05242016Tue
Last update: Tue, 24 May 2016 04pm

Industries & Sectors

Business & Finance - Industries & Sectors

General Electric reaffirms forecast despite weaker growth NEW YORK: General Electric Co expects to hit its 2016 earnings targets despite tough conditions in its oil and gas business, lower industrial margins and slower revenue growth, Chief Executive Jeff Immelt said on Wednesday. Immelt affirmed the diversified industrial company's target of $1.45 to $1.55 per share this year in a presentation at the Electrical Products Group conference in Florida. But GE's industrial segment profit growth will fall to 5 percent in coming years from a recent annual average of 6 percent, and industrial profit margins will decline to a range of 14 to 14.5 percent this year from 14.8 percent in 2015, he said. Excluding the lower-margin Alstom business GE acquired last year, GE's industrial profit margins were 15.3 percent in 2015 and are expected to rise to 15.8 percent this year, GE said. Asked if margins will fall in 2017 when GE ramps up production of its ...

Business & Finance - Industries & Sectors

Fiat Chrysler shares jump, then dip as GAC denies interest in stake LONDON/BEIJING: Fiat Chrysler Automobiles (FCA) shares jumped early on Wednesday on a report that China's Guangzhou Automobile Group Co (GAC) was interested in buying a stake, but gave up most gains when the Chinese company denied the report. Italian newspaper Il Giornale had reported GAC was considering making an offer for a majority stake in the Italian-American carmaker, but a GAC Group spokeswoman said there were "currently no plans for this".The two companies already have ...

Business & Finance - Industries & Sectors

Companies could move headquarters if France limits executive pay PARIS: Firms could move their headquarters out of France if the government pursues legislation to limit the remuneration of company executives, the CEO of oil major Total said on Wednesday. Patrick Pouyanne told a French Senate commission that the question of salaries for executives should be left to company general assemblies and boards, adding that executives must listen when it becomes contentious.French Economy Minister Emmanuel Macron has threatened to legislate on executive pay following an ...

Business & Finance - Industries & Sectors

Malaysia's Petronas Q1 profit dives 60pc KUALA LUMPUR: Malaysian state energy firm Petronas Wednesday announced a 60 percent plunge in first-quarter profit due to slumping world oil prices, casting a cloud over the country's economic prospects.Petronas is the single largest source of Malaysian government revenue and of national export earnings.The unlisted firm, Malaysia's only Fortune 500 company, posted a 4.6 billion ringgit ($1.14 billion) net profit for the first quarter compared to 11.4 billion ringgit during the same period last year.Revenue ...

Business & Finance - Industries & Sectors

Germany presses Airbus to resolve A400M problems BERLIN: The German government on Wednesday urgently pressed European airplane manufacturer Airbus to come up with a precise plan for resolving the problems that have repeatedly set back delivery of its new military transporter, the A400M. "We urge the manufacturer to come up with a feasible and workable plan," a spokesman for the defence ministry, Jens Flosdorff, told a regular news briefing. After new faults were discovered in the aircraft's engines and cracks in its ...

Business & Finance - Industries & Sectors

Mitsubishi Motors president to quit over fuel-cheating scandal TOKYO: Mitsubishi Motors said Wednesday that its president would resign over a fuel economy cheating scandal that has left the Japanese automaker's reputation in tatters.Mitsubishi president "Tetsuro Aikawa... has offered to resign from the post of president as of June 24 because the company caused serious problems for customers and stakeholders," it said in a statement.Copyright AFP (Agence France-Presse), 2016 ...

Business & Finance - Industries & Sectors

Suzuki denies cheating on fuel, emissions testing TOKYO: Suzuki on Wednesday admitted to finding "discrepancies" in its fuel-economy and emissions testing, but the firm denied deliberately manipulating data to make cars seem more efficient.The remarks from the Japanese small-car maker came in the wake of rival Mitsubishi Motors' shock admission last month that it had cheated on fuel-efficiency tests for decades.On Wednesday, Mitsubishi said its president Tetsuro Aikawa would resign over the scandal, which has left the company's reputation in tatters.Japan's transport ...