07302016Sat
Last update: Sat, 30 Jul 2016 11pm

Industries & Sectors

Business & Finance - Industries & Sectors

British Airways owner cuts outlook on Brexit LONDON: International Airlines Group, owner of BA and Iberia, lowered its annual earnings forecast on Friday following the recent Brexit vote.The group, which also owns Ireland's Aer Lingus and Spain's Iberia, predicted that operating profit would see "low double-digit percentage growth" in 2016.That contrasted sharply with the 70 percent increase that was forecast prior to the shock June 23 EU exit vote.IAG had already warned one day after the referendum that it would unlikely meet its target, given the slumping pound and post-Brexit economic uncertainty."In the lead up to the vote we witnessed softer than expected trading, principally with UK corporates," said IAG chief executive Willie Walsh on a conference call. "Had the vote gone the other way we would have expected that to bounce back. Clearly that didn't happen and that trend has continued."Walsh said a recovery would come "at some point," but suggested it was too early to ...

Business & Finance - Industries & Sectors

India online giant to cut down 1,000 jobs Flipkart, one of India’s largest e-commerce companies is acting tough on its hundreds of underperforming employees, as it has asked them to either meet targets or else get terminated with severance pay.This decision by the Bengaluru based ecommerce giant that boosts nearly 30,000 employees, is likely to affect some 700 to 1,000 employees, reported Business Insider."In situations where employees do not make progress despite being put on a performance improvement plan, they are encouraged to ...

Business & Finance - Industries & Sectors

Sanofi sticks to targets after profit drop PARIS: French pharmaceutical giant Sanofi on Friday posted a sharp drop in net profit in the second quarter, but said it was confident it would still meet its full-year target of stable earnings.Net profit dropped 11.1 percent to 1.16 billion euros ($1.29 billion) on sales of 8.14 billion euros, down 5.1 percent.Sales fell across most divisions, except in speciality drugs thanks notably to the Genzyme unit, which specialises in the treatment of rare diseases."Our second-quarter ...

Business & Finance - Industries & Sectors

Japan Airlines three-month profit more than halves TOKYO: Japan Airlines said Friday its three-month net profit more than halved as savings from a decline in fuel costs could not make up for weak travel demand at home and abroad.Falling oil prices have helped the carrier's bottom line -- fuel is often an airline's single-biggest expense.JAL said the impact of killer earthquakes in April in western Japan dented tourist travel to the region and thus demand for flights, while revenue on international routes ...

Business & Finance - Industries & Sectors

Sony warns over falling smartphone sales, strong yen TOKYO: Sony on Friday cut its sales forecast for the current fiscal year, citing the impact of a surging yen and slower smartphone sales, as net profits also took a hit.Revenue in the year to March 2017 will be down 5.1 percent from its previous forecast to 7.4 trillion yen ($71 billion), the firm said, adding that net profits in its latest quarter dived 74 percent due to a one-time gain a year earlier and ...

Business & Finance - Industries & Sectors

Microsoft further trims smartphone division jobs SAN FRANCISCO: Microsoft is cutting more jobs from its smartphone hardware and global sales divisions by shedding an additional 2,850 positions, the company said Thursday.The news came in a corporate annual report filing to the US Securities and Exchange Commission.It noted the company had announced in May it was cutting 1,850 jobs and that the new cuts were "an extension of the earlier plan."The cuts are expected to be completed by the end of June ...

Business & Finance - Industries & Sectors

BoJ under pressure for stimulus after weak data TOKYO: All eyes were on the Bank of Japan (BoJ) Friday as more tepid data heaped pressure on policymakers to deliver a one-two punch for the sluggish economy, after Tokyo unveiled a huge growth-boosting package this week.Central bank policymakers wrap up a meeting later in the day as speculation runs high that it will make a move, after a senior government official called on the BoJ this week to join forces with the government.Japanese officials ...