01172017Tue
Last update: Tue, 17 Jan 2017 07am

Industries & Sectors

Business & Finance - Industries & Sectors

Toshiba flags hit of 'billions of dollars' on US nuclear acquisition TOKYO: Toshiba Corp said it may have to book several billion dollars in charges related to a US nuclear power acquisition, a shock warning that sent its stock tumbling 12 percent and rekindled concerns about its accounting acumen. The Japanese group said cost overruns at US power projects handled by a nuclear construction business newly acquired from Chicago Bridge & Iron (CB&I) would be much greater than initially expected, potentially requiring a huge writedown. Such a hit would be another slap in the face for a sprawling conglomerate hoping to recover from a $1.3 billion accounting scandal as well as a writedown of more than $2 billion for its nuclear business in the last financial year. "This will come as an additional shock to Toshiba's institutional investors that may further undermine confidence in company management as well as significantly weakening its international nuclear credentials," said Tom O'Sullivan, founder of energy ...

Business & Finance - Industries & Sectors

Volkswagen recalls 4,481 cars in Russia - standards watchdog MOSCOW: Russian standards agency Rosstandart said on Tuesday it had been informed about a voluntary recall by Volkswagen of 4,481 Caddy, Golf and Jetta cars which had a possible fault. The recall affected cars sold between 2013 and 2016, the agency said in a statement. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

BMW to recall nearly 200,000 cars in China BEIJING: German luxury carmaker BMW will recall nearly 200,000 vehicles in China because of flawed airbags, according to the country's quality regulator and the company.Some 168,861 imported cars produced between December 2005 and December 2011, and 24,750 vehicles produced locally between July 2005 and December 2011 will be recalled, according to a statement posted Friday on the official website of China's General Administration of Quality Supervision, Inspection and Quarantine (ASDIQ).Gas generators in the defective airbags ...

Business & Finance - Industries & Sectors

UAE's Etisalat, Saudi's Mobily discuss new alliance after ending management deal DUBAI: United Arab Emirates telecommunications conglomerate Etisalat said on Sunday that its management agreement with Saudi Arabian affiliate Mobily had expired and the companies were working on a new arrangement. Etisalat, which owns 27.4 percent of Mobily, helped to found the Saudi company more than a decade ago and has played a major role in its management. But Mobily has been hit by controversy in the last couple of years after it restated 27 months ...

Business & Finance - Industries & Sectors

Russia's Rosneft says has flexibility on oil output levels MOSCOW: Rosneft's plans for next year allow it to be flexible with production volumes, Russia's top oil producer said on Saturday, after Moscow clinched a deal with OPEC to cut production to bolster weak oil prices. State-controlled Rosneft, which accounts for over 40 percent of Russian oil production, said its board has looked into plans for 2017-2018."The plan is formed on the basis of actual long-term development programme and takes into account changes in Russia's ...

Business & Finance - Industries & Sectors

China fines GM unit $29mn for 'price-fixing' BEIJING: Beijing has fined the Chinese unit of General Motors nearly $29 million for "infringing on the rights of consumers and its competitors" via price-fixing, Shanghai authorities said. SAIC-GM -- a joint venture between the American company and the state-owned SAIC Motor Corporation, China's biggest automaker by production volume -- has been ordered to cough up 201 million yuan ($28.9 million), approximately four percent of its mainland sales last year, Shanghai's top development and economic ...

Business & Finance - Industries & Sectors

Volkswagen reaches emissions agreement with 3-liter car owners SAN FRANCISCO: Volkswagen on Thursday said it had reached an agreement in principle with owners of 3.0-liter cars affected by its emissions cheating scandal.The announcement follows last month's $1 billion settlement with US authorities for the roughly 80,000 vehicles in the 3.0 liter category, involving the buyback, repair or cancellation of leases for the affected vehicles and helping the company inch closer toward putting the scandal behind it.In a statement, the company said it reached ...