07242016Sun
Last update: Sun, 24 Jul 2016 11pm

Industries & Sectors

Business & Finance - Industries & Sectors

BG Group says profits slide awaiting purchase by Shell LONDON: British energy firm BG Group, facing a mega takeover by Royal Dutch Shell, announced a slump in first-quarter profits on Friday in the wake of sliding oil and gas prices.Profit after tax tumbled 78 percent to $240 million (214 million euros) in the three months to the end of March compared with $1.11 billion in the first quarter of 2014, BG Group said in a statement.Revenue dropped 23 percent to $3.82 billion, "reflecting a significant fall in realised commodity prices", it added.Royal Dutch Shell last month announced a takeover of BG Group worth £47 billion, as the pair seek to consolidate their positions in a sector battered by sliding prices.It will help also Anglo-Dutch giant Shell to boost its flagging output thanks to BG's strong position in liquefied natural gas (LNG), a cleaner alternative to coal and nuclear energy. The new company will be worth twice the value of ...

Business & Finance - Industries & Sectors

Toyota says annual profit drove to record $18.1bn TOKYO: Toyota said on Friday its annual profit accelerated 19 percent to a record $18.1 billion as the world's biggest automaker capitalised on a weak yen and strong demand in North America, despite being sideswiped by a series of recalls.The maker of the Corolla and Prius hybrid beat its earlier forecasts with the 2.17 trillion yen net profit ($18.1 billion) in the fiscal year to March, as revenues rose six percent to 27.23 trillion yen.The ...

Business & Finance - Industries & Sectors

Singapore's GIC to buy stake in Hutchison Whampoa's UK mobile units SINGAPORE: Singapore sovereign wealth fund GIC said Friday it is tying up with four other companies to invest 3.1 billion pounds ($4.8 billion) for a 33 percent stake in Hutchison Whampoas's British mobile telecom business.The five firms, including the Abu Dhabi Investment Authority, the Canada Pension Plan Investment Board and Brazilian investment bank BTG Pactual, will take a one-third stake in Hutchison's combined business of British telcos Three and O2.The fifth firm is the pension ...

Business & Finance - Industries & Sectors

Alibaba quarterly net profit halved, announces CEO change PARIS: Chinese e-commerce giant Alibaba said Thursday its net profit plunged 49 percent to $463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense.Revenues however rose 45 percent to $2.811 billion, with mobile revenue showing a three-fold leap to $846 million.Transactions made on mobile devices continued to grow, and accounted for just over half (51 percent) of the value of sales made on the company's China retail ...

Business & Finance - Industries & Sectors

Kuwait to order Boeing F/A-18 fighters worth $3 bn: source NEW YORK: Kuwait is planning a $3 billion order for 28 F/A-18E/F Super Hornet advanced fighter jets from Boeing, a source close to the deal told AFP Thursday.The order, which could be officially confirmed in the coming days, marks an important victory for Boeing over European rivals, which had been pitching the Typhoon Eurofighter to the Gulf country.Copyright AFP (Agence France-Presse), 2015 ...

Business & Finance - Industries & Sectors

Airbus aircraft orders surged in April PARIS: Airbus appeared to take the lead in the order race with Boeing last month, leapfrogging its rival with confirmation of a major Latin American order as Boeing prepared to issue its own final data for the first four months of 2015. The European planemaker won orders for 229 aircraft between January and April and delivered 196 planes to customers. After cancellations, net orders totalled 209 aircraft, Airbus said on Thursday. Boeing started the year ...

Business & Finance - Industries & Sectors

Emirates airline 2014 profit up 40 pct on lower oil price DUBAI: Fuel savings helped Dubai's Emirates post a 40 percent jump in annual profit on Thursday as the state-owned firm's chairman rejected claims by US rivals that it benefited from subsidies. The airline, one of the world's largest carriers of international passengers, posted a profit of 4.56 billion dirhams ($1.24 billion) for the financial year to March 31, up from 3.25 billion dirhams from a year earlier. The latest profit increase comes after a coalition ...