Business » World

Saturday, 26 July 2014

LVMH results dim luxury goods outlook

2014-07-26 THE outlook for the luxury goods industry darkened on Friday as poor results from industry leader LVMH showed how the strong euro and political protests in Hong Kong were major factors curbing spending by Chinese and Russian customers.Shares in...

Friday, 25 July 2014

In Brief

2014-07-25 IMF says Gaza conflict already has economic costsWASHINGTON: Israel and Gaza are already facing economic costs from the fighting between them that has raged for the past two weeks, a spokesman from the International Monetary Fund said on Thursday....

Recalls hit GM Q2 profit

2014-07-25 GENERAL Motors on Thursday posted a sharp drop in second-quarter profit as the automaker took heavy charges for safety recalls and a compensation fund for victims of faulty ignition switches. GM net profit dived 85 per cent to US$190 million,...

Restructured Nokia jumps back to black

2014-07-25 FINNISH telecom equipment group Nokia jumped back into profit in the second quarter, it reported on Thursday, boosted by restructuring after it lost its leading position in handsets and sold its phone division to Microsoft.The group reported a net...

Wednesday, 23 July 2014

IMF raises Germany growth forecasts

2014-07-23 THE International Monetary Fund raised its forecast for Germany’s growth on Monday, shrugging off concerns of a slowdown in the eurozone’s largest economy.Germany is expected to grow by 1.9 per cent this year, the Washington-based body said in its...

Apple asks suppliers to produce up to 80m large-screen iPhones: WSJ

2014-07-23 APPLE Inc has asked suppliers to manufacture between 70 million and 80 million of its two forthcoming large-screen iPhones by the end of the year, its largest initial production run of iPhones, the Wall Street Journal reported, citing people...

Saudi to open bourse to foreigners in early 2015

2014-07-23 SAUDI Arabia plans to open its stock market, the Arab world's biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said yesterday.The opening of the Saudi market, capitalised at about...

Over 30 financial institutions defrauded by phone apps

2014-07-23 MORE than 30 financial institutions in six countries have been defrauded by sophisticated criminal software that convinces bank customers to install rogue smartphone programs, a major security company reported yesterday.Though many of the elements...

Facebook lets users squirrel online tidbits away

2014-07-23 FACEBOOK yesterday began letting people squirrel away online tidbits such as links to chew on more thoroughly later.“Now you can save items that you find on Facebook to check out later when you have more time,” software engineer Daniel Giambalvo...

Yahoo builds mobile muscle with purchase of Flurry

2014-07-23 YAHOO continued its quest for renewed relevance with the purchase of a startup specialising in analysing and making money from mobile applications. Yahoo did not disclose how much it paid for San Francisco-based Flurry, but online reports valued...

Tuesday, 22 July 2014

Over 100 expressions of interest in Holcim, Lafarge assets

2014-07-22 CEMENT makers Holcim and Lafarge have received more than 100 expressions of interest in assets they must sell ahead of their planned merger, the Swiss company’s chief executive said yesterday.The two companies proposed a multi-billion euro series...

UK offers more workers choice to cash in pension savings

2014-07-22 BRITAIN will give more workers a choice to cash in their pension savings, the government said yesterday, expanding reforms set out earlier this year that hit insurers’ share prices.Finance minister George Osborne caught Britain’s pensions industry...

German discount store chain founder dies at 94

2014-07-22 KARL Albrecht, one of the co-founders of the German discount supermarket chain Aldi and one of the country’s richest men, has died aged 94, Aldi announced yesterday.“We mourn the death of our company founder, Karl Albrecht,” the company said in a...

Some Chinese carbon projects to exit UN offset market if allowed

2014-07-22 SOME developers of projects to cut carbon emissions in developing nations, particularly China, are likely to pull out of the UN offset scheme and move to markets with higher prices, if plans to allow them to exit are implemented.At a meeting last...

British retailer Tesco says chief executive steps down

2014-07-22 BRITAIN’S biggest retailer Tesco said yesterday that Chief Executive Philip Clarke will step down in October, as the troubled supermarket giant warned that first-half sales and profits would miss expectations.Clarke, who has been at the helm for...

RJ Reynolds vows to fight US$23.6b in damages

2014-07-22 THE No 2 US cigarette maker is vowing to fight a jury verdict of US$23.6 billion in punitive damages in a lawsuit filed by the widow of a longtime smoker who died of lung cancer.R.J. Reynolds Tobacco Co. executive J. Jeffery Raborn has called the...

China, Switzerland ink yuan swap deal

2014-07-22 THE Swiss and Chinese central banks signed a currency swap agreement in Beijing yesterday, marking an important step in the development of a market for yuan in Switzerland, the Swiss central bank BNS said. The agreement, highlighting steps towards...

Monday, 21 July 2014

Magazine business transforms: from months to moments

2014-07-21 DUNCAN Edwards may run an enviable portfolio of magazines, including Cosmopolitan, Elle, Esquire and Harper’s Bazaar, but he admits an ingrained old-school mindset has cost the publisher the digital initiative. Faced with competition from the...

China’s Xi hails ‘new horizons’ in ties with Argentina

2014-07-21 RELATIONS between Argentina and China are poised to reach unprecedented “new horizons”, visiting Chinese President Xi Jinping said Saturday, addressing lawmakers in Buenos Aires during his summit visit here.Xi is on a Latin American charm offensive...

BRICS shake up global economic architecture

2014-07-21 BY CREATING their own multilateral financial institutions, the BRICS emerging-market powers are shaking up global economic governance but remain far from dismantling the post-war system dominated by the West.For the past 70 years, the International...

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