Business » World

Saturday, 18 October 2014

Volkswagen to recall more than 500,000 cars in China: report

2014-10-18     VOLKSWAGEN’S Chinese joint venture will recall more than 500,000 cars in China due to a defect in the rear axles, state media said Friday. The German automaker, which has been in China since the 1980s, will recall a total of 581,090 cars,...

Friday, 17 October 2014

Facebook challenging Google in online ad market

2014-10-17 FOR years, Google has been the undisputed leader in online advertising, but Facebook is gaining quickly in the fast-evolving market.Google is still collecting about a third of the US$140 billion Internet ad market in 2014, but Facebook’s share has...

Deflation stalks Europe, inflation hits 5-year low

2014-10-17 DEFLATION hit five peripheral euro zone countries in September as inflation slipped to its lowest for five years and exports faltered, data on Thursday showed, offering little hope that the bloc will avoid its third recession in six years.While...

Volvo will recruit 1,300 in Sweden as sales boom

2014-10-17 CHINESE-OWNED Volvo Car Group said Thursday it was expanding its Swedish workforce by about 1,300 as sales peak, bucking trends in the global auto industry which has been cautious about a gradual recovery. “Volvo Cars will add a third working...

‘All members’ of EU must enforce debt rules: Merkel

2014-10-17 GERMAN Chancellor Angela Merkel said on Thursday she was confident that the European Union would enforce its own budget rulebook with debt sinners, as France faced a reckoning in Brussels.Speaking to parliament, Merkel noted the entire EU had...

Japanese investors lap up M’sian debt

2014-10-17 JAPAN’S purchases of Malaysian debt have hit record levels this year as investors with cheap yen hunt for assets that offer investment grade ratings, low volatility and decent returns.Data from the Bank of Japan and Toushin Investment Trusts...

Indian PM unveils reforms to boost manufacturing

2014-10-17 INDIAN Prime Minister Narendra Modi on Thursday unveiled a string of labour reforms, seeking to fulfil a pledge to boost the country’s manufacturing sector.Modi, whose right-wing Bharatiya Janata Party swept to power in May on a mandate to revive...

S Korean economy depends on one company, opposition says

2014-10-17 SAMSUNG Electronics generated 26 per cent of total South Korean corporate profits last year, boosting worries about the economy’s excessive dependence on a single company. Representative Hong Jong Haak of the main opposition New Politics Alliance...

Thursday, 16 October 2014

BofA reports US$70m loss

2014-10-16 BANK of America (BofA) reported a US$70 million third-quarter loss Wednesday following a US$5.3 billion charge to settle mortgage securities litigation.The loss compared with earnings of US$1.5 billion last year. The bank also had a loss in the...

Wind blows away fossil power in the Nordics

2014-10-16 WIND power is blowing gas and coal-fired turbines out of business in the Nordic countries, and the effects will be felt across the Baltic region as the renewable glut erodes utility margins for thermal power stations.Fossil power plants in Finland...

Chinese, Italian firms sign US$10b deals

2014-10-16 CHINESE and Italian companies signed deals worth 8 billion euros (more than US$10 billion) here Tuesday, a highlight of Chinese Premier Li Keqiang’s visit to Italy.The deals were signed by business leaders from the Chinese-Italian committee of...

In Brief

2014-10-16 EU orders Ryanair to repay aid to German airportDUBLIN: The European Commission has ordered Ryanair to repay more than 300,000 euros (US$400,000) provided by a German airport to sustain the Irish budget airline’s business, ruling it amounted to...

Wednesday, 15 October 2014

Citi profits up, exits 11 consumer bank markets

2014-10-15 CITIGROUP yesterday reported higher third-quarter quarterly earnings on a big jump in revenues as it unveiled plans to exit consumer banking in 11 markets, including Japan. Earnings for the US banking giant were US$3.4 billion, up 6.6 per cent...

Russian gas giant Gazprom half-year profits fall 23% over Ukraine debt

2014-10-15 RUSSIAN gas giant Gazprom yesterday said its year-on-year net profit in the first half of 2014 fell by 23 per cent, as a long-running gas dispute with Ukraine took its toll. Six month profits for the world’s largest gas producer were at 450.58...

Germany cuts growth forecasts in face of geopolitical crises

2014-10-15 THE German government slashed Tuesday its growth forecasts for this year and 2015 due to geopolitical crises and slower-than-expected global expansion.Economy Minister Sigmar Gabriel said in a statement that Berlin was now pencilling in growth of 1...

French bank turns to Twitter for money transfers

2014-10-15 ONE of France’s largest banks launched a service yesterday to allow its customers to transfer money to other people via tweets on social network Twitter Inc.The move by Groupe BPCE, France’s second largest bank by customers, is an effort to attract...

Burberry H1 sales rise

2014-10-15 BRITISH luxury brand Burberry posted a 14 per cent rise in total first half revenue though it cautioned the external environment was becoming more difficult, partly offsetting reduced currency headwinds.The 158-year-old seller of raincoats and...

Tuesday, 14 October 2014

Britain begins process to sell Eurostar

2014-10-14 BRITAIN’S government officially launched on Monday an attempt to sell its 40 per cent stake in Eurostar, the high-speed rail service connecting London with Paris and Brussels. It forms part the state’s plan to recoup £20 billion (US$32.2 billion,...

Eurozone bonds yield near lows

2014-10-14 EUROZONE bond yields held near record lows on Monday as Standard & Poor’s credit rating downgrade of Finland and its cut in France’s outlook to negative added to concerns about a deteriorating global growth outlook.The S&P moves came late...

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