09272016Tue
Last update: Tue, 27 Sep 2016 08am

Industries & Sectors

Business & Finance - Industries & Sectors

Allianz Austria chief says wants to keep GCA stake in long term VIENNA: The head of insurer Allianz's Austrian arm said the German company wants to keep its stake in OMV unit Gas Connect Austria in the long term and is interested in expanding investment in infrastructure projects, he told Austrian news agency APA. "We will keep (the GCA stake) for a long time," Wolfram Littich told APA in an interview published on Friday, adding that he ruled out an increase in the 49 percent stake it has secured together with Italy's Snam."We only ever do minority stakes," he said.Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

South Africa's Eskom to use $11bn future earnings for nuclear expansion JOHANNESBURG: South Africa's power utility Eskom estimates it would have 150 billion rand ($11 billion) within the next decade to help fund a nuclear expansion programme planned by the government, a senior executive said. In a column in the BusinessDay newspaper, Eskom's group executive for generation, Matshela Koko, said under the utility's 2016/17 business plan, the firm would raise significant funds to help build the proposed nuclear plants."These cash resources could be deployed to fund ...

Business & Finance - Industries & Sectors

Yahoo hack hit 500mn users, likely 'state sponsored' SAN FRANCISCO: Yahoo said Thursday a massive attack on its network in 2014 allowed hackers to steal data from half a billion users and may have been "state sponsored."Yahoo, which confirmed details of the breach months after reports of a major hack, said its investigation concluded that "certain user account information was stolen" and that the attack came from "what it believes is a state-sponsored actor.""Based on the ongoing investigation, Yahoo believes that information associated ...

Business & Finance - Industries & Sectors

Vodafone injects $7.2bn into Indian arm as competition intensifies MUMBAI: Vodafone Group Plc has injected 477 billion rupees ($7.2 bln) into its Indian unit ahead of an auction of airwaves in the world's second-biggest mobile phone market, which has seen increased competition with the entry of a new player. The British group's subsidiary is India's second-biggest carrier by customers and revenue. The funds, injected in the first half of the fiscal year that began in April, will "enable Vodafone India to continue its investments ...

Business & Finance - Industries & Sectors

Rolls-Royce names Daily Mail's Stephen Daintith as new CFO LONDON: Britain's Rolls-Royce named Stephen Daintith as its new finance officer on Thursday as CEO Warren East completed a shake-up of his senior executive team tasked with turning around the aerospace and defence company. Daintith, who is currently CFO at Daily Mail and General Trust, will replace David Smith in 2017, Rolls-Royce said in a statement on Thursday.Daintith will join Rolls as East, who took the reins in July 2015, tries to streamline the company ...

Business & Finance - Industries & Sectors

LATAM Airlines' controlling families to modify ownership structure SANTIAGO: The two families that control LATAM Airlines, Chile's Cueto family and Brazil's Amaro family, said on Thursday that they have agreed to modify their ownership structure in the regional carrier in order to keep control of the company before Qatar Airways buys a stake. The Amaro family has agreed to sell a 6.47 percent stake in the airline, which the Cueto family has said they will acquire, the families said in a statement with ...

Business & Finance - Industries & Sectors

Kia Motors to assemble cars in Ethiopia, considers Algeria ADDIS ABABA: South Korea's Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. "It is important to penetrate the African market. We are also looking at the prospects of opening similar plants in Algeria and other countries," Soon Nam Lee, President of Kia's Middle East and Africa headquarters, told Reuters. Kia and Belayab Motors PLC, with whom ...