08302016Tue
Last update: Tue, 30 Aug 2016 09am

Company News: World

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Unexpectedly strong growth in high-margin packaged software licenses fuelled quarterly earnings of Europe's largest software company SAP, which confirmed its full-year outlook.
Luxury automaker Lamborghini expects to at least double production to 7,000 vehicles a year by 2019 once it rolls out a new SUV, but it will not lose its focus on making sports cars, Chief Executive Officer Stefano Domenicali said Tuesday.
Italian luxury goods maker Prada predicted a return to sales and profit growth next year, partly helped by improved sales trends in China, after posting a 25 percent drop in first-half underlying earnings and net profit. The group, which has been hard hit by the global luxury spending slump, said in a statement it saw 2016 as "a turning point from where the group will return to growth."
Swedish truckmaker Volvo reported better than expected second-quarter earnings on Tuesday as cost cuts and rising European sales helped fortify it against slumping US demand for commercial vehicles. Heavy-duty trucks, where Volvo is competing with Germany's Daimler and Volkswagen, are benefiting from strong demand across Europe while battling downturns across the Atlantic.
British bank Barclays saw first-half net profits tumble by almost a third, hit by non-core losses and an impairment at its French retail division, it said Friday. Turning to Britain's recent EU exit referendum, Barclays - which had backed the unsuccessful Remain campaign - said it was well placed to survive any economic fallout.
China Petroleum and Chemical Corporation, or Sinopec Corp, said on Sunday its net profit fell 21.6 percent in the first half of 2016, hurt by a steep decline in international oil prices. The state-controlled energy firm, Asia's largest refiner, said in a separate statement that Dai Houliang had replaced Li Chunguang as company president and become vice chairman of the board. It said Chunguang had resigned due to his age.
Malaysia's biggest lender Malayan Banking Bhd (Maybank) said on Thursday it is keeping a close watch on loans made to the oil and gas sector, after posting a 27 percent drop in quarterly net profit as allowances for loan impairment losses tripled.