06292016Wed
Last update: Wed, 29 Jun 2016 11pm

Industries & Sectors

Business & Finance - Industries & Sectors

Rolls-Royce says 'remains committed' to Britain LONDON: Engine maker Rolls-Royce said Tuesday it was still committed to Britain after the shock EU exit vote, but that the long-term impact would depend on future relations with the rest of the world.Britons voted on June 23 in favour of quitting the European Union following a bitterly-fought referendum campaign, sending shockwaves through world financial markets."Although this is not the outcome the company would have chosen, Rolls-Royce remains committed to the United Kingdom," read a statement from the firm that employs more than 23,000 staff in Britain."The UK's decision will have no immediate impact on our day-to-day business."The medium and long term effect will depend upon the relationships that are established between the UK, the EU and the rest of the world over the coming years."The British company, which makes engine systems for aircraft and sea vessels, also confirmed its financial targets for 2016.Rolls-Royce chief executive Warren East had written ...

Business & Finance - Industries & Sectors

Nestle poaches CEO from Fresenius in health and wellness drive ZURICH: Swiss food giant Nestle SA named Ulf Mark Schneider as its next chief executive on Monday, underlining its shift towards health and wellness by poaching the boss of German healthcare group Fresenius . Schneider will replace Nestle's long-standing CEO Paul Bulcke, whom the board has proposed as chairman when 71-year-old Peter Brabeck-Letmathe reaches mandatory retirement age next year. "This is a truly iconic global company with a proud heritage and tremendous future prospects," Schneider, ...

Business & Finance - Industries & Sectors

Ryanair says to shift investment away from UK after Brexit vote DUBLIN: Ryanair will not deploy new planes on United Kingdom routes next year and will focus on the EU instead after Britain voted to leave the bloc, chief executive Michael O'Leary told the Wall Street Journal. The Irish low-cost airline, Europe's largest by passenger numbers, flies 40 million of its 100 million-plus passengers a year to and from the United Kingdom and has its largest hub at London's Stansted Airport. Its shares have fallen over ...

Business & Finance - Industries & Sectors

Ford's Indonesian dealers demand compensation after abrupt withdrawal JAKARTA: Ford Motor Co's dealers in Indonesia are demanding around $75 million in compensation after the US carmaker announced in January it would close all operations in Southeast Asia's biggest economy. The car market in Indonesia is dominated by Japan's Toyota Motor Corp and Honda Motor Co Ltd. Last year, General Motors Co shut its factory near Jakarta. Six businesses which oversee 31 Ford dealerships in Indonesia say they have sent a second letter about ...

Business & Finance - Industries & Sectors

Britain's EasyJet warns of Brexit hit to sales LONDON: Budget airline EasyJet warned Monday that Britain's June 23 referendum decision to quit the European Union will hit sales in the second half of this year.The British carrier said the vote would create uncertainty in the economy and among consumers, lowering revenue by some five percent "at least" compared to the same period last year.Copyright AFP (Agence France-Presse), 2016 ...

Business & Finance - Industries & Sectors

BHP lifts exploration spending by nearly 30pc, targets copper and oil SYDNEY: BHP Billiton said on Monday it plans to boost its exploration budget by 29 percent to around $900 million next year, as the global miner counts on new finds of oil and copper to drive growth in a tough market rather than mergers and acquisitions.The figure represents 18 percent of BHP's total capital budget of $5 billion over fiscal 2017 and comes amid efforts by big miners to maintain growth while tightening balance sheets.In ...

Business & Finance - Industries & Sectors

Intel considers sale of cyber security business NEW YORK: Chipmaker Intel Corp is considering the sale of its cyber security business, the Financial Times reported on Sunday. According to the report, the company has been talking to its bankers about options for the Intel Security unit, which was previously known as McAfee. Intel bought McAfee for $7.7 billion in 2011. A spokesperson for Intel could not be immediately reached for comment.The company said in April that it planned to cut up to ...