02072016Sun
Last update: Sun, 07 Feb 2016 08pm

Industries & Sectors

Business & Finance - Industries & Sectors

Statoil cuts investments after heavy losses in 2015 OSLO: Norwegian oil giant Statoil has slashed investments and stepped up a cost-cutting programme after recording a huge annual loss for 2015 in the wake of tumbling oil prices.The company reported losses of 37.5 billion kroner (3.96 billion euros, $4.39 billion) last year compared to profit of 21.9 billion kroner in 2014.The group -- 67 percent-owned by the Norwegian state -- said it would slash its investments this year by $3.5 billion to $13 billion.It also plans to expand a cost-savings programme by 50 percent to reach $2.5 billion annually.For the fourth quarter, net losses rose to 9.2 billion kroner from 8.9 billion a year earlier."The result in the fourth quarter is highly impacted by the weak commodity price," Statoil CEO Eldar Saetre said in a statement."However, we continue to make strong progress on costs and efficiency. We are now further stepping up our improvement programme, and tightening our capital ...

Business & Finance - Industries & Sectors

Japan's Sharp surges on reports of likely deal with Foxconn parent TOKYO: Sharp skyrocketed in Tokyo on Thursday as the embattled Japanese electronics giant said it was reviewing rival bailout offers, including one from Foxconn parent company Hon Hai Precision, as it reported another massive loss.Investors cheered local media reports that Sharp's board is favouring accepting a 600 billion yen ($5.0 billion) bailout from Hon Hai, a key Apple supplier.Sharp -- which has teetered on the edge of bankruptcy for years -- kicked off a critical ...

Business & Finance - Industries & Sectors

Daimler speeds on to record profits, sales in 2015 FRANKFURT: German auto giant Daimler on Thursday expressed confidence for the outlook this year after achieving new record levels of sales and earnings in 2015. "Daimler grew profitably once again in 2015 and once more achieved record levels of unit sales and revenue, as well as (underlying) and net profit, with contributions from all divisions," the group said in a statement."For the year 2016 ... the group assumes that it will profit to an above-average ...

Business & Finance - Industries & Sectors

Toshiba hikes annual loss forecast after accounts scandal TOKYO: Toshiba said Thursday it has expanded its full-year loss forecast to an eye-watering $6.0 billion, as one of Japan's best-known firms accounts for an embarrassing profit-padding scandal.The company -- a vast conglomerate that makes everything from rice cookers to nuclear plants -- also pointed to a global economic slowdown, saying it was taking a big bite out of results across its sectors, including memory chip and computer sales.Its new forecast of a 710 billion ...

Business & Finance - Industries & Sectors

Shell reports profits plunge on oil price slump LONDON: Royal Dutch Shell on Thursday announced an 87-percent plunge in annual net profits on slumping oil prices.The Anglo-Dutch group reported profit after tax of $1.94 billion (1.75 billion euros) for 2015, compared with almost $15 billion the previous year, Shell said in a statement.The slump had been expected after Shell announced two weeks ago that it foresaw annual profit of between $1.6 billion and $2.0 billion.Thursday's update comes as Shell is slashing thousands of ...

Business & Finance - Industries & Sectors

Munich Re says 'pleased' with 2015 results, ups dividend FRANKFURT: Munich Re, the world's leading reinsurer, said Thursday that it would increase its dividend payout to shareholders for 2015 after profits last year were "pleasing"."Despite a difficult market environment, Munich Re posted a consolidated result of 3.1 billion euros ($3.4 billion)for 2015 -- which almost matched the very good result of 3.2 billion euros from the previous year," the group said in a statement.Underlying or operating profit rose to 4.8 billion euros in 2015 ...

Business & Finance - Industries & Sectors

Google’s search guru departs Google’s, head of search, Amit Singhal a 15-year company veteran steps down and will be replaced by the chief of Artificial Intelligence (AI).According to Economic Times, the long time chief of Google’s search business will retire. Singhal joined Google in 2000, just two years after Google was launched by Larry Page and Sergey Brin.During his tenure, Singhal was involved in the development of Adwords, the online advertising service that targets ads based on users' searches ...