12052016Mon
Last update: Mon, 05 Dec 2016 01pm

Industries & Sectors

Business & Finance - Industries & Sectors

Ford takes Fiesta upmarket to lift profitability            COLOGNE: Ford wants to raise profitability in Europe by adding higher-margin versions of the Fiesta subcompact, its best-selling regional model, the carmaker's top European executive said.High-volume carmakers such as Ford have for several years  been squeezed in a downmarket expansion by luxury rivals including Daimler's Mercedes-Benz and Volkswagen's  Audi.But Ford, which already targets premium buyers with higher-end versions of some of its larger cars under the Vignale label, now wants to take further advantage of that opportunity too.The next-generation Fiesta, unveiled late on Tuesday in front of 2,500 staff, dealers and reporters at its Cologne plant, will come with advanced safety features and cater to more customers with new crossover and upscale variants."Having that kind of special feeling in a mainstream product is where the market is going and where Ford as a brand needs to go to make money in Europe," Ford Europe CEO Jim Farley told Reuters. "We don't want to build commodities anymore."But Farley declined to say what contribution to profitability ...

Business & Finance - Industries & Sectors

Strike slashes 800 Lufthansa flights on Tuesday FRANKFURT AM MAIN: German airline Lufthansa said it had slashed 800 flights Tuesday as pilots walked out for a 48-hour strike following a four-day stoppage last week in a long-running pay dispute.Around 82,000 passengers are affected Tuesday by the latest industrial action, the 15th by the carrier's flight crew since April 2014.While Tuesday's walkout affects short-haul flights, Wednesday will see a further 890 flights cancelled including some long-haul services.Lufthansa failed to obtain an injunction to halt the strike from a Munich court ...

Business & Finance - Industries & Sectors

Shell considering selling its Iraq oil assets LONDON: Royal Dutch Shell is considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal programme, industry sources said on Monday. Shell is seeking to slim down its vast oil and gas portfolio following the $54 billion acquisition of BG Group in February, which transformed it into the world's top liquefied natural gas trader. With oil prices having slumped since 2014 the company wants to focus on ...

Business & Finance - Industries & Sectors

Eni aims to cut stake in Zohr field to 50 pct, could happen quickly MILAN: Italian energy group Eni plans to reduce its stake in the giant Zohr gas field offshore Egypt to 50 percent, Chief Executive Claudio Descalzi said on Monday. The company, which owns the whole concession that includes Zohr, already agreed to sell a 10 percent stake to BP for $375 million last week. In addition, BP will also reimburse Eni around $150 million in past expenditure costs. "We believe we can operate the field with ...

Business & Finance - Industries & Sectors

Boeing says expects appeal of WTO pro-EU subsidy ruling NEW YORK: Boeing expects the US to appeal a World Trade Organization decision Monday that declared illegal a tax credit offered by Washington state, company representatives said. The WTO decision was a win for the European Union on behalf of Airbus, which had argued that a Washington state tax benefit offered to Boeing to build the 777x jetliner was an unfair subsidy which violates global trade rules. "I fully expect this case will be appealed," ...

Business & Finance - Industries & Sectors

Bayer flags possible antitrust selloffs in cotton, canola-Taz FRANKFURT: German drugmaker Bayer expects to sell some cotton and canola seed businesses to allay antitrust regulator's concerns about its planned takeover of Monsanto, the head of Bayer's Crop Science division told German daily Taz. "In North America the combined market share in cotton is indeed quite high. We anticipate that parts of this business may have to be divested," unit head Liam Condon was quoted as saying on Monday. "Another strong market position in ...

Business & Finance - Industries & Sectors

Deutsche Telekom says fixed network outage may be work of hackers FRANKFURT: Hundreds of thousands of Deutsche Telekom customers in Germany have been hit by network outages that could be the work of hackers, the company and government security experts said on Monday. Deutsche Telekom said as many as 900,000, or about 4.5 percent of its 20 million fixed-line customers, began to have problems connecting to its network on Sunday afternoon. The outages affected certain customer routers which are used to dial into the network and ...