05252016Wed
Last update: Wed, 25 May 2016 11pm

Industries & Sectors

Business & Finance - Industries & Sectors

Shell says oil sector needs to invest trillions even within climate limits THE HAGUE: The oil and gas industry will need to invest up to $1 trillion per year even within the limits of the U.N.-backed goal of curbing global warming to 2 degrees, Royal Dutch Shell's chief executive said on Tuesday."If collectively we find a way to stay within the 2 degree (Celsius limit), we will still need significant investment in oil and gas. I am not talking about a few millions, I am talking about up to a trillion dollars every year that industry has to invest just to stay within 2 degrees in oil and gas," Ben van Beurden said at the company's annual shareholder meeting in The Hague.Major Shell shareholders, including Dutch pension fund PGGM, have criticised the company's climate change policy in recent years, saying it should focus more on renewable energy. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

GSK lung drug succeeds in big UK study, after earlier miss LONDON: GlaxoSmithKline's new inhaled medicine Breo proved significantly better than standard care in a large British study that tested it in everyday use, providing a fillip for the product after the failure of another big trial in 2015.GSK said on Tuesday the study, which tested Breo in day-to-day practice across the town of Salford, showed it was superior in reducing attacks of serious breathing difficulties in patients with chronic obstructive pulmonary disease (COPD).There was a ...

Business & Finance - Industries & Sectors

Toyota to recall 1.6mn more US cars over Takata airbags LOS ANGELES: Toyota said it will recall nearly 1.6 million more vehicles in the United States to correct possible defects in front passenger air bag inflators made by the Japanese company Takata.The decision, which was announced Monday, was made based on recent information from both Takata and the US National Highway Traffic Safety Administration (NHTSA), Toyota said in a statement.In early May, US auto safety regulators ordered Takata to recall between 35 million and 40 ...

Business & Finance - Industries & Sectors

Hyundai Merchant Marine creditors agree to $570mn debt-for-equity swap SEOUL: Creditors of struggling South Korean shipper Hyundai Merchant Marine Co Ltd have agreed to a 680 billion won ($570.27 million) debt-for-equity swap, lead creditor bank Korea Development Bank said on Tuesday. Container lines, which transport everything from bananas to iPhones, are struggling with the confluence of a glut of ships, a faltering global economy and weaker consumer demand.Hyundai Merchant Marine had debts of about 5.2 trillion Korean won as of the quarter ending in ...

Business & Finance - Industries & Sectors

Nokia could cut 10,000-15,000 jobs worldwide HELSINKI: Telecom network equipment maker Nokia is likely to cut 10,000 to 15,000 jobs globally as part of a cost-cutting programme following its acquisition of Franco-American rival Alcatel-Lucent, a Finnish union representative said. Nokia kicked off the programme in April with a target to slash 900 million euros ($1 billion) of operating costs by 2018, but it has yet to give a figure for how many jobs will be reduced in total."We haven't heard any ...

Business & Finance - Industries & Sectors

Facebook apologises for banning 'undesirable' plus-sized model SYDNEY: Facebook has been forced to backtrack after it banned an Australian ad featuring a bikini-clad plus-sized model promoting positive body image, initially saying the photo's depiction was "undesirable". The social networking giant blocked the ad for Melbourne's "Cherchez La Femme: Feminism and Fat" gathering, saying the image violated its advertising guidelines.When organisers questioned the decision, the Facebook Ads Team wrote back saying the ad did not comply with their health and fitness policy because ...

Business & Finance - Industries & Sectors

Sony says deadly Japan quakes will shake profit, sales TOKYO: Sony said on Tuesday that a pair of deadly quakes in Japan last month would dent its financial results, while the company warned that net profit would fall by nearly half, largely due to a year-earlier gain.The quakes, which caused major damage in southern Kyushu and claimed dozens of lives, would hit operating profit in the fiscal year to March 2017 by as much as 115 billion yen ($1.05 billion), Sony said, adding that ...