01182017Wed
Last update: Wed, 18 Jan 2017 11pm

Industries & Sectors

Business & Finance - Industries & Sectors

Duty-free loss piles woes on troubled Lotte Group SEOUL: Troubled South Korean retail giant Lotte, already struggling with a prolonged founder-family feud, has seen its business woes deepen with the loss of the state licence for one of its biggest duty-free shops ahead of a key IPO.The country's fifth-largest business group suffered its latest body-blow at the weekend when South Korea's customs agency awarded its concession to a rival bidder -- the heavy industries giant Doosan Co.The licence covered a 10,990-square-metre (118,300 square foot) store in South Korea's tallest skyscraper -- the Lotte World Tower and Mall complex in downtown Seoul.Lotte, which had held the licence for five years, had already invested 300 billion won ($255 million) in the store and the customs agency decision shattered its ambitions to grow it into the world's largest duty-free outlet over the next decade.The setback was particularly badly timed given the preparations for an initial public offering of shares in Lotte's ...

Business & Finance - Industries & Sectors

McDonald's in ex-Taiwan leader's home stirs controversy in China SHANGHAI: A branch of Mcdonald's opened in a historic Chinese building once inhabited by a former leader of Taiwan is serving up muffins and coffee amid a storm of controversy, state media said Wednesday.The "McCafe" opened last week in Hangzhou city near the famed West Lake tourist spot in the former home of late Taiwanese President Chiang Ching-kuo, the China Daily newspaper reported.He was the son of Kuomintang chief Chiang Kai-shek, whose party governed China ...

Business & Finance - Industries & Sectors

US manufacturing sector shows strength in October WASHINGTON: US manufacturers showed firm signs of life in October after a mid-year slowdown, but overall industrial output was lower due to the energy sector slump, Federal Reserve data showed Tuesday.The Fed's industrial production index lost 0.2 points to 107.2, and showed a bare 0.3 percent gain from a year ago.That was mainly due to the sharp contraction in the oil and coal mining sectors due to the plunge in fuel prices.Utility sector output was ...

Business & Finance - Industries & Sectors

Ford's Nigerian plant turns out first vehicle LAGOS: Ford Motor Co's new Nigerian assembly plant has built its first model and will produce an initial 10 vehicles a day for the domestic market, the US-based carmaker said on Tuesday. The company said in August it would start the assembly of its best-selling Ford Ranger pickup trucks in Nigeria, as it expands in Africa and the Middle East. The auto market in Africa's biggest economy has huge potential but only a small number ...

Business & Finance - Industries & Sectors

Ericsson sees video driving tenfold rise in mobile data by 2021 STOCKHOLM: Swedish telecoms network gear maker Ericsson raised its forecast for mobile data traffic, in a further boost to companies that benefit from rising numbers of consumers viewing online videos on platforms such as YouTube and Netflix. Ericsson, the world's top mobile network equipment maker, expects a tenfold surge in mobile data traffic globally between 2015 and 2021 as the number of smartphone subscriptions rise. In its mobile industry report in June it forecast that ...

Business & Finance - Industries & Sectors

Brazil auto sales seen falling near 5pc next year SAO PAULO: Auto sales in Brazil are likely to fall again next year after a steep plunge in 2015, national dealership association Fenabrave said on Tuesday, in its first formal estimate for 2016.Fenabrave forecast a 5.2 percent drop in car and light truck sales and a 4.2 percent drop in bus and heavy truck sales. Overall, auto sales in Brazil fell 24 percent in the first 10 months of the year compared to the same ...

Business & Finance - Industries & Sectors

Marriott Hotels acquires Starwood to become World’s largest hotel company Marriott International is buying rival hotel chain Starwood for $12.2 billion in a deal that will secure its position as the world's largest hotelier. According to Wall Street Journal, The combination would create the No. 1 hotel company globally—with more than a million rooms—and bring together 30 brands across all lodging segments, from Starwood’s higher-end ‘W Hotels’, ‘St. Regis’ and ‘Westin brands’ to Marriott’s limited-service offerings like ‘Courtyard’ by Marriott and its extended-stay chain ‘Residence ...