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Industries & Sectors

Business & Finance - Industries & Sectors

Rolls-Royce shares jump on profit upgrade, bribery settlement LONDON: Shares in Rolls-Royce leapt on Tuesday after the British maker of engines for planes and ships finalised a 671 million-pound ($831 million) deal to settle a lengthy bribery investigation and said 2016 profits beat previous expectations.The agreement draws a line under investigations by British, U.S. and Brazilian authorities into alleged criminal conduct spanning three decades, at least seven jurisdictions and three of the company's business sectors.Coupled with an upbeat profit forecast, it removes a cloud over the business and comes as a boost to CEO Warren East who, since joining in mid-2015, has led a drive to slash costs and restructure the group following a series of profit warnings.Rolls-Royce said it "apologises unreservedly for the conduct that has been uncovered"."We now conduct ourselves in a fundamentally different way. We have zero tolerance of business misconduct of any sort," East said in a statement.The U.S. Department of Justice said on ...

Business & Finance - Industries & Sectors

Bayer-Monsanto to invest $8 bln in US NEW YORK: German chemicals giant Bayer will invest about $8 billion in the United States in agriculture research in conjunction with Monsanto, which it is purchasing, the companies said on Tuesday.The announcement came after a "very productive meeting" last week between President-elect Donald Trump, Bayer CEO Werner Baumann and Monsanto chief Hugh Grant.The joint statement did not however confirm the announcement by a Trump spokesman that Bayer will create "at least 3,000 new US high-tech ...

Business & Finance - Industries & Sectors

Rio Tinto ships more iron ore as prices surge SYDNEY: Mining giant Rio Tinto reported Tuesday a ramp up in iron ore shipments on surging prices, but copper output disappointed amid production issues at its global mines.Prices in key commodities such as iron ore have soared in recent months, supporting producers, with shares in Rio Tinto jumping more than 60 percent from a year ago.Rio said iron ore shipments rose by three percent to 327.6 million tonnes last year compared to 2015, in line ...

Business & Finance - Industries & Sectors

BMW will open Mexican factory in 2019 despite Trump MUNICH: BMW will stick to plans to open a Mexican plant in 2019 despite warnings by US President-elect Donald Trump to slap a border tax on the German brand's vehicles made in Mexico and destined for the United States, an executive said.In an interview with German newspaper Bild published on Sunday, Trump said BMW should build its new car factory in the United States because this would be "much better" for the firm. But BMW ...

Business & Finance - Industries & Sectors

Airbus CEO sees 'flying car' prototype ready by end of year MUNICH: Airbus Group plans to test a prototype for a self-piloted flying car as a way of avoiding gridlock on city roads by the end of the year, the aerospace group's chief executive said on Monday. Airbus last year formed a division called Urban Air Mobility that is exploring concepts such as a vehicle to transport individuals or a helicopter-style vehicle that can carry multiple riders. The aim would be for people to book the ...

Business & Finance - Industries & Sectors

Emirates to open up Dubai luxury lounges to lower-tier frequent flyers DUBAI: Emirates is opening up its lounges at its Dubai hub to lower-tier frequent flyer members in what is the latest move by the world's largest long-haul airline to look for new ways to boost revenues. Emirates, which reported a 75 percent drop in half-year profit in November, had previously restricted access to these lounges to higher-tier frequent flier members and business or first class travellers. In an email sent out to Skywards frequent flier ...

Business & Finance - Industries & Sectors

Saudi carrier Flynas signs deal for 80 Airbus planes RIYADH: Low-cost Saudi carrier Flynas on Monday signed an $8.6 billion deal with European plane manufacturer Airbus to purchase 80 A320neo single-aisle jets.Flynas chairman Ayed al-Jeaid said at the signing ceremony in Riyadh that the deal includes an option for 40 more of the short to medium-haul planes in what airline executives said is a growing domestic market.Bander al-Mohanna, the chief executive of NAS Holding, signed the agreement with Fouad Attar, Middle East director for ...