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Last update: Sat, 03 Dec 2016 05am

Industries & Sectors

Business & Finance - Industries & Sectors

Shanghai steel rallies 5pc as China beats capacity cut target MANILA: Shanghai rebar steel futures rallied more than 5 percent on Friday to trade near a 30-month high after China said it has cut 88 million tonnes of steel capacity this year, nearly double its target. Large-size Chinese steelmakers had phased out 40.75 million tonnes of production capacity up to September and reductions by smaller companies brought the total to 88 million tonnes, Chinese Vice Premier Liu Yandong said on Thursday.That was well above China's pledge to cut 45 million tonnes in steel production capacity this year and puts it well ahead of its plan to reduce its steel capacity by 100-150 million tonnes over the next three to five years, analysts say."China may be able to achieve its target by next year," said Helen Lau, analyst at Argonaut Securities in Hong Kong."Capacity is being controlled and the steel market may be rebalanced quickly."Rebar, a construction steel product, rose as ...

Business & Finance - Industries & Sectors

Malaysia's Sime Darby Q1 profit up 37pc on motors unit's strength KUALA LUMPUR: Malaysian conglomerate Sime Darby Berhad reported a 37 percent rise in first-quarter net profit as higher sales of vehicles at home and in Singapore boosted its motors unit and helped offset sluggishness in its plantation business. Sime Darby, the world's largest palm oil planter by land size, posted a profit of 443 million ringgit ($99.33 million) for the quarter ended Sept. 30, compared to 323 million ringgit in the year-ago quarter.The motors unit ...

Business & Finance - Industries & Sectors

GSK chases Astra with start of big anaemia drug trials LONDON: GlaxoSmithKline has started pivotal trials of an experimental anaemia drug, chasing AstraZeneca in the race to develop a medicine that mimics the body's response to high altitude. GSK's daprodustat, given as a pill, is designed to displace injectable EPO products that are used widely in patients with chronic kidney disease. EPO, which boosts red blood cells, is also infamous as a doping agent in sport. The new drugs work by copying the body's response ...

Business & Finance - Industries & Sectors

Airbus chief more confident on A350 delivery goal TOULOUSE: The chief executive of the Airbus Group's commercial jet division said on Thursday he had grown more confident of reaching this year's target of at least 50 A350-900 deliveries. "The objective has not changed. I visited the final assembly line last Tuesday and they are still working on 50 this year," Fabrice Bregier told reporters at an event marking the maiden flight of the larger A350-1000. "I am more confident than I was at ...

Business & Finance - Industries & Sectors

Malaysia's AirAsia plans IPO of ASEAN airline holding company KUALA LUMPUR: Asia's biggest low-cost airline AirAsia Bhd plans an initial public offering of a holding company that will house all its ASEAN operations, group CEO Tony Fernandes said on Thursday. ASEAN Holding Co will be listed in Hong Kong, Fernandes said in a statement without giving a timeline. AirAsia will also list its flight crew training centre in Kuala Lumpur, he said, following the company's third-quarter results.Fernandes did not say how much the IPOs ...

Business & Finance - Industries & Sectors

Kenya Airways CEO to go next year, after pilots' demands NAIROBI: Kenya Airways said its chief executive would leave in the first quarter of 2017, following demands from pilots for changes in the loss-making carrier's senior management. "Today, Mbuvi (Ngunze) is announcing that he will be leaving KQ effective first quarter 2017," recently appointed chairman, Michael Joseph, said in a statement on Thursday. On Nov. 3, the KALPA pilots union withdrew a strike notice it had issued in October, saying there had been progress on ...

Business & Finance - Industries & Sectors

Fiat Chrysler chief urges Italians to back PM Renzi in referendum CASSINO: The chief executive of Fiat Chrysler Automobiles on Thursday urged Italians to vote 'Yes' in next month's referendum on constitutional reform, saying he was worried about the perception of Italy abroad if 'No' should prevail. Opinion polls suggest voters are likely to reject Prime Minister Matteo Renzi's proposal to drastically reduce the role of the Senate and rein in the powers of the regions at the Dec. 4. ballot. Renzi has said he will ...