07302016Sat
Last update: Sat, 30 Jul 2016 04am

Industries & Sectors

Business & Finance - Industries & Sectors

India's Adani dismisses banks' Australia coal project snub SYDNEY: India's Adani Group on Thursday brushed aside a decision by three leading French banks not to fund huge coal industry projects in Australia's Galilee Basin near the Great Barrier Reef, saying it had "no bearing" on the company.Australia last year gave the green light to a Aus$16.5 billion (US$12.7 billion) mine development by the firm, with the project set to play a major role in opening up Queensland's resource-rich Galilee Basin.It also approved a major coal port expansion for Adani at Abbot Point on the Great Barrier Reef coast subject to strict environmental conditions.But several Western banks, including Germany's Deutsche Bank and US giants Citigroup, Goldman Sachs, and JPMorgan Chase have ruled themselves out from providing funding for parts of the development, citing environmental concerns.They were joined Wednesday by France's Societe Generale, BNP Paribas and Credit Agricole, which confirmed to AFP they would not finance the vast mine project.BNP ...

Business & Finance - Industries & Sectors

Smartphones boost US teens' connections WASHINGTON: It's not just your imagination: most American teenagers are online or on their smartphones every day, and many are almost continually connected. A Pew Research Center survey released Thursday found that 92 percent of US teens go online daily.That includes 56 percent who are online several times a day and 24 percent who say they are connected to the Internet and social networks "almost constantly."A key factor is the growing prevalence of smartphones.The survey ...

Business & Finance - Industries & Sectors

BMW recalls almost 80,000 vehicles in China HONG KONG: German top-of-the-range carmaker BMW has recalled almost 80,000 of its vehicles in China due to flaws in their engines, China's quality regulator said Wednesday.Some 53,310 X3 vehicles produced between October 2011 and December 2013 have been recalled, according to a statement from China's General Administration of Quality Supervision, Inspection and Quarantine (ASDIQ).Flawed wiring in the engines could cause the power supply to short-circuit and result in accidents, ASDIQ said.In a separate statement the ...

Business & Finance - Industries & Sectors

Hyundai, Kia replace two overseas execs after Q1 sales falter SEOUL: Hyundai Motor and its affiliate Kia Motors have replaced two senior overseas executives, the parent group said on Wednesday, after the South Korean automakers posted lacklustre first-quarter global sales.The change came as the companies, which together rank fifth in global sales, are expected to report weak first-quarter earnings later this month as they boosted incentives in the key U.S. market to revive sluggish demand for sedans and battle Japanese rivals backed by a weaker ...

Business & Finance - Industries & Sectors

Russia's March auto sales drop 42.5pc: AEB MOSCOW: The fall in new car sales in Russia accelerated to 42.5 percent in March, year-on-year, the Association of European Businesses lobby group said on Wednesday, after a 38 percent fall the previous month.The AEB said 139,850 new passenger cars and light commercial vehicles were sold in Russia last month, compared with 243,332 in March of 2014."Total market performance in March is bad, of course, but not much worse than expected," Joerg Schreiber, chairman of ...

Business & Finance - Industries & Sectors

Shell takeover could net BG's CEO over $48mn LONDON: Royal Dutch Shell Plc's agreed takeover of BG Group Plc will trigger payouts for BG Chief Executive Helge Lund that could see his pay for his first year top 32 million pounds ($47.8 million), a Reuters analysis of corporate filings shows.In December, BG Group was forced to scale back a planned pay deal for Lund potentially worth around 25 million pounds for his first year, under pressure from investors.However, the agreed $70 billion takeover ...

Business & Finance - Industries & Sectors

Tech giants defend tax policies at Australian hearing SYDNEY: Global technology giants Apple, Google and Microsoft on Wednesday defended their corporate tax structures at an Australian parliamentary hearing, rebuffing claims they were shifting their profits offshore to avoid paying taxes in the nation.The three firms also told the upper house Senate inquiry into corporate tax avoidance, which held its first day of hearings in Sydney, that they were among 12 technology companies being audited by the Australian Taxation Office.There have been increased efforts ...