05012016Sun
Last update: Sun, 01 May 2016 03am

Industries & Sectors

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Twitter stung by stall in user growth SAN FRANCISCO: Twitter shares nosedived Tuesday after a quarterly update showed little change in its user base and the messaging platform delivered weaker-than-expected revenue growth.The company posted a loss for the first quarter of 2016 of $80 million, compared with a loss of $162 million in the same period a year ago. Revenues meanwhile jumped 36 percent year-over-year to $595 million.But in a key metric in the fast-evolving social media world, Twitter's trend was flat. The number of monthly active users was 310 million, up three percent from a year ago and only slightly higher than the 305 million in the previous quarter.Twitter changed the way it measures active users, no longer counting those who follow via SMS text messaging. The number reported in the fourth quarter including that group was 320 million.Twitter shares skidded 12 percent at $15.64 in after-hours trading, extending their slump over the past two years.Since ...

Business & Finance - Industries & Sectors

First drop in iPhone sales, Apple revenue streak ends SAN FRANCISCO: Apple on Tuesday reported its first-ever drop in iPhone sales since launching the smartphone in 2007 as the tech giant's long streak of rising revenue ended.Apple said iPhone sales dropped year-over-year for the first time, slipping to 51.19 million in the recently ended quarter compared with 61.17 million in the same period a year ago.Profits fell as well: Apple reported net income of $10.5 billion in the fiscal quarter to March 26 from ...

Business & Finance - Industries & Sectors

Fiat Chrysler net profits rev up but debt builds MILAN: Fiat Chrysler Automobiles (FCA) Tuesday beat analysts' forecasts with significantly higher first-quarter net profits driven by sales in North America but the Italian-US automaker's debt pile also rose. The results were FCA's first as a single, unified global group since its January's split from luxury unit Ferrari.Helped by the sale of Ferrari, FCA said it had reduced net industrial debt "significantly" in 2015 to 5 billion euros ($5.6 billion), down from the 7.7 billion ...

Business & Finance - Industries & Sectors

Google, Uber in coalition to promote self-driving cars SAN FRANCISCO: Google and Uber are part of a coalition unveiled on Tuesday to push for a unified US legal code on self-driving cars as part of a broader lobbying drive to promote that technology.Car makers Ford and Volvo along with ride-sharing start-up Uber's rival Lyft rounded out a roster of five founding members of the Self-Driving Coalition for Safer Streets.Former US National Highway Traffic Safety Administration administrator David Strickland was named as coalition counsel ...

Business & Finance - Industries & Sectors

Qatar National Bank investigates alleged hack DOHA: Qatar National Bank said on Tuesday it is investigating an alleged hack which potentially exposes the names and passwords of a large number of customers.Media reports claimed that a 1.4GB trove of documents has been leaked online anonymously.Among the information reportedly leaked are the bank details of several journalists working for satellite broadcaster Al-Jazeera.Another folder leaked apparently revealed details of the work of internal and overseas intelligence agencies, according to reports on various publications ...

Business & Finance - Industries & Sectors

South Africa's Eskom to spend $23.5 billion on new plants CAPE TOWN: South African power utility Eskom is not under pressure to tap international markets to help fund its 340 billion rand ($23.5 billion) five-year expansion plan, its chief executive said on Tuesday. State-owned Eskom is building new plants and transmission lines to augment a power grid that nearly collapsed in 2008 and was forced to implement controlled blackouts, or load shedding, early last year that dented economic growth. "Our funding for last year is ...

Business & Finance - Industries & Sectors

LATAM Airlines has 'moderately positive' outlook on 2016 earnings SANTIAGO: LATAM Airlines , Latin America's biggest airline has a "moderately positive" outlook on its 2016 earnings, the chairman said on Tuesday, citing more stable currencies in the region that will help boost its bottom line. Lower fuel costs would also help counteract weak demand in Brazil, the biggest market for the airline, chairman Mauricio Amaro told journalists after LATAM's annual shareholder meeting in Santiago. "What gives us a little confidence is that currencies have ...