Thursday, 21 April 2016

Mitsubishi admits falsifying fuel-efficiency tests

2016-04-21 JAPANESE automaker Mitsubishi on Wednesday admitted it falsified fuel-efficiency tests in more than 600,000 vehicles, after reports of misconduct sent its Tokyo-listed shares crashing. The embarrassing revelation comes in the wake of a massive...

Saudi Arabia close to securing US$10 billion bank loan

2016-04-21 SAUDI Arabia is close to securing a US$10 billion, five-year bank loan, the government’s first significant foreign borrowing for over a decade, as the world’s top oil exporter seeks to fill a record budget gap caused by low crude prices.The kingdom...

German gov’t sees economy growing by 1.7% in 2016, 1.5% in 2017

2016-04-21 THE German government is pencilling in economic growth of 1.7 per cent for the current year and 1.5 per cent next year, economy minister Sigmar Gabriel said on Wednesday.The forecast for 2016 growth of Germany’s gross domestic product (GDP) is...

Coca-Cola’s Q1 profit slips, strong dollar hits sales

2016-04-21 COCA-COLA’S profit slipped in the first quarter as the world’s biggest beverage maker was squeezed by a strong dollar and charges related to the transformation of its North American operations.The maker of Sprite, Fanta and Dasani said global...

Intel gambit aims for position in post-PC world

2016-04-21 THE massive shakeup announced by Intel reflects the rapid changes in the tech sector and aims to position the Silicon Valley titan for a post-PC world.The chip-making giant on Tuesday said it was cutting up to 11 per cent of its global workforce,...

Wednesday, 20 April 2016

Top investors urge leaders to sign Paris climate accord

2016-04-20 GLOBAL firms responsible for tens of trillions of dollars in investments yesterday urged the world’s leading economies to sign the landmark Paris accord to limit global warming adopted at a UN summit in December.Seven organisations that represent...

How ChemChina tried to gatecrash Shell’s BG mega-deal

2016-04-20 CHEMICAL giant ChemChina approached BG Group with a possible bid late last year, just as Royal Dutch Shell was preparing to close a US$52 billion deal to buy the British energy company, seven banking and industry sources with knowledge of the...

Oil rises as Kuwaitis strike

2016-04-20 OIL prices rose on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday’s failure by producers to agree to freeze output levels.Thousands of Kuwaiti oil...

Netflix’s global push seen needing local touch

2016-04-20 NETFLIX Inc is thinking global but needs to act more local to realise its full potential, analysts said after the company’s subscriber forecasts came up short of expectations. The company’s high-flying stock, up by a third in the past 12 months,...

German court rejects Adidas bid to block new Puma shoes

2016-04-20 A GERMAN court has rejected an attempt by Adidas to stop its smaller rival Puma from selling a new line of shoes with light-weight, bouncy soles similar to its popular “Boost” brand. The two sportswear companies have a fierce rivalry that dates...

Tuesday, 19 April 2016

Oil prices slide after demise of freeze plan

2016-04-19 OIL prices slid yesterday after a meeting between major producing nations on a proposed output freeze fell apart, leaving the world grappling with an excess of unwanted crude. Oil exporting nations, including non-OPEC Russia, had gathered in the...

Monday, 18 April 2016

Argentina to borrow cash again, 15 years after default

2016-04-18 ARGENTINA seeks to end 15 years of financial isolation today when it sets out to borrow cash on international credit markets for the first time since a 2001 default. The country is looking to boost its struggling economy and settle a 15-year...

Finance leaders pledge effort to boost global growth

2016-04-18 FINANCE officials on Saturday pledged a more forceful effort to stimulate a sluggish global economy. The hope is that stronger growth can boost long-stagnant wages and combat a rising backlash against globalisation. The finance leaders said they...

Countries look to draw expatriate cash with diaspora bonds

2016-04-18 A GROWING roster of developing states are turning to their compatriots abroad to raise cash by marketing “diaspora bonds”, a funding strategy successfully pioneered by India and Israel but sometimes tricky to imitate. Some 250 million people,...

Long views, deep pockets: Danish foundations keep pharma groups healthy

2016-04-18 DENMARK’S biopharmaceutical sector, led by insulin giant Novo Nordisk, is experiencing a golden age as researchers reap the rewards of a unique ownership structure: deep-pocketed, non-profit foundations. In a country where pigs outnumber humans,...

Saturday, 16 April 2016

IKEA finalising a big overhaul

2016-04-16 IN TWO medieval Dutch cities, IKEA’s most senior executives are finalising the biggest overhaul at the Swedish-born furniture empire in over 30 years.The aim is to help the world’s largest furniture seller better adapt to changing consumer tastes,...

Friday, 15 April 2016

IN-BRIEF

2016-04-15 GoPro shares jump with hire of Apple designerSAN FRANCISCO: Shares of GoPro jumped on Wednesday on word that the troubled maker of mini-cameras popular for capturing first-person action had hired a longtime Apple designer. GoPro shares were up...

Saudi shakes up its economy

2016-04-15 IN LATE February, several hundred Saudi officials, company executives and foreign consultants gathered in a luxury Riyadh hotel to discuss how Saudi Arabia’s economy could survive an era of cheap oil. One company manager at the event told Reuters...

Geely to launch new car brand

2016-04-15 CHINESE automaker Geely will launch a new brand next year, codenamed ‘L’, with cars based on joint architecture developed with Volvo, three people with knowledge of the matter told Reuters.The brand will launch with a sport-utility vehicle - the...

Thursday, 14 April 2016

Oil price rally peters out

2016-04-14 OIL prices retreated on Wednesday as a rally fuelled by reports Saudi Arabia and Russia had agreed to an output freeze petered out. Prices shot to 2016 highs on Tuesday, as reports that two of the world’s biggest crude producers had reached a...