent purchase of Aer Lingus and lower fuel prices.However IAG was the biggest faller on London's benchmark FTSE ...