09292016Thu
Last update: Thu, 29 Sep 2016 03am

Industries & Sectors

Business & Finance - Industries & Sectors

Alstom puts Belfort closure on hold pending government plan PARIS: Plans for the partial closure of Alstom's historic Belfort site in northeastern France are on hold pending the presentation of a government plan aimed at helping the train maker to maintain production, unions said on Monday. Chief Executive Henri Poupart-Lafarge told workers' representatives that the closure plan was suspended until the plans had been disclosed, a CFE-CGC union official said. The government is due to present its proposals on Sept. 30.The Socialist-led government is in talks with Alstom to prevent the company transferring manufacturing from the plant, which made France's first high-speed trains as well as the company's first steam engine in 1880.Alstom, which is 20 percent state-owned, unleashed a political storm seven months ahead of a presidential election when it announced plans to stop producing trains at Belfort and transfer more than 400 workers to other sites. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Investors welcome signals Siemens CEO will stay on FRANKFURT: Siemens Chief Executive Joe Kaeser has signaled he wants to renew his contract when it runs out in 2018, a move welcomed by investors who have grown to trust the 59-year-old company veteran. Kaeser ousted his predecessor Peter Loescher in a boardroom coup in July 2013 when he was finance chief. Since then he has streamlined the German group to focus on its strengths in industrial engineering, raised profitability and seen the share price ...

Business & Finance - Industries & Sectors

Kenya Airways in talks with 3-4 parties on stake sale: CEO NAIROBI: Kenya Airways is talking to "about three or four" foreign institutional investors and airlines about buying a stake to raise cash for the lossmaking carrier, its chief executive said on Monday. The airline, 27 percent-owned by Air France KLM, has been reducing the size of and modernising its fleet, selling land and cutting jobs to recover from losses caused by a slump in tourism. "We are talking to about three or four parties," Mbuvi ...

Business & Finance - Industries & Sectors

Pfizer's pricey non-split may only defer problem NEW YORK: After years of study costing $600 mln, the drugmaker says it won't break itself up. Boss Ian Read always seemed keener on acquisitions. It's true the process helped close a conglomerate discount.But Pfizer's sprawl and tendency to overpay means the gap may soon reappear. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Rio Tinto launches debt reduction programme LONDON: Major minor Rio Tinto on Monday announced a bond buyback plan for up to $3 billion, saying it was taking advantage of its healthy cash situation to further reduce debt. Under the plan Rio Tinto has issued a redemption notice for approximately $1.5 billion of its 2017 and 2018 US dollar-denominated notes. It said it commenced cash tender offers to purchase up to approximately $1.5 billion of its 2019, 2020, 2021 and 2022 US ...

Business & Finance - Industries & Sectors

September US auto sales seen down 0.8pc DETROIT: September US auto sales are forecast to drop nearly 1 percent from a year ago, despite a record high for consumer discounts, J.D. Power and LMC Automotive said on Monday. The two auto industry consultants said September US new vehicle sales will be 1.43 million, down 0.8 percent from a year earlier.The seasonally adjusted annualized rate for September will be 17.7 million vehicles, down from 18 million on the same basis a year earlier. ...

Business & Finance - Industries & Sectors

Hyundai car workers start first full strike in 12 years SEOUL: Tens of thousands of unionised workers at South Korea's Hyundai Motor staged their first full strike on Monday for more than a decade after negotiations over a wage increase stalled. Nearly 50,000 workers at Hyundai Motor's three plants across the country -- including the main one in the southern city of Ulsan -- walked off the job throughout Monday, said a spokesman for its labour union. The day-long stoppage is the first full strike ...