07272016Wed
Last update: Wed, 27 Jul 2016 12am

Industries & Sectors

Business & Finance - Industries & Sectors

China sets up coal asset management firm to push overcapacity cut SHANGHAI: China has set up a coal asset management firm as part of its effort to reduce excess capacity in the sector, China's state-owned assets regulator said. China Shenhua Group, China National Coal Group Corp, China Reform Holdings Corp and China Chengtong Holdings Group have jointly set up the firm, the State-owned Assets Supervision and Administration Commission said in a website statement.The asset management firm will be mainly used to help cut overcapacity, push consolidation for state-owned coal resources and promote state-owned coal companies to restructure and upgrade.China has vowed to tackle price-sapping supply gluts in major industrial sectors, and said in February it would close 100 million to 150 million tonnes of steel capacity and 500 million tonnes of coal production in the coming three to five years.Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Lufthansa Technik to cut 700 jobs in engine overhaul operations FRANKFURT: German airline Lufthansa's maintenance business will cut 700 of the 2,000 jobs at its engine overhaul operations as its customers shift to newer types of engines that require less revamping, Lufthansa Technik said on Friday. The jobs are to be cut over the next five to eight years, mainly by workers taking early retirement, Lufthansa has agreed with labour union Verdi. Lufthansa Technik said it did not plan forced redundancies.Thanks to advances in technology, ...

Business & Finance - Industries & Sectors

Power, aviation boost GE despite weak oil NEW YORK: Strong results in power and aviation boosted General Electric's second-quarter results, despite an economy characterized by volatility and slow growth, the company said Friday.Net income was $2.7 billion, compared with a loss of $1.4 billion in the year-ago period.Revenues rose 14.6 percent to $33.5 billion.Performance among GE's industrial divisions varied, with oil and gas experiencing big declines in revenues and operating profit due to the rout in oil prices.Those declines were offset by ...

Business & Finance - Industries & Sectors

End of an era: VCR headed for outdated tech heaven TOKYO: The clunky videocassette recorder is going the way of floppy disks, eight-track tapes and camera film as the world's last manufacturer ends production of the once booming home-video technology.Japan's Funai Electric cited a sharp decline in sales and trouble sourcing parts for its decision to stop making VCRs at a plant in China by the end of this month.Most of the consumer electronics firm's VCRs were sold in North America in recent years, including ...

Business & Finance - Industries & Sectors

Samsung invests $450mn in China carmaker BEIJING: A subsidiary of South Korean conglomerate Samsung will buy a $450 million stake in China's electric carmaker BYD, which is partially owned by US investment guru Warren Buffet, the Chinese company said Friday.Shanghai Samsung Semiconductor has promised to pay nearly three billion yuan for a 1.92 percent stake in the company, becoming its ninth-largest shareholder, BYD said in a filing with the Shenzhen stock exchange.The investment, at a price of 57.4 yuan per share, ...

Business & Finance - Industries & Sectors

BMW plans electric car battery factory in Thailand BANGKOK: German carmaker BMW Group is considering building a new plug-in hybrid vehicle battery factory in Thailand, the country's industry minister said on Friday. Construction was likely to start in the middle of next year with an investment of 2 billion baht ($57 million), Industry Minister Atchaka Sibunruang said, adding that the factory would make hybrid vehicles more affordable for Thai consumers."Hybrid vehicles are still expensive now but once there is a factory established and ...

Business & Finance - Industries & Sectors

Kia Motors expected to pick site for first India plant next month SEOUL/NEW DELHI: South Korea's Kia Motors Corp is expected to pick a site next month for its first factory in India, stepping up plans to start making cars in one of the world's fast-growing auto markets, two people familiar with the matter said. The move would enable Kia to leverage the existing supplier base of its affiliate Hyundai Motor Co, India's second-biggest automaker by sales. The proposed factory would start production in 2019 and eventually ...