01252017Wed
Last update: Wed, 25 Jan 2017 04am

Industries & Sectors

Business & Finance - Industries & Sectors

Alibaba to buy China mall operator in $2.6bn plan SHANGHAI: Chinese e-commerce titan Alibaba will take control of domestic department store Intime through a $2.6 billion privatisation scheme, the companies said Tuesday, sending shares of the mall operator surging.Alibaba and Intime founder Shen Guojun have together offered to pay HK$10 per share to buy the shares they do not already own of the Hong Kong-listed chain. The deal will increase Alibaba's stake from 28 percent to 74 percent after it first invested $692 million in the firm in 2014. Shen will take the other 26 percent.News of the deal sent Intime's shares soaring 35 percent to HK$9.49 in Hong Kong on Tuesday.The maximum cash required for the proposal is expected to be HK$19.8 billion ($2.6 billion), the statement said.The deal will see Alibaba expand further into physical stores, which founder Jack Ma envisions integrating with the company's online platforms and logistics network. The move came after Ma -- China's ...

Business & Finance - Industries & Sectors

Toyota to invest $10 billion in U.S. over five years DETROIT: Toyota Motor Corp will invest $10 billion in the United States over the next five years, the same as in the previous five years, North America Chief Executive Jim Lentz said on Monday, to meet demand and upgrade plants to build more fuel-efficient models.The Japanese automaker has come under fire by President-elect Donald Trump for its plans, announced in 2015, to shift production of its Corolla to Mexico from Canada.Lentz said in an interview ...

Business & Finance - Industries & Sectors

Mercedes-Benz overtakes BMW to become largest premium carmaker STUTTGART: Mercedes-Benz sales overtook BMW last year for the first time in more than a decade, a feat achieved, ironically, only after parent company Daimler stopped chasing market share and focused on making stylish high-tech cars. On Monday, Bavaria-based BMW said it sold 2,003,359 cars in 2016, less than the 2,083,888 by Stuttgart-based Mercedes. BMW had outsold Mercedes every year since 2005. The achievement is a coup for Daimler Chief Executive Dieter Zetsche, who struggled ...

Business & Finance - Industries & Sectors

Fiat Chrysler may end Mexico output if Trump tariff too high DETROIT: Fiat Chrysler Automobiles Chief Executive Sergio Marchionne said on Monday that if tariffs set in a Trump administration on vehicles made in Mexico and imported to the United States are too high, the company may end Mexican production."It's possible, if the economic terms imposed by the US administration on anything that comes into the United States that, if they're sufficiently large that it would make the production of anything in Mexico uneconomical," said Marchionne. ...

Business & Finance - Industries & Sectors

McDonald's sells China operations for $2.08bn BEIJING: US fast-food giant McDonald's will sell a controlling stake in its mainland China and Hong Kong franchise business to a consortium of Citic Group and the Carlyle Group for up to $2.08 billion, the companies said Monday. Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald's will form a company that will act as the franchisee responsible for the chain's business in mainland China and Hong Kong for 20 years, the companies said in ...

Business & Finance - Industries & Sectors

Jaguar Land Rover sells record 583,313 cars in 2016 LONDON: Britain's biggest carmaker Jaguar Land Rover (JLR) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade. Sales were up 20 percent from the previous year, although sales growth slowed to 12 percent year-on-year in December, the carmaker said.The automaker, which spent years in the doldrums before being bought by India's Tata in ...

Business & Finance - Industries & Sectors

Hebei to cut 31.86mn tonnes of steel and iron capacity in 2017 SHANGHAI: China's biggest steelmaking province Hebei plans to slash 31.86 million tonnes of steel and ironmaking capacity for this year, the official Xinhua news agency quoted a provincial official as saying on Sunday.Hebei, a province in the north of the country near the capital Beijing, accounts for nearly a quarter of China's total steel output and has pledged to cut steel capacity by 31.17 million tonnes by 2017 and by 49.13 million tonnes by 2020. ...