Wednesday, 21 August 2019

Business

Singapore Airlines profit sinks on fuel costs, Virgin Australia losses

SINGAPORE: Singapore Airlines Ltd reported an 81 percent plunge in second-quarter earnings, hurt by higher fuel prices, lower airfares and non-cash losses at its part-owned Virgin Australia Holdings Ltd. The airline said bookings in the coming months were expected to be stronger year-on-year. “However, headwinds continue to persist in the ...

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Nestle raises stake in food allergy drug developer Aimmune

LONDON: The health science arm of Nestle SA will pay $98 million to raise its stake in Aimmune Therapeutics Inc, the drug developer said, as it prepares to submit a marketing application for its peanut allergy drug by the end of the year. The deal raises Nestle’s stake to about ...

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Vodafone’s new CEO to cut costs, review tower assets

LONDON: Vodafone’s new chief executive  said he would reduce operating costs by 1.2 billion euros by 2021 and review its tower assets to drive returns after its organic revenue grew by 0.8 percent in the first half. “My new strategic priorities focus on (…) radically simplifying our operating model and ...

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Goldman Sachs ‘cheated’ Malaysia over 1MDB: PM Mahathir

KULA LUMPUR: Goldman Sachs Group Inc “cheated” Malaysia over its dealings with state fund 1MDB which is the subject of corruption and money-laundering investigations, Prime Minister Mahathir Mohamad told CNBC in an interview. The United States, Malaysia and at least four other countries are investigating how billions of dollars went ...

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China scours social media, erases thousands of accounts

BEIJING: China’s top cyber authority has scrubbed 9,800 social media accounts of independent news providers deemed to have posted sensational, vulgar or politically harmful content on the Internet, it said. China’s strict online censorship rules have tightened in recent years with new legislation to restrict media outlets, surveillance measures for ...

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Allianz upbeat after profits jump on fewer disasters

FRANKFURT: German insurance giant Allianz on Friday confirmed its full-year outlook after a “strong” third quarter boosted by lower claims for natural disasters. Net profit attributable to shareholders at the Munich-based group climbed 24 percent to 1.9 billion billion euros ($2.2 billion) between July and September year-on-year, beating analyst expectations. ...

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ECB concerned about Commerzbank strategy

FRANKFURT: Supervisors at the European Central Bank have conducted a special audit of Commerzbank’s  business plans until 2021 and discovered major weaknesses, a German newspaper reported on Friday. The Sueddeutsche Zeitung, citing unnamed supervisory sources, said the ECB was particularly concerned about the German lender’s business for corporate clients, an ...

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IMF delegation in Pakistan for bailout talks

Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package.

ISLAMABAD: A delegation of the International Monetary Fund (IMF) arrived in Islamabad today for talks on a bailout package. The delegation will be in the country for two weeks. “In the first phase, IMF’s technical team will hold talks with Pakistani officials. Pakistan will inform the money watchdog about the ...

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Ericsson raises 2020 sales target as recovery gains pace

LONDON: Ericsson on Thursday raised its sales target for 2020, driven mainly by a recovery in its hard-hit networks business and cost-savings gains. The mobile telecom equipment maker now aims for net sales of 210-220 billion Swedish crowns ($23.3-24.4 billion), up from earlier guidance of 190-200 billion. After years of ...

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