06292016Wed
Last update: Wed, 29 Jun 2016 10am

Industries & Sectors

Business & Finance - Industries & Sectors

VW supervisory board mulls damage claims against current, former execs HANOVER: Volkswagen's supervisory board is studying the possibility of claiming damages from current and former members of the carmaker's management board in relation to its diesel emissions scandal, Chairman Hans Dieter Poetsch said. Volkswagen's (VW) supervisory board on Tuesday stood by a decision to endorse the former top management's actions in 2015 but is also examining whether it will claim damages from VW's current and former top executives, Poetsch said on Wednesday at the carmaker's annual shareholder meeting.Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Nissan says CEO Ghosn's salary rose 3.5 percent last year YOKOHAMA: Nissan Motor Co on Wednesday said that it paid CEO Carlos Ghosn 1.1 billion yen ($10.2 million) in the last business year, up 3.5 percent from the previous year.Ghosn, who also serves as CEO for Nissan's alliance partner Renault, received a separate annual salary of 7.2 million euros for 2015 from the French automaker, defying a shareholder vote against the chief executive's package in April.His compensation has drawn regular criticism from the French government, ...

Business & Finance - Industries & Sectors

Mitsubishi Motors sees annual net loss of $1.4bn on mileage scandal TOKYO: Mitsubishi Motors Corp forecast a net loss of 145 billion yen ($1.4 billion) for this business year as it faces hefty compensation costs and falling sales in the wake of a mileage-cheating scandal.The company admitted in April to overstating the mileage on four of its minivehicles, including two models it produced for Nissan Motor Co - problems it blamed on competitive pressures and poor oversight.Nissan has agreed to take a one-third controlling stake in ...

Business & Finance - Industries & Sectors

VW faces shareholders' wrath over emissions scandal HANOVER: Embattled German auto giant Volkswagen will come under fire from its shareholders at its annual meeting Wednesday as it struggles to steer itself out of an unprecedented engine-rigging scandal.Nine months after the "Dieselgate" affair, when it emerged VW had installed emissions-cheating software into 11 million diesel engines worldwide, the former paragon of German industry is still nowhere near drawing a line under its deepest ever crisis.The costs of the affair are still incalculable and ...

Business & Finance - Industries & Sectors

SoftBank names domestic telecom chief Miyauchi as president TOKYO: SoftBank Group Corp said Wednesday that Ken Miyauchi, head of the group's Japanese telecommunications operations, would become president and chief operating officer to replace Nikesh Arora. Arora, the former Google executive handpicked by the SoftBank founder Masayoshi Son as his successor, has abruptly quit as president after it became clear that Son wanted to remain at the helm longer than first planned.Copyright Reuters, 2016 ...

Business & Finance - Industries & Sectors

Boeing nears landmark deal to sell planes to Iran Air NEW YORK: US aerospace giant Boeing and Iran Air confirmed Tuesday a tentative deal for the sale of passenger planes, in what could prove a landmark for easing in the difficult US-Iran relationship.The deal, valued as much as $25 billion, would be the largest between a US business and Iran since the 1979 Islamic revolution.Boeing said it had reached a preliminary agreement with the state-owned carrier as it seeks to check the boxes in a ...

Business & Finance - Industries & Sectors

Yahoo's Tumblr unveils live video SAN FRANCISCO: Tumblr, the Yahoo-owned blogging platform, said Tuesday it was launching live video to help compete against similar offerings from Facebook and Twitter.The new feature, unlike Facebook Live and Twitter's Periscope, won't have its own underlying technology platform but will allow users to post from YouTube and other video services."By the end of today, you'll be able to broadcast yourself directly into your followers' dashboards," said a Tumblr statement."And they'll be able to broadcast ...