07262016Tue
Last update: Tue, 26 Jul 2016 11am

Industries & Sectors

Business & Finance - Industries & Sectors

VW takes 2.2bn-euro charge in first half due to 'Dieselgate' scandal FRANKFURT: Embattled German auto giant Volkswagen said Wednesday it booked a charge of 2.2 billion euros ($2.4 billion) in the first six months in relation to engine-rigging scandal, but its operating performance before that charge was better than expected. "The operating result for the Volkswagen group before special items is significantly higher than market expectations for the first half of 2016," VW said in a statement. "Group operating result before special items for the first six months stood at 7.5 billion euros, despite the ongoing economic impact from the diesel issue," the statement said. But the carmaker booked a charge of 2.2 billion euros on its first-half accounts "mainly related to further legal risks predominately arising in North America." That meant that operating result after special items amounted to 5.3 billion euros for the period from January to June, the carmaker said.According to the group's half-year report for 2015, the ...

Business & Finance - Industries & Sectors

VW takes 2.2 bn-euro charge in first half due to 'Dieselgate' scandal FRANKFURT: Embattled German auto giant Volkswagen said Wednesday it booked a charge of 2.2 billion euros ($2.4 billion) in the first six months in relation to engine-rigging scandal, but its operating performance before that charge was better than expected. "Group operating result before special items for the first six months stood at 7.5 billion euros, despite the ongoing economic impact from the diesel issue," VW said in a statement. "In addition, special items totalling 2.2 ...

Business & Finance - Industries & Sectors

China Hyundai dealers seek up to $135mn in compensation, claim automaker reduced supply BEIJING: A group of 30 Hyundai Motor Co dealers in China plans to seek 800 million-900 million yuan ($120 million-135 million) in compensation from the South Korean automaker, the group's leader said, claiming Hyundai cut the flow of models exported to China, resulting in dealership losses and closures. Hyundai has been steadily increasing manufacturing of cars in China, Wang Rongzhen told Reuters on Wednesday, veering away from selling imported models to avoid hefty taxes. In ...

Business & Finance - Industries & Sectors

SAP confirms outlook after strong Q2 FRANKFURT: German software giant SAP on Wednesday confirmed its full-year targets after strong growth in its cloud business propelled earnings and sales in the second quarter. SAP said in a statement that net profit soared by 73 percent to 813 million euros ($896 million) in the period from April to June. The increase was partly attributable to the fact that the year-earlier figure had included restructuring costs. But the increase also reflected a strong operating ...

Business & Finance - Industries & Sectors

BHP misses full-yr iron ore guidance by 3mn/t SYDNEY: BHP Billiton said on Wednesday it fell three million tonnes short of its iron ore production guidance for fiscal 2016 due to its Samarco disaster in Brazil. The world No. 3 miner of the steelmaking ingredient said fourth-quarter output reached 55.6 million tonnes, pushing the annual total to 257 million tonnes against guidance of 260 million. Production for the current financial year is forecast to increase to between 265 million tonnes and 275 million ...

Business & Finance - Industries & Sectors

Volkswagen execs named in new emissions lawsuits NEW YORK: New York and Massachusetts filed lawsuits Tuesday against Volkswagen that suggested that senior executives were aware early on of efforts to hide high emissions levels in the company's diesel cars.As early as July 2006, the German automaker's inability to comply with US emissions standards allegedly "reached the attention" of Matthias Mueller, the current Volkswagen CEO, and his predecessor Martin Winterkorn, according to complaints lodged Tuesday by both states' attorneys general.But the company nevertheless ...

Business & Finance - Industries & Sectors

Netflix announces new episodes of 'Making a Murderer' LOS ANGELES: Netflix said on Tuesday it was filming new episodes of its headline-grabbing true crime series "Making a Murderer."The first 10-part series told the story of Steven Avery, from Wisconsin, who is serving a life sentence for murdering 25-year-old Teresa Halbach, after her remains were found close to his home.Avery served 18 years in prison for a sexual assault before being exonerated and released in 2003 -- but was charged in 2005 and convicted ...