02122016Fri
Last update: Fri, 12 Feb 2016 10am

Industries & Sectors

Business & Finance - Industries & Sectors

Iran says Peugeot to pay $446mn compensation for sanctions move DUBAI: French car-maker PSA Peugeot Citroen will pay Iran over 400 million euros ($446 million) in compensation for losses after it quit the country due to sanctions, the managing director of the country's largest carmaker said on Sunday.Peugeot, the biggest-selling European carmaker in pre-sanctions Iran, suspended sales in 2012 when an international boycott against Iran due to its nuclear programme was extended to the automobile sector. Most sanctions were lifted in January."Based on the deductions...427.6 million euros of compensation will be paid by Peugeot to Iran Khodro because of the losses," Hashem Yekke-Zare, managing director of Iran-Khodro Company, was quoted by the ISNA news agency as saying.Yekke-Zare said the compensation would be mostly in services and discounts, including auto parts for current models being produced in Iran and devices for Peugeot 207 models.Peugeot had also written off 11 million euros of Iran Khodro debts plus 65 million euros in royalties ...

Business & Finance - Industries & Sectors

Air Arabia records third straight quarterly profit drop DUBAI: Air Arabia, the United Arab Emirates' only publicly-listed airline, reported its third consecutive quarterly profit drop on Sunday, as fuel hedges taken out at higher oil prices continued to hurt results despite a jump in passenger numbers.It made a net profit of 59 million dirhams ($16.1 million) in the three months to Dec. 31, down 13 percent from the 68 million made a year earlier, said the budget airline, which launched 23 new routes ...

Business & Finance - Industries & Sectors

Dubai's Emaar Malls Q4 profit rises 5.5pc DUBAI: Dubai's Emaar Malls, a unit of Emaar Properties, reported on Sunday a 5.5 percent rise in fourth-quarter net profit.Emaar Malls made a net profit of 435 million dirhams ($118 million) in the three months to Dec. 31, the firm said in a bourse statement. That compared with a profit of 412.2 million dirhams in the same period a year earlier, Reuters data shows.Rental income in the final quarter of 2015 was 821 million dirhams, ...

Business & Finance - Industries & Sectors

Siemens to slash jobs at energy-related unit: Handelsblatt FRANKFURT: German industrials conglomerate Siemens is cutting or transferring to other countries more than 1,000 jobs at a unit making gear for oil drillers and mining companies, as low oil prices have depressed capital spending, a German daily reported.Siemens was making the cuts because the Process Industries and Drives Division in Germany unit's capacities were underutilised, Handelsblatt reported, citing industry sources.Siemens, which has recently announced job-cutting measures as it battles to cope with subdued economic ...

Business & Finance - Industries & Sectors

India's Jet Airways posts record quarterly net profit NEW DELHI: India's Jet Airways Ltd said on Saturday its December quarter net profit rose more than seven times, with sharply lower fuel costs helping the carrier post a third consecutive quarterly gain following a series of losses. Jet, India's second largest carrier by market share, said net profit in the October-December period rose to 4.67 billion rupees ($68.88 million) from 631.1 million rupees a year earlier, marking a record high quarterly profit.The airline's fuel ...

Business & Finance - Industries & Sectors

Portugal boosts govt's TAP airline stake to 50pc LISBON: Portugal's new Socialist government said Saturday it had boosted its stake in national airline TAP to 50 percent from 39 percent in line with an election pledge of re-nationalisation.Prime Minister Antonio Costa made the announcement, saying Lisbon will pay 1.9 million euros ($2.1 million) to take 11 percent from the 61 percent stake sold late last year to a private consortium.The outgoing conservative administration made the sale to the consortium headed by US-Brazilian businessman ...

Business & Finance - Industries & Sectors

Bilfinger sells Water Technologies unit to Chinese firm FRANKFURT/BERLIN: Troubled German industrial services group Bilfinger has agreed to sell its water treatment unit to Chengdu Techcent Environment Group for about 200 million euros ($223.18 million), it said early on Saturday.Bilfinger is facing a breakup under pressure from tough markets and an activist investor as it is also considering offers for the rest of its Building and Facility unit, which comprises its most profitable businesses.The company said it expects to conclude the transaction in ...