08292016Mon
Last update: Mon, 29 Aug 2016 07pm

Industries & Sectors

Business & Finance - Industries & Sectors

VW says cuts 28,000 workers' hours over supply woes FRANKFURT: German auto giant Volkswagen said on Monday it would halt production at six plants for several days as a legal dispute with two key suppliers deepened.Around 27,700 workers at factories in Emden, Zwickau, Kassel, Salzgitter, Brunswick, and the firm's home base of Wolfsburg would see their work hours slashed by the end of August, the group said in a statement.VW had been forced to take the drastic measures at the factories that produce some of its most popular models including Passat sedans and Golf compacts after the two suppliers of gearbox parts and seat covers halted deliveries. "Although the state court in Brunswick issued temporary injunctions requiring the suppliers to resume deliveries, they so far haven't fulfilled this obligation," the statement read.Instead, the components' manufacturers are appealing the court decision.VW said it would resume talks with the suppliers on Monday.While the group "wishes to achieve a result through negotiations," ...

Business & Finance - Industries & Sectors

Nokia to return with Android based smartphone The Finnish smartphone maker Nokia is back, and is all set to regain its lost glory in the global smartphone and tablet market with the release of its Android based smartphone and tablets.Under a licensing agreement between Nokia and Finland based HMD global, the agreement allows HMD to produce and sell Nokia-branded smartphones and tablets for the next decade, and in exchange HMD would give royalty payments covering both brand and intellectual property rights to ...

Business & Finance - Industries & Sectors

Samsung plans refurbished smartphone programme SEOUL/SINGAPORE: Samsung Electronics Co Ltd plans to launch a programme to sell refurbished used versions of its premium smartphones as early as next year, a person with direct knowledge of the matter told Reuters. The South Korean technology firm is looking for ways to sustain earnings momentum after reviving its mobile profits by restructuring its product line-up. As growth in the global smartphone market hits a plateau, Samsung wants to maximise its cost efficiency and ...

Business & Finance - Industries & Sectors

Pfizer nears agreement to buy Medivation for $14bn NEW YORK: US pharmaceutical giant Pfizer is nearing a deal to buy US biotech firm Medivation, which specializes in cancer treatments, for nearly $14 billion, US media reported.Bloomberg and The Wall Street Journal said the deal could be made public as early as Monday. The Journal, citing people familiar with the matter, said it could be an all-cash transaction.Pfizer's offer for the San Francisco, California-based Medivation goes far beyond the company's market value of $11.1 ...

Business & Finance - Industries & Sectors

VW, suppliers to hold talks on production-crippling dispute BERLIN: Embattled automaker Volkswagen will hold talks Monday with two component suppliers, in a bid to end a stand-off over car parts deliveries that has severely disrupted production at the German giant.ES Automobilguss, which supplies cast gearbox components, and Cartrim, which makes seat covers, suspended their deliveries in August over a legal dispute with Volkswagen.VW secured temporary injunctions on August 12 ordering the two suppliers to resume deliveries.But the part suppliers have appealed the decision, ...

Business & Finance - Industries & Sectors

WAPDA chairman reviews progress on Neelum-Jhelum project LAHORE: Pakistan Water and Power Development Authority (WAPDA) Chairman Zafar Mahmood Friday presided over a meeting to review construction work on the 969-MW Neelum-Jhelum Hydropower Project (NJHP). WAPDA Member (Water) Muhammad Shoaib Iqbal, NJHP Chief Executive Officer Engineer Muhammad Zubair, WAPDA General Manager (Central Contract Cell) Nasir Hanif, NJHP Project Director Nayyar Alauddin and NJC (Consultants) Project Manager William B Dobbs and CGGC (Contractor) Project Manager Hu Quanguang attended the meeting.Consultants and the contractor made ...

Business & Finance - Industries & Sectors

Suppliers blame VW as contract dispute hits production FRANKFURT: Two Volkswagen suppliers accused the German carmaker on Friday of cancelling contracts without explanation or offering compensation, prompting them to stop deliveries. CarTrim, which makes seats, and ES Automobilguss, which makes cast iron parts needed to make gearboxes, are seeking compensation after saying they faced lost revenues running into tens of millions of euros. Volkswagen is to cut working hours for more than 10,000 staff at its Wolfsburg headquarters and reduce output at two ...