07282016Thu
Last update: Thu, 28 Jul 2016 07pm

Industries & Sectors

Business & Finance - Industries & Sectors

Kia Motors expected to pick site for first India plant next month SEOUL/NEW DELHI: South Korea's Kia Motors Corp is expected to pick a site next month for its first factory in India, stepping up plans to start making cars in one of the world's fast-growing auto markets, two people familiar with the matter said. The move would enable Kia to leverage the existing supplier base of its affiliate Hyundai Motor Co, India's second-biggest automaker by sales. The proposed factory would start production in 2019 and eventually have capacity to make 300,000 Kia vehicles a year, one of the people told Reuters - a major bet for a firm that sold 3.05 million vehicles last year.The Korean pair, jointly the world's No.5 carmaker, are chasing new business after missing annual targets in 2015 for the first time since the 2008 global financial crisis. Their combined sales fell 2 percent in first-half 2016, hit by weakness in markets like China, Russia and Brazil.India ...

Business & Finance - Industries & Sectors

Vodafone reports better-than-expected 2.2pc rise in Q1 revenue LONDON: Vodafone reported a better-than-expected 2.2 percent rise in first-quarter organic service revenue, marking an eighth consecutive quarterly rise in its main growth measure, aided by a strong performance in Spain and Germany. The world's second-largest mobile operator confirmed its outlook for the full year on Friday, saying its European markets - which only returned to growth in the final quarter of 2015/2016 - were stable, with growth of 0.3 percent despite the impact of ...

Business & Finance - Industries & Sectors

Samsung hits back at China's Huawei with patent suit SEOUL: South Korea's Samsung Electronics said Friday it had filed a patent infringement suit in China against Huawei, adding fuel to a growing legal battle between the rival smartphone makers.In the suit filed in a Beijing court, the electronics giant demanded millions of dollars in compensation from the Chinese firm for allegedly stealing its mobile imaging and data storage technology."Despite our best efforts to resolve this matter amicably, it has regrettably become necessary to take ...

Business & Finance - Industries & Sectors

GM boosts full-year outlook after record second-quarter profit DETROIT: General Motors Co on Thursday raised its forecast for full-year profits after reporting a record second-quarter profit as it continued to capitalize on strong sales of pickup trucks and sport utility vehicles in the United States. The earnings handily beat Wall Street expectations, sending shares up as much as 4.4 percent. The world's third-largest automaker said it expects adjusted earnings before interest and taxes of $5.50 to $6.00 per share for 2016, up from ...

Business & Finance - Industries & Sectors

VW labour head warns of tough talks over savings, strategy BERLIN: Volkswagen's efficiency drive at its namesake brand is paying off, but talks over further savings and strategy changes will be tough, the carmaker's labour boss predicted.Europe's largest automaker said on Wednesday its first-half profit rose 7 percent to 7.5 billion euros ($8.3 billion), excluding one-off items, beating forecasts and helped by an improved performance at the mass-market VW brand.However, the German group is under pressure to make more savings to help meet the billions ...

Business & Finance - Industries & Sectors

Volvo Cars confident of setting sales record STOCKHOLM: Volvo Cars, owned by China's Geely, said Thursday it was on track to sell a record number of cars this year thanks to the success of its new high-end SUV.The Swedish carmaker said in its second-quarter earnings statement that strong sales were accompanied by improving margins despite investments tied to launching its new top-of-the-line models.Sales rose by 11 percent compared to the April through June period last year to 83.6 billion kronor, (8.8 billion ...

Business & Finance - Industries & Sectors

Samsung Electronics buys $450mn stake in Chinese electric car firm BYD BEIJING: Samsung Electronics is to pay 3 billion yuan ($450 million) for a stake in Chinese automaker and rechargeable batteries firm BYD Co Ltd , the Chinese company said in a stock exchange filing on Thursday.Automakers and technology companies have formed a series of partnerships in recent years as the race to develop electric, self-driving, internet-connected vehicles has created demand for more electronics components and software.The Samsung investment has been made through Chinese subsidiary Shanghai ...