05042016Wed
Last update: Wed, 04 May 2016 04pm

Industries & Sectors

Business & Finance - Industries & Sectors

China's Baidu eyes driverless car production by 2020 SAN FRANCISCO: Chinese search engine giant Baidu is planning to produce driverless cars by 2020, its chief executive said, as the company reported revenue climbed sharply in the first quarter.Income for the three months ending in March reached $2.45 billion (15.82 billion yuan), up 31.2 percent from the same period a year earlier, according to a statement released Thursday, as ads flowed into its search engine."We had a terrific start to 2016," Baidu chief executive Robin Li said during a conference call. "This quarter we made notable progress in executing our mission in connecting users with information and services."But net profit slid 18.9 percent year-on-year to $308.1 million for the quarter, the statement said, as the firm seeks to diversify its business beyond online search.Baidu, often referred to as China's version of Google, is investing heavily in services ranging from online payments to online-to-offline transactions, such as food delivery.Like Google, ...

Business & Finance - Industries & Sectors

China Eastern Airlines to buy 35 planes from Airbus and Boeing BEIJING: One of China's top airlines will split $10 billion of new orders between European manufacturer Airbus and US-based Boeing, it said, as competition heats up for aviation market share in the world's second-largest economy. China Eastern Airlines said in a statement to the Hong Kong stock exchange that the lion's share of the orders, nearly $6 billion, will go to Airbus for 20 A350 aircraft.It will also spend close to $4 billion on 15 ...

Business & Finance - Industries & Sectors

BASF says feeling pinch from low oil price FRANKFURT: German chemicals giant BASF said Friday that its first-quarter business took a hit from low oil prices, but bottom-line profit increased nevertheless thanks to lower taxes.BASF said in a statement that net profit rose by 18 percent to 1.4 billion euros ($1.6 billion) in the period from January to March.But that was largely due to a much lower tax rate in the three-month period, BASF explained.Underlying or operating profit declined by six percent to ...

Business & Finance - Industries & Sectors

PetroChina posts first quarterly loss since listing SHANGHAI: PetroChina shares plunged on Friday, after the Chinese energy giant posted its first quarterly loss since listing overseas 16 years ago, as it struggled with the weak domestic economy and lower international oil prices.PetroChina lost 13.79 billion yuan ($2.14 billion) in the first quarter, reversing from a gain of 6.15 billion yuan for the same period a year ago, it said in a statement to the Hong Kong exchange late Thursday.It was the first ...

Business & Finance - Industries & Sectors

Indian tycoon Mallya prepared to settle debts: FT LONDON: Former Indian airline boss Vijay Mallya said he is prepared to settle millions of dollars owed to banks after the collapse of his firm, in an interview published Friday in the Financial Times."But we wish to settle at a reasonable number that we can afford and banks can justify on the basis of settlements done before," he told the business daily, which gave a figure of £440 million (565 million euros/$645 million).Mallya, a part-owner ...

Business & Finance - Industries & Sectors

Puma eyes boost from Euro football championships, Olympics FRANKFURT: German sportswear and equipment maker Puma said Friday business increased in the first quarter and that it is expecting a boost from major sporting events such as Euro 2016 and the Brazil Olympics. Like its arch-rival Adidas, which earlier this week lifted its forecasts on the back of a strong first quarter, Puma said it got off to a good start to the year, despite negative exchange rate effects. "The first quarter of 2016 ...

Business & Finance - Industries & Sectors

Car parts maker Continental books solid first quarter FRANKFURT: Continental, the German car parts specialist, said Friday it got off to a good start to the year, driven largely by strong demand for its tyres. "In light of the difficult market environment, we had a good start to the new fiscal year," said chief executive Elmar Degenhart.This was "primarily attributable to volume growth in our tyre division and the stabilisation of industrial business" at the group's ContiTech, he explained.In the period from January ...