12082016Thu
Last update: Thu, 08 Dec 2016 05am

Industries & Sectors

Business & Finance - Industries & Sectors

Taiwan's TransAsia closes down after fatal air crashes TAIPEI: Taiwan's troubled TransAsia Airways said Tuesday it would close down after two deadly plane crashes, massive financial losses and an insider trading probe. Board members reached the decision at a hastily called meeting, with all flights immediately axed.Chief executive officer Liu Tung-ming bowed in a sign of contrition as he told reporters of the "painful" decision. "I'm sorry that our recent efforts could not meet public expectations," Liu said. "The board meeting convened today has approved the decision to dissolve the company and suspend all flights from today."The decision will be formalised by a shareholders' meeting next January. "We choose to dissolve the company at this time when we are still able to take care of our employees and passengers," said chairman Vincent Lin.He promised to fully refund all tickets and said the suspension of flights was estimated to affect 100,000 passengers.The dramatic crash of flight GE235 in February ...

Business & Finance - Industries & Sectors

VW aims to be global leader in electric cars by 2025: brand chief FRANKFURT AM MAIN: Volkswagen aims to be the world leader in electric cars by 2025, brand chief Herbert Diess said Tuesday, as the German car giant shifts its focus to clean-energy vehicles after the dieselgate emissions cheating scandal."By 2025 we plan to sell one million electric cars per year, and by then we also want to be the global market leader in electromobility," Diess said at a presentation of the brand's future plans."Going forward our ...

Business & Finance - Industries & Sectors

Nissan sells autoparts firm stake in corporate shakeup TOKYO: Nissan said Tuesday it is selling its stake in auto parts company Calsonic Kansei as the Japanese firm casts off non-core businesses to focus on electric vehicles and self-driving cars.The automaker is hiving off its 41 percent stake to US buyout firm KKR, which is buying Japan-based Calsonic in a deal valued at about $4.5 billion.KKR is paying 1,860 yen ($17) per share for Calsonic, which makes vehicle interiors, climate control systems, compressors, exhaust ...

Business & Finance - Industries & Sectors

Honda CEO says to stick with N.American production plans for now TOKYO: Honda Motor Co. will stick with its North American production plans as it waits to see if U.S. President-elect Donald Trump will follow through on a campaign pledge to dump the North American Free Trade Agreement (NAFTA) when he takes office, the automaker's CEO said on Monday."It is still unclear what Trump's policies will be. We can't suddenly make production changes and that is a problem not just for us but for all automakers ...

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Facebook says to create 500 more jobs at new London HQ LONDON: Facebook will open a new London headquarters next year and create another 500 jobs, the leading social network said Monday, despite uncertainty over Brexit.The group said the move will take its British workforce to 1,500 staff, adding that Britain "remains one of the best places to be a tech company", amid ongoing jitters over the nation's looming exit from the European Union.Copyright AFP (Agence France-Presse), 2016 ...

Business & Finance - Industries & Sectors

Africa looks to solar for communities off the grid DAKAR/NAIROBI: Above the sacks of seeds and coal, three kerosene lamps gather dust in the tiny shed that Kenyan chicken farmer Bernard calls home.He prefers to use solar energy to light up his evenings, listen to the radio or watch television, after abandoning a diesel generator he said was expensive to maintain and burned fuel too quickly."Solar panels are a good, cheap solution," he told AFP.Across the continent, consumers are opting for their own off-grid ...

Business & Finance - Industries & Sectors

VW no longer expects tax demands in Germany related to diesel scandal FRANKFURT: Volkswagen does not expect the German government to make tax demands to cover revenue losses related to the carmaker's diesel scandal, a company spokesman said on Saturday. In Germany, motor vehicle taxes are tied to the volume of carbon dioxide emissions, among other things.VW, Europe's largest carmaker, has admitted using emissions-cheating software in a scandal that tarnished its image and left it facing billions of euros in fines and settlements.Last year, Volkswagen promised to ...