09262016Mon
Last update: Mon, 26 Sep 2016 12am

Industries & Sectors

Business & Finance - Industries & Sectors

Iran trims Airbus deal amid US regulatory delays TEHRAN: Iran has reduced the number of airplanes it plans to buy from Airbus by six amid delays in US regulatory approvals, and may knock one plane off a similar deal for more than 100 with Boeing, an Iranian official told Reuters. Iran announced plans in January to buy 118 jets worth $27 billion at list prices from Europe's Airbus but has complained about unexpected delays in receiving US licences, which are needed due to the large number of US-supplied parts. The country's deputy transport minister told a conference on Monday there were signs the US Treasury would release the crucial licences by the end of this month. But speaking again on Tuesday, he stepped up criticism of what Iran sees as unfair delays in unblocking the deal, which is part of efforts to rebuild Iran's elderly fleet that were built into a pact between Tehran and world powers to ...

Business & Finance - Industries & Sectors

Breaking the mould: GSK picks Big Pharma's first female CEO LONDON: Emma Walmsley, GlaxoSmithKline's incoming CEO, breaks the mould as the first woman to lead a top global drugmaker and stands out among Big Pharma bosses as a consumer brands guru rather than a prescription medicines expert. But after six years at Britain's biggest drugmaker she is a confirmed GSK insider, which will disappoint those investors who had been hoping for a new broom from outside the company."GSK will get applause for appointing a woman ...

Business & Finance - Industries & Sectors

Microsoft launches Nokia 216, a feature phone amongst smart ones! Microsoft, the US based software maker, has unveiled its latest Nokia 216 feature phone, coming as a surprise to most, as the software giant previously announced to sell its feature phone business to a subsidiary of Foxconn.The new Nokia 216 looks like your everyday cell phone, is a dual-SIM feature phone packed with a polycarbonate body, with matching colour keys, and a 2.4-inch QVGA screen. The phone includes features such as a 0.3 MP back ...

Business & Finance - Industries & Sectors

Fed unlikely to lift rates this week WASHINGTON: The Federal Reserve opens its sixth monetary policy meeting this year on Tuesday again facing the quandary that the US economy is not clearly ready for an interest rate hike.While some economists say the Fed, long anxious to pull away from its crisis-era ultralow rate policy, could surprise with an increase in the federal funds rate on Wednesday, most say it will stand pat.With that benchmark, crucial to borrowing and deposit rates around the ...

Business & Finance - Industries & Sectors

British pharma group GSK picks new CEO LONDON: British drugs giant GlaxoSmithKline on Tuesday said it had appointed Emma Walmsley, head of its consumer healthcare unit, as its new chief executive to succeed Andrew Witty, who is retiring.Walmsley, who joined GSK from French cosmetics giant L'Oreal six years ago, will take up her new post at the end of March next year."Emma is an outstanding leader with highly valuable experience of building and running major global businesses and a strong track record ...

Business & Finance - Industries & Sectors

Bayer ups forecasts after Monsanto takeover deal FRANKFURT: German chemicals giant Bayer said Tuesday it had increased its earnings and profits forecasts after signing a deal to take over US seeds and pesticides maker Monsanto."We are optimistic for the medium-term development of Bayer and have set ourselves correspondingly ambitious targets," chief executive Werner Baumann said in a statement.In the crop science division that will integrate Monsanto, Bayer said it would grow sales faster than the market and increase its profit margin to ...

Business & Finance - Industries & Sectors

GM sets Bolt electric car price at $37,495 DETROIT: General Motors Co on Tuesday announced its Chevrolet Bolt electric vehicle will cost under $30,000 after tax breaks, a price that makes it significantly cheaper than the average new U.S. vehicle and sets up a test of whether the technology can go mainstream in the United States.The least expensive Bolt will start at $37,495 before a $7,500 federal tax credit, meaning it would sell for $29,995, GM said. The average U.S. price of a ...