07302016Sat
Last update: Sat, 30 Jul 2016 06pm

Industries & Sectors

Business & Finance - Industries & Sectors

Bayer ups forecast after Q2 profits rise 19pc FRANKFURT: German chemicals and pharmaceuticals powerhouse Bayer upped its growth forecasts for the year after a strong second quarter saw profits surge by 19 percent.While revenues fell 1.4 percent to 11.8 billion euros ($13 billion), profits hit 1.4 billion euros -- compared with 1.2 in the same period in 2015.The company pointed to strong growth in sales of prescription and non-prescription drugs as the main contributor to the boost."We're confident for the whole year and we're increasing our forecast" said newly-installed chief executive Werner Baumann.Bayer's annual revenues are expected to hit around 35 billion euros, excluding income from the recently-separated plastics business Covestro.Earnings before interest, tax and special items grew 5.7 percent in the second quarter and are expected to see almost 10 percent growth over the whole year -- up from the five percent the firm previously expected.Bayer's prescription medications division saw sales growth of 5.5 percent to 4.1 ...

Business & Finance - Industries & Sectors

Air France-KLM cuts loss, warns of attacks impact PARIS: Air France-KLM said Wednesday it managed to cut its net loss significantly in the first half of this year but warned attacks had reduced the attractiveness of France as a travel destination."The global context in 2016 remains highly uncertain regarding the geopolitical and economic environment in which we operate," the French-Dutch airline group said in a statement, citing "a special concern about France as a destination".The group cut its net loss to 114 million ...

Business & Finance - Industries & Sectors

ARM, soon to be bought by Softbank, posts Q2 profit rise LONDON: British chip designer ARM Holdings, which earlier this month agreed to be bought by Softbank Group Corp for $32 billion, reported a 5 percent rise in second quarter profit on Wednesday. The provider of technology for the iPhone, satellites and supercomputers said that given restrictions linked to Softbank's recommended offer it would not be providing its usual full-year revenue guidance at this stage.For the three months ended June 30, the company said normalised pretax ...

Business & Finance - Industries & Sectors

Puma reports strong quarterly sales after Euro 2016 BERLIN: German sportswear firm Puma reported a stronger-than-expected rise in second quarter sales on Wednesday, helped by the European soccer championships in which its sponsored player Antoine Griezmann of France was the top scorer. Puma reported a quarterly net profit of 1.6 million euros ($1.76 million), compared to a loss of 3.3 million a year ago. Sales rose a currency-adjusted 13 percent to 827 million euros, beating average analyst forecasts for 819 million.Sales grew fastest ...

Business & Finance - Industries & Sectors

GlaxoSmithKline invests $360mn in UK despite Brexit vote LONDON: GlaxoSmithKline plans 275 million pounds ($361 million) of new investments at three drug manufacturing sites in Britain, signalling its confidence in the country despite last month's vote to leave the European Union. Britain's biggest drugmaker, which had argued against Brexit before the referendum, believes the UK remains an attractive place for making medicines, thanks to a skilled workforce and relatively low tax rates.The country's so-called patent box boosts profits from patented innovations by halving ...

Business & Finance - Industries & Sectors

Peugeot-Citroen doubles net profit, eyes China growth PARIS: French automaker Peugeot-Citroen (PSA) Wednesday reported a doubling of net profits in the first half of the year and said it expected the car market in China to grow eight percent in 2016.Profits came in at 2.1 billion euros ($2.3 billion) despite a drop in overall sales which the firm put down to "unfavourable" exchange rate movements.The firm cheered a 6.8-percent operating margin for its automotive division -- well above the four-percent target enshrined ...

Business & Finance - Industries & Sectors

Malaysia Airlines to buy 50 Boeing jets KUALA LUMPUR: Struggling Malaysia Airlines on Wednesday announced plans to purchase 50 Boeing aircraft for $5.5 billion as it continues efforts to recover from devastating twin disasters in 2014.Malaysia's national flag carrier said it had placed firm orders for 25 Boeing 737 MAX jets and had purchase rights for another 25. Deliveries are to commence in 2019.New CEO Peter Bellew said the purchase of the aircraft, which are known for their fuel efficiency, would aid ...