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Industries & Sectors

Business & Finance - Industries & Sectors

Fiat Chrysler has no agreement to sell stake to China's GAC MILAN: Fiat Chrysler Automobiles has not made any agreement with China's Guangzhou Automobile Group (GAC) to sell a stake, the Italian carmaker's chairman John Elkann said on Wednesday. Fiat Chrysler already has a partnership with GAC that enables it to manufacture in China.Earlier this month an Italian newspaper said GAC was considering making an offer for a majority stake in Fiat.Asked also if French carmaker Peugeot could make a good partner, Elkann said Fiat was looking for a transformational deal. "This (Peugeot) would not fall in this category," Elkann said. According to a report in Les Echos on Tuesday, the French government is weighing a possible sale of part or all of its 14 percent stake in PSA. Elkann, also head of holding company Exor which controls Fiat, was talking at the Exor shareholder meeting. Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Mexican factory exports rebound in April MEXICO CITY: Mexico's factory-made exports rose in April, rebounding from a three-month slump, data showed on Wednesday, while non-oil consumer imports fell in a sign of weaker domestic spending in Latin America's No. 2 economy.Manufactured exports rose nearly 3.1 percent in April from March in seasonally adjusted terms, the national statistics agency INEGI said. Auto exports jumped 10.2 percent while other factory-made goods dipped 0.3 percent, month-on-month.Out of Mexico's total exports of $30.42 billion in ...

Business & Finance - Industries & Sectors

Fitch warns of Bayer downgrade on Monsanto bid FRANKFURT: The international credit rating agency Fitch said Wednesday it would likely downgrade German chemicals and pharmaceuticals giant Bayer if its goes ahead with plans to buy US agrochemicals firm Monsanto for $62 billion (55 billion euros). "Should the transaction go ahead at the conditions offered or with a revised higher offer, Fitch will likely downgrade Bayer's ... ratings by a minimum of two notches," Fitch said in a statement."The acquisition would cause an increase ...

Business & Finance - Industries & Sectors

Royal Dutch Shell says to axe further 2,200 jobs LONDON: Energy giant Royal Dutch Shell on Wednesday said it was cutting at least another 2,200 jobs owing to low oil prices and following its takeover of smaller rival BG Group."Shell staff have today been informed about the progress being made on integrating BG into the company, and on further measures that are necessary to ensure Shell is competitive in a 'lower for longer' oil price environment," the Anglo-Dutch group said in a statement.Shell said ...

Business & Finance - Industries & Sectors

Damlier AG reaches new contract with US diesel engine workers DETROIT: Daimler AG reached a new contract that covers US unionized workers that build diesel engines for heavy trucks at Detroit factory, the United Auto Workers said late Tuesday.UAW Local 163, which represents some 2,300 workers at Daimler's Detroit Diesel division, said its members had ratified a five-year contract that raises compensation for all workers.The new agreement includes a $5,000 signing bonus and a small wage increase.First-year employees made $15 per hour and have to ...

Business & Finance - Industries & Sectors

HP Enterprise plans $8.5bn spinoff, merger SAN FRANCISCO: US technology group Hewlett Packard Enterprise said it plans to spin off and merge its corporate services business in a deal valued at $8.5 billion (7.6 billion euros).The split-off unit is to be merged with Computer Sciences Corp. to create a global corporate technology services giant with expected annual revenues of $26 billion, Hewlett Packard Enterprise (HPE) said in a statement Tuesday.HPE chief executive Meg Whitman described the deal as the "right next ...

Business & Finance - Industries & Sectors

Microsoft to quit mobile phone design, manufacturing: Finnish newspaper HELSINKI: Microsoft Corp will stop designing and manufacturing mobile phones, Finland's Helsingin Sanomat newspaper reported on its website citing an unnamed source.A spokesman for Microsoft Finland declined to comment on the report which said the company had invited its Finland-based phone developers to a meeting in Espoo on Wednesday.The U.S. company entered the phone business in 2014 by buying Finnish firm Nokia's once-dominant handset unit for about $7.2 billion.It failed to turn the business around ...