02062016Sat
Last update: Sat, 06 Feb 2016 11pm

Industries & Sectors

Business & Finance - Industries & Sectors

Ferrari shares skid as debt and outlook disappoint MILAN: Italian luxury sports carmaker Ferrari on Tuesday announced an increase in its net profit for last year, but investors dumped its shares after being spooked by its debt and disappointed with the 2016 outlook.Net profit rose at the brand with the famous prancing horse logo by 9.4 percent last year to 290 million euros.The debt of 1.94 billion euros, the result of its spinoff from Fiat Chrysler last year and entry onto the Milan stock exchange, was considerably higher than the 1.7 billion expected by analysts.Moreover, Ferrari expects the debt to rise slightly this year, while the increase in sales to shift down a gear.While sales rose by 6 percent in 2015 to 7,664 vehicles, the company only expects a 3.1 percent gain this year to 7,900 cars.Adjusted operating profit should also climb by 3 percent to 770 million euros, but revenues are only expected to rise by half ...

Business & Finance - Industries & Sectors

Uber just changed its logo, and the internet is not happy Uber, the ride sharing company unveiled its new logo and it seem that it didn’t sit well with the public, as they quickly switched to the internet to express their dissatisfaction.Uber, rebranded itself from the stylized black and white "U," to the new design features of an image that is called "atom and bit" by the company. According to Busines Insider, few have praised the latest update by Uber, but like all other popular apps ...

Business & Finance - Industries & Sectors

Yahoo opens door to deal, unveils big job cuts SAN FRANCISCO: Yahoo on Tuesday said it is cutting 15 percent of its workforce and narrowing its focus as it explores "strategic alternatives" for the future of the faded Internet star.The announcement, coming with the release of a big quarterly loss, offered the first sign that Yahoo may be open to a sale or merger after years of struggling to regain its former glory.The California company reported a loss of $4.43 billion in the final ...

Business & Finance - Industries & Sectors

Late arrival: Renault has mountain to climb in China WUHAN: With China's growth slowing, ruthless competition and virtually no brand recognition, French carmaker Renault is banking on SUVs and a Transformers actress as it confronts an uphill struggle to break into the world's biggest car market.Europe's third largest carmaker acknowledged it was coming late to the party when it opened its first factory in China this week -- years after Japanese behemoth Toyota and US giant General Motors."It's a tricky situation for Renault," Jia ...

Business & Finance - Industries & Sectors

Adele, Bond help revamped Sony escape spectre of losses TOKYO: British pop diva Adele and suave spy James Bond may be unlikely stars in Sony's turnaround, but the firm is betting they are key to a corporate makeover that analysts say still has a long way to go. The company is leaning on movies, music, and soaring sales of the PlayStation videogame console in its bid to scrap years of eye-watering losses -- and it appears to be paying off.Last week, Sony booked a ...

Business & Finance - Industries & Sectors

VW car sales in Germany fall 8.8 percent in January FRANKFURT: Volkswagen's passenger car sales fell 8.8 percent in Germany in January, official registration data showed, while overall car sales in Europe's largest market rose 3.3 percent from a year earlier.German passenger car registrations in January rose to 218,365 vehicles, statistics from Germany's Federal Motor Transport Authority KBA showed.Volkswagen, which has been rocked by an emissions cheating scandal, saw sales of its passenger cars fall to 47,147.Opel, which recently launched a new version of its ...

Business & Finance - Industries & Sectors

Fiat Chrysler and Subaru report higher January sales in Canada MONTREAL: Fiat Chrysler Automobiles NV and Subaru Co Ltd on Tuesday reported slightly higher January auto sales in Canada, as forecasters expect Canadian demand for light vehicles and trucks to level off this year following a record-breaking 2015.FCA Canada reported a total of 18,156 vehicles sold in January, up 1 percent compared with the same month a year earlier, and fueled by stronger demand for the company's Jeep brand vehicles.Subaru Canada Inc said it sold ...