Business » World

Tuesday, 28 April 2015

India seeks first cut in LNG imports under Qatar deal

2015-04-28 INDIA is in talks with Qatar to import at least 10 per cent less liquefied natural gas (LNG) under a long-term deal after a slide in spot prices has cut demand by local buyers, an Indian government source with knowledge of the negotiations said.New...

Volkswagen investors hope changes can usher in good

2015-04-28 INVESTORS hope that Volkswagen will be able to revive profitability at its core division, cure underperformance overseas and bury lingering plans for acquisitions after the resignation of Chairman Ferdinand Piech.Piech, the mastermind of VW’s...

Monday, 27 April 2015

End of Egypt’s currency black market brings new challenges

2015-04-27 EGYPT’S currency black market, a thorn in the side of successive governments, has virtually disappeared in the past two months following a central bank crackdown.Yet, while the authorities hope this will signal to foreign investors that the...

Sweets, soup vanish as Pakistan aims for halal export boost

2015-04-27 FRUITY sweets and packets of chicken soup that fall foul of halal laws are disappearing from Pakistan’s shop counters as the country looks to clean up its Islamic food credentials to boost exports to rich Gulf states.At the start of the year the...

Like shale oil, solar power shakes up global energy

2015-04-27 ONE by one, Japan is turning off the lights at the giant oil-fired power plants that propelled it to the ranks of the world’s top industrialised nations. With nuclear power in the doldrums after the Fukushima disaster, it’s solar energy that is...

Deutsche Bank Q1 profits fall 50% over litigation costs

2015-04-27 DEUTSCHE Bank said Sunday its profits fell around 50 per cent year on year in the first quarter over legal costs from a rate-rigging case brought by US and British authorities.Net profits came to 559 million euros (US$608 million) for the period...

Islamic reinsurance to get new ‘face-lift’

2015-04-27 ISLAMIC reinsurance (retakaful) is getting a face-lift because of new entrants and a widening market for syariah-compliant insurance products, helping move the industry away from long-standing reliance on conventional reinsurance lines.Takaful is a...

India’s SMEs still to be convinced by biz-friendly prime minister

2015-04-27 WHILE Narendra Modi may be the talk of India’s titans of industry, bosses of the army of small and medium-sized businesses (SMEs) are beginning to grow impatient for change a year into his premiership.With the economy now outpacing even China, Modi...

Friday, 24 April 2015

Deutsche Bank fined US$2.5b for rate rigging

2015-04-24 BRITISH and US regulators fined Deutsche Bank US$2.5 billion and its British subsidiary pleaded guilty to criminal wire fraud on Thursday as it became the eighth financial group to settle allegations of rigging interest rate benchmarks.The record...

Logitech moves away from computer mouse, looks to wireless option

2015-04-24 GADGET maker Logitech International SA said on Thursday quarterly operating profit fell 34 per cent on steep currency declines and shrinking demand for accessories like the computer mouse on which it built its global brand name. Nonetheless,...

Thursday, 23 April 2015

Oil extends losses as Saudis halt Yemen strikes

2015-04-23 GLOBAL oil prices fell on Wednesday after a Saudi-led coalition declared an end to four weeks of air strikes in Yemen, and ahead of a key US supply report.Brent North Sea crude for delivery in June delivery dropped 44 cents to US$61.64 a barrel in...

EU charges Russia’s Gazprom

2015-04-23 THE European Union launched a legal attack on Gazprom on Wednesday, stoking tensions with Moscow as it accused the Russian gas giant of overcharging buyers in Eastern Europe and hindering competition. European Commission antitrust chief Margrethe...

In Brief

2015-04-23 Malaysia's Bank Islamissues first sukuk tranche MALAYSIA’S Bank Islam issued its first sukuk tranche worth 300 million ringgit ($83.13 million) under its 1 billion ringgit sukuk murabahah programme, BIMB Holdings Bhd said on Wednesday. The tranche...

Greek cash seen lasting into June, say officials

2015-04-23 GREECE can scrape together enough cash to meet its payment obligations until June, euro zone and Greek officials said on Wednesday, playing down fears of an imminent default as hopes receded of a deal with its creditors to release fresh aid.Sources...

UK’s Tesco plunges into red

2015-04-23 BRITAIN’S biggest retailer, supermarket group Tesco, announced on Wednesday that it had plunged into a record loss last year as it took a huge writedown on the value of its property. Tesco, which was hit by a major crisis last October after...

Nokia’s maps unit draws further bidders: Report

2015-04-23 NOKIA’S maps business has drawn interest from potential buyers including Facebook and a consortium of German carmakers made up of BMW, Audi and Daimler, a German magazine reported on Wednesday.Citing people familiar with the matter, Manager...

Volvo ousts CEO and turns to rival Scania for replacement

2015-04-23 SWEDISH truckmaker Volvo named Martin Lundstedt (pic), the head of rival Volkswagen-owned Scania as its chief executive on Wednesday, replacing embattled Olof Persson who has led a sweeping efficiency drive.Volvo, vying for dominance of the truck...

Rolls-Royce appoints tech executive as new CEO

2015-04-23 AIRCRAFT engine maker Rolls-Royce has turned to one of Britain’s most successful technology executives, Warren East, to restore its fortunes after a year marred by falling profit, job cuts and cancelled orders. The British company’s surprise...

Tuesday, 21 April 2015

India’s banks turn to consumer loans to counter corporate slowdown

2015-04-21 INDIAN banks, hoping to offset a slow recovery in corporate lending, are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.Lending to companies has...

Hasbro reports rise in quarterly revenue

2015-04-21 TOYMAKER Hasbro Inc reported a surprise increase in quarterly revenue, helped by strong growth in boys toys such as those based on characters in Transformers movies and Marvel Comics.The company’s shares rose 7.3 per cent to US$70.07 in premarket...

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