08242016Wed
Last update: Wed, 24 Aug 2016 02am

Industries & Sectors

Business & Finance - Industries & Sectors

Mercedes-Benz gives luxury coupe a spin ahead of California show FRANKFURT: Mercedes-Benz gave a sneak preview of a new ultra luxury coupe on Thursday in a sign that Daimler is continuing its push upmarket to turn up the heat on BMW, which owns the Rolls-Royce car brand. A tweet from the @MercedesBenz account teased a photograph showing the outline of a sleek red sports car with the words: "Hot & Cool - Almost 6 meters of ultimate luxury". The Rolls-Royce Phantom is six meters in length. Mercedes declined to say whether this was a prototype vehicle or destined for production, but a spokesman said it will reveal more at the Pebble Beach Concours D'Elegance, a classic car show held in California, later this month. The concours shows 200 of the most prized cars in the world, attracting the world's top car collectors. Mercedes wants to overtake rival BMW to claim the title of biggest selling luxury carmaker. As a result, ...

Business & Finance - Industries & Sectors

Volkswagen plaintiffs' lawyers to seek up to $332.5mn in fees, costs NEW YORK: Plaintiffs' lawyers will seek up to $332.5 million in fees and costs for their work in a $10 billion settlement over claims Volkswagen AG outfitted vehicles with software to cheat on emissions testing, according to a court filing. The filing late on Wednesday in a federal court in California said Volkswagen and the plaintiffs' lawyers had not yet agreed on how much the attorneys will be paid for their work. Volkswagen has agreed ...

Business & Finance - Industries & Sectors

Foxconn clears China's anti-monopoly review for $3.8bn deal with Sharp TOKYO: Taiwan's Foxconn said on Thursday China's anti-monopoly authorities approved its acquisition of Japan's Sharp Corp, paving the way for the world's largest contract electronics manufacturer to seal a $3.8 billion deal. With all necessary regulatory reviews complete, Foxconn and Sharp "will now move to complete the transaction in accordance with our agreement as soon as possible," the Taiwanese company said in a statement. Seeking control of Sharp's advanced panel technology and to strengthen its ...

Business & Finance - Industries & Sectors

Novartis says South Korea employees gave kickbacks, confirms indictment ZURICH: Novartis employees in South Korea gave kickbacks to doctors including paying for their travel abroad, the Swiss drugmaker said on Thursday as it faces scrutiny over illegal practices to boost sales. The Basel-based company confirmed media reports that six current or former employees had been indicted by the Seoul Western District Prosecutors' Office. It declined to comment on whether this might trigger a sales ban in the country, as reported by the Financial Times. ...

Business & Finance - Industries & Sectors

Russia fines Google $6.7mn over anti-trust charge MOSCOW: Russia's anti-trust authority on Thursday fined Google 438 million rubles ($6.75 million) after finding it guilty of abusing its dominant market position by forcing smartphone makers to install its search engine on Androids.The Federal Antimonopoly Service (FAS) in September last year deemed Google in breach of a law on "protecting competition" after an investigation following a complaint by Russia's largest search engine, Yandex.Yandex asked the anti-trust authorities to prevent Android phones from being automatically ...

Business & Finance - Industries & Sectors

Alibaba posts 59pc surge in quarterly revenue SHANGHAI: Chinese e-commerce giant Alibaba saw revenues leap 59 percent year-on-year for the quarter ended in June, it said Thursday, accelerating growth from the previous quarter.Revenue for the company, seen as a proxy for China's increasingly crucial consumer sector, reached 32.15 billion yuan ($4.83 billion) in the June quarter, it said in a statement.Copyright AFP (Agence France-Presse), 2016 ...

Business & Finance - Industries & Sectors

VW's Audi posts 2.3 percent rise in July sales BERLIN: Audi sold 2.3 percent more cars in July on growing demand for the redesigned top-selling A4 saloon, though kept trailing behind German luxury rivals BMW and Mercedes-Benz.Audi's global sales increased to 149,400 cars and sport-utility vehicles from 146,073 a year earlier, the Ingolstadt-based carmaker said on Thursday, with its year-to-date deliveries up 5.2 percent to 1.10 million cars.Daimler's Mercedes-Benz last week posted a 9.4 percent increase in sales to 163,770 cars, its best-ever July ...