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Last update: Thu, 11 Feb 2016 03am

Industries & Sectors

Business & Finance - Industries & Sectors

Vodafone says recovery in Europe still on track LONDON: Mobile phone company Vodafone delivered its sixth consecutive quarter of underlying revenue growth on Thursday, as Germany and Italy led an improvement in Europe, its biggest regional business. The world's second largest mobile operator met expectations with a 1.4 percent rise in underlying revenue in its third quarter ended Dec. 31, saying it was helped by a more stable pricing environment and growing demand for data traffic. Vodafone also said it was on track to deliver full-year earnings before interest, tax, depreciation and amortisation of between 11.7 billion and 12 billion pounds, which compares with a reported EBITDA of 11.92 billion pounds last year and the average of analysts' forecasts of 11.6 billion pounds. "Although in-line (with forecasts) at the headline level, we see these (third-quarter) results as a positive given improvements in Germany and Italy and the likelihood that the pressures in India will pass," Citi analyst Simon ...

Business & Finance - Industries & Sectors

Toshiba sees bigger loss as restructuring costs mount TOKYO: Japanese industrial conglomerate Toshiba Corp expects a bigger full-year loss than previously anticipated, amid mounting restructuring costs after a $1.3 billion accounting scandal. Toshiba said on Thursday it now expected a net loss of 710 billion yen ($6 billion) compared with a previously expected loss of 550 billion yen. Chief Executive Masashi Muromachi told a press conference that Toshiba had lowered its expectations to fully reflect possible downside risks to its business. Muromachi also ...

Business & Finance - Industries & Sectors

Honda recalls 2.2mn cars over airbag concerns WASHINGTON: Japanese carmaker Honda is recalling 2.23 million cars equipped with potentially defective airbags that could rupture, deepening the deadly scandal surrounding parts supplier Takata.The recall by the American Honda Motor Co. was posted Wednesday on a consumer car safety website run by the National Highway Traffic Safety Administration (NHTSA) and includes older models dating back to 2005 but also some as recent as 2016. "The affected vehicles are equipped with a dual-stage driver frontal ...

Business & Finance - Industries & Sectors

Zuckerberg shoves Bezos and Slim FaceBook’s very own Mark Zuckerberg has now become the fourth richest person in the world.Zuckerberg climbed two steps from 6th to 4th in a matter of weeks shoving aside the Mexican telecom giant Carlos Slim and online retail king Jeff Bezos. He currently sits comfortably with a net worth of $50 billion, according to the Bloomberg Billionaires Index. His personal wealth has been riding high ever since January 28, when Facebook reported sales and profits ...

Business & Finance - Industries & Sectors

China's Alibaba seeks sporting gold BEIJING: Chinese e-commerce giant Alibaba is looking to turn its hundreds of millions of users into sportsmen as it seeks to cash in on the country's growing sporting market, an executive said.The comments by Zhang Dazhong, chief executive of its Alisports unit, come as Chinese football clubs rank second only to English in spending during the winter transfer window and President Xi Jinping harbours dreams of winning a World Cup, and with the country set ...

Business & Finance - Industries & Sectors

Statoil cuts investments after heavy losses in 2015 OSLO: Norwegian oil giant Statoil has slashed investments and stepped up a cost-cutting programme after recording a huge annual loss for 2015 in the wake of tumbling oil prices.The company reported losses of 37.5 billion kroner (3.96 billion euros, $4.39 billion) last year compared to profit of 21.9 billion kroner in 2014.The group -- 67 percent-owned by the Norwegian state -- said it would slash its investments this year by $3.5 billion to $13 billion.It ...

Business & Finance - Industries & Sectors

Japan's Sharp surges on reports of likely deal with Foxconn parent TOKYO: Sharp skyrocketed in Tokyo on Thursday as the embattled Japanese electronics giant said it was reviewing rival bailout offers, including one from Foxconn parent company Hon Hai Precision, as it reported another massive loss.Investors cheered local media reports that Sharp's board is favouring accepting a 600 billion yen ($5.0 billion) bailout from Hon Hai, a key Apple supplier.Sharp -- which has teetered on the edge of bankruptcy for years -- kicked off a critical ...