05062016Fri
Last update: Fri, 06 May 2016 04pm

Industries & Sectors

Business & Finance - Industries & Sectors

Shell joins India LNG project with raised 26pc stake NEW DELHI: Royal Dutch Shell Plc will take a 26 percent stake in the planned Kakinada liquefied natural gas terminal on the east coast, an official at partner Indian gas firm GAIL said, slightly higher than previously proposed.Gaz de France already has a 26 percent stake in the project, while Andhra Pradesh Gas Distribution Company in which GAIL Gas, a subsidiary of GAIL (India), has a stake will have the remaining 48 percent share.Shell was in talks with Andhra Pradesh state government to buy up to 24 percent stake in the project, GAIL chairman B.C. Tripathi said last year.Shell, GDF and GAIL on Thursday also signed an agreement to procure LNG for the project.The 3.5-million-tonne a year floating storage and regasification unit (FSRU), was conceived in 2012."We can operate the FSRU at an annual capacity of 5 million tonnes." Prabhat Singh, head of marketing at GAIL (India) told reporters.He said ...

Business & Finance - Industries & Sectors

BP to cut North Sea jobs as oil price plummets LONDON: BP will cut hundreds of jobs in the North Sea to reduce costs in one of the world's most expensive exploration areas as oil prices fall.The BBC quoted sources as saying staff cuts would be announced later on Thursday in the Scottish city of Aberdeen.An industry source confirmed the report, saying cuts would amount to hundreds of jobs.The headcount reduction comes as part of a previously announced $1 billion restructuring at BP aimed at ...

Business & Finance - Industries & Sectors

Car sales in Russia to fall 24.2 this year as economy falters: AEB MOSCOW: New car sales in Russia will drop 24.2 percent this year after falling more than 10 percent in 2014, the Association of European Businesses lobby group said on Thursday, as the country's economy heads for recession.Car sales have fallen victim to Russia's weak economy, hit by Western sanctions imposed on Russia over the Ukraine crisis and low oil prices, and people have delayed making large purchases.Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, ...

Business & Finance - Industries & Sectors

Sillicon Valley firms in agreement over non-poaching accord NEW YORK: Apple, Google, Intel and Adobe are prepared to reach a $415 million settlement with several plaintiffs over charges they colluded not to hire each others' employees, the New York Times reported Thursday. In order to prevent a trial and the release of a myriad of incriminating emails, the firms, the four remaining defendants in the case, are offering to pay $415 million, the Times said, quoting an anonymous source with knowledge of the ...

Business & Finance - Industries & Sectors

Taiwan's TSMC posts record profit, revenue in Q4 TAIPEI: Taiwan Semiconductor Manufacturing Co said Thursday its fourth quarter net profit and revenue both hit record highs thanks to strong demand for chips used in mobile devices, reported to include Apple's iPhone 6.TSMC, the world's biggest contract microchip maker by revenue, said profit in the three months to December rose 78.5 percent year-on-year to Tw$79.99 billion ($2.58 billion).Revenue also reached a record Tw$222.52 billion, up 52.6 percent from the same period last year, it ...

Business & Finance - Industries & Sectors

Japan airline Skymark hit by collapsed investment deal report TOKYO: Shares in Japanese budget airline Skymark plunged on Thursday after a report said talks about a capital injection deal with bigger rival All Nippon Airways (ANA) had collapsed.The company's Tokyo-listed shares dropped as much as 15.38 percent in early trading before recovering some losses to close 6.92 percent lower at 363.0 yen ($3). Investors were spooked by a report in the Asahi newspaper that said a possible agreement over ANA investing in Skymark had ...

Business & Finance - Industries & Sectors

China taxi booking app raises $600mn for expansion SHANGHAI: The operator of one of China's leading taxi booking apps, Kuaidi Dache, has raised $600 million for expansion, a statement said Thursday, even as the government tightens control over such services.Heavyweight investors in the latest round of financing for Travice Inc. included Japan's SoftBank, Chinese e-commerce giant Alibaba and investment firm Tiger Global Management, the joint statement said.Investment in taxi- and car-booking apps has become a proxy war among China's Internet giants. Tencent, operator ...