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Philips blames Russia, China slowdowns for plunge into loss THE HAGUE: Dutch electronics giant Philips on Monday posted a 103-million-euro ($131 million) net loss on third-quarter earnings, blaming a patent lawsuit and ever-slowing markets in China and Russia."We are not satisfied with our overall performance for the third quarter," said chief executive Frans van Houten."We are facing sustained softness in a number of markets such as China and Russia. We were also confronted with an adverse jury verdict with a surprisingly high proposed award to Massimo," Van Houten said in a statement issued from Amsterdam.Earlier this month, a US jury ordered Philips to pay $466 million to American company Masimo for violating two medical device patents.The eight members of the Delaware jury gave their verdict after a two-week trial, which came after the California-based Masimo had filed a complaint in 2009."We will appeal the verdict," Van Houten said.Sales in China in particular remained flat. Philips said this reflected a ...

Microsoft plans to launch smartwatch within weeks: Forbes NEW YORK: Microsoft Corp. is preparing to launch a smartwatch within the next few weeks that will passively track a user's heart rate and work across different mobile platforms, Forbes reported on Sunday.The wearable gadget's battery life will exceed two days of regular use, Forbes reported, citing unnamed sources close to the project. It will arrive in stores soon after being unveiled in an effort to capture the holiday season, Forbes reported.Microsoft declined to comment.Apple ...
Electrolux profit soars 42pc after cost-cutting programme STOCKHOLM: Swedish electrical appliance maker Electrolux reported its third-quarter net profit soared 42 percent to 933 million krona (102 million euros, $130 million) thanks to a cost-cutting programme started at the end of last year.Sales over the quarter increased 5.6 percent to 28.8 million krona, slightly better than the 28.4 million krona expected by analysts.Electrolux said in a statement that its European operations were performing better because of the reduced costs and improved management of ...
Germany's Metro reports 4pc fall in sales BERLIN: German retail giant Metro AG on Monday reported a four-percent decline in its yearly sales to 63 billion euros ($80 billion), largely because of a strong euro and divestments.However the group said it would still meet its pre-tax operating profit of 1.75 billion euros for its 2013-2014 financial year, the full details of which would be given on December 16.Metro, whose rivals include Wal-Mart and Carrefour, said in a statement its Metro Cash & ...
Lufthansa flights hit by strikes Monday and Tuesday BERLIN: Pilots for Lufthansa are to hold a one-day strike Tuesday that will hit long-haul flights operated by the German carrier, Europe's largest, their union said.The stoppage will deepen strike action at Lufthansa, already set to begin on Monday with a previously announced 35-hour strike impacting most of its short- and medium-haul flights.The strike will not affect Lufthansa's international subsidiaries Swiss and Austrian Airlines.The latest action is the ninth to buffet Lufthansa in less than ...
Electrolux Q3 core profit tops forecast STOCKHOLM: Global home appliances maker Electrolux posted a bigger than expected rise in third quarter core earnings on Monday but said the 2014 outlook for European market demand was running at the lower end of its forecast. The Swedish group, vying for market leadership with US Whirlpool and China's Haier, said it still expected the US market to expand 4 percent and the European to rise 1-3 percent, but for the latter market growth was ...
SAP cuts outlook despite profit rise in Q3 FRANKFURT: SAP, the German software giant, said Monday it was trimming its profit forecast for the whole of 2014, despite a strong rise in revenues and profits in the third quarter. SAP said in a statement it expects full-year operating profit to be in a range of 5.6-5.8 billion euros ($7.1-7.4 billion), lower than its previous forecast of 5.8-6.0 billion euros. SAP attributed the downgrade to "less upfront revenues" and short-term pressures on margins as ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
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MonthlyAugust
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