06292016Wed
Last update: Wed, 29 Jun 2016 05am

Industries & Sectors

Business & Finance - Industries & Sectors

France increasing holding in Renault, seeks blocking stake PARIS: The French government said on Wednesday it is increasing its holding in carmaker Renault to gain a blocking minority stake and ensure provisions rewarding long-term investors come into force.A law adopted last year to encourage long-term investors will award them with double voting rights at shareholders meetings, although shareholders can vote to opt-out of these provisions.With some Renault shareholders looking to prevent these provisions from taking effect at the annual meeting on April 30, the finance and economy ministry said Wednesday it was buying shares to take the state's stake to 23.2 percent, up from its previous holding of 15 percent.Given Renault's diverse shareholder base and generally low participation rate at shareholder meetings, a ministry source said this should give it the third of votes needed to block an effort to keep the double voting rights provisions from taking effect.Officials said the move was in line with the French ...

Business & Finance - Industries & Sectors

Canon says has 76pc of Axis, extends offer period to April 21 TOKYO: Canon Inc said on Wednesday it was extending the offer period for its proposed $2.8 billion takeover of Axis AB until April 21, after it acquired 76 percent of the shares in the Swedish video-surveillance firm.The Japanese camera maker is aiming to take full control of Axis, but hedge fund Elliott Management has complicated the bid after it raised its stake in Axis to 10.01 percent.The fund's stake effectively rules out a standard squeeze-out ...

Business & Finance - Industries & Sectors

Turkish Feb industrial output rises 1pc year-on-year ISTANBUL: Turkish industrial production rose a calendar-adjusted 1 percent year-on-year in February, statistics institute data showed on Wednesday, above a Reuters poll forecast of a 0.45 percent fall in output.The figures showed industrial production rose 1.7 percent on a seasonal and calendar-adjusted basis from a month earlier.Copyright Reuters, 2015 ...

Business & Finance - Industries & Sectors

US regulator upgrades India's aviation safety rating NEW DELHI: The U.S Federal Aviation Administration has upgraded India's aviation safety rating, a US official said on Wednesday, in a boost for Indian airlines flying overseas.US Transportation Secretary Anthony Foxx said in a statement that India complies with international safety standards and has been granted a Category 1 rating by the regulator.India's aviation safety rating was downgraded to a category 2 in early 2014, with the FAA citing a lack of safety oversight. It ...

Business & Finance - Industries & Sectors

BG Group confirms talks on possible purchase by Shell LONDON: Britain-based gas producer BG Group has confirmed it is in "advanced discussions" on its possible purchase by energy giant Shell in what would be a major transaction in a sector hit by low oil prices."The board of BG Group plc notes the recent speculation and confirms that it is in advanced discussions with Royal Dutch Shell plc regarding a possible offer by Shell for BG," the firm, which specialises in liquefied natural gas, said ...

Business & Finance - Industries & Sectors

Australia approves China takeover of construction firm SYDNEY: Australian Treasurer Joe Hockey on Wednesday gave approval for China's CCCC International Holding to buy construction firm John Holland in a deal worth a reported Aus$1.15 billion (US$881.8 million).CCCC International is a wholly owned subsidiary of the state-run China Communications Construction Company, the fourth-largest construction firm in the world by revenue.Part of global contractor Leighton Holdings, John Holland is one of Australia's biggest engineering and construction firms, employing more than 5,600 workers in eight ...

Business & Finance - Industries & Sectors

Hyundai Steel says to acquire sister company Hyundai Hysco SEOUL, April 8 (Reuters) - South Korean steelmaker Hyundai Steel said on Wednesday it has decided to acquire sister company Hyundai Hysco on July 1 "to enhance management efficiency".Hyundai Steel said in a regulatory filing it plans to offer 0.8577607 of its shares for every stock in Hyundai Hysco, which operates overseas steel service centres that supply to automakers like Hyundai Motor.Copyright Reuters, 2015 ...