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A Danske Bank sign is seen at the bank's Estonian branch in Tallinn, Estonia, in this file photo. — Reuters
Danske shares slide as US criminal inquiry spooks investors
COPENHAGEN — Danske Bank's deepening money laundering scandal dragged its shares to a four-year low on Friday as Denmark's biggest bank sought to calm investors over the impact of a U.S. criminal investigation into its Estonian branch. Morten Mosegaard, the bank's interim chief financial officer, said the involvement of the US Department of Justice (DOJ) in an inquiry into alleged money laundering is very different to the case of Latvia's failed ABLV. US authorities in February accused the Latvian bank of covering up money laundering, leading to it being denied dollar funding after the US Treasury proposed invoking a section of the USA Patriot Act, and prompting its rapid demise. "It's very difficult to see any comparison between the two cases," Mosegaard...
October 05, 2018

Danske shares slide as US criminal inquiry spooks investors

The electric car revolution still faces a few hurdles. — AFP
'Not right away': Electric cars still have long road ahead
PARIS — Under dazzling autumn sunshine in the heart of Paris, Marc Fiot steps out of a new Zoe, Renault's flagship all-electric hatchback, and readily declares it "the future". Does that mean the 70-year-old retiree, who says he hasn't missed an edition of the Paris Motor Show since 1966, is ready to join what carmakers insist will be the electric revolution? "Not right away," Fiot says. "What's stopping us is the price — it's a bit expensive for a small car." The base price for a Zoe starts at 23,000 euros ($26,500) in France, and doesn't include battery rental costs — though the government is offering a 6,000 euro clean car rebate. But higher costs relative to traditional vehicles are just one of the hurdles facing the industry...
October 05, 2018

'Not right away': Electric cars still have long road ahead

Europe's consumer affairs commissioner has called for closer scrutiny of budget airline Ryanair, whose planes are visible on the airport.
EU commissioner questions legality of new Ryanair terms
BRUSSELS — Consumer officials should examine budget airline Ryanair's new terms and conditions, as any move to force dissatisfied customers to seek redress in Ireland would be illegal, a top European official said Thursday. Vera Jourova, the European Commissioner for justice and consumer affairs, was responding on Twitter to a media report about the Dublin-based airline changing its terms and conditions. "I read with concern news on Ryanair," wrote Jourova, the European Commissioner for justice and consumer affairs. "The fact that passengers would only have the possibility to seek legal remedies in Ireland is clearly against consumer rules," she added. "I call on Consumer Protection Authorities to examine these practices." She was reacting to an...
October 05, 2018

EU commissioner questions legality of new Ryanair terms

The logo of Samsung Electronics is displayed outside a company's building in Seoul in this file photo. — AFP
Samsung Electronics flags record Q3 operating profit
SEOUL — Samsung Electronics Friday forecast a record operating profit of 17.5 trillion won ($15.4 billion) in the third quarter led by solid demand for its memory chips. Sales for July to September are expected to reach 65 trillion won, the world's largest maker of smartphones and memory chips said in a regulatory filing. The earnings forecast from the South Korean electronics giant beat market consensus of about 17.2 trillion won according to market researcher FnGuide, with analysts expecting a jump in profits on a strong performance by the company's semiconductor unit. Third-quarter operating profit was up 20.4 percent from a year ago while sales jumped by 4.7 percent. "Operating profit seems to be at its peak now," Greg Roh, an analyst at Hyundai Motor...
October 05, 2018

Samsung Electronics flags record Q3 operating profit

In this file photo Elon Musk, CEO of SpaceX and Tesla, speaks during the International Space Station Research and Development Conference at the Omni Shoreham Hotel in Washington, DC. Less than a week after settling fraud charges with the US Securities and Exchange Commission, Musk on Thursday derided the agency on Twitter.
Tesla's Musk mocks SEC as judge demands they justify fraud settlement
NEW YORK — Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive. "Just want to that the Shortseller Enrichment Commission is doing incredible work," Musk, a frequent critic of investors betting against the electric car company, wrote on Twitter. "And the name change is so on point!" The tweet came five days after Musk settled SEC charges that he misled investors in tweets on Aug. 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share. Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman...
October 05, 2018

Tesla's Musk mocks SEC as judge demands they justify fraud settlement

Traffic and people pass by the front of the Unilever building in central London, Britain, in this file photo. — Reuters
Marmite maker Unilever axes move from UK to Netherlands
THE HAGUE — Consumer giant Unilever, owner of iconic brands like Marmite and Dove soap, on Friday ditched its post-Brexit plan to move its main headquarters from London to Rotterdam after a revolt by shareholders. The Anglo-Dutch group, which also makes Ben and Jerry's ice cream, Persil washing powder and PG Tips tea, said it was scrapping a proposal that would have seen its corporate base move to the Netherlands. "We recognize that the proposal has not received support from a significant group of shareholders and therefore consider it appropriate to withdraw," the company said in a statement. The group had originally unveiled the planned switch in March in a symbolic decision that was largely interpreted by analysts as a blow to post-Brexit Britain. It also followed a...
October 05, 2018

Marmite maker Unilever axes move from UK to Netherlands

Saudi British Bank, Alawwal bank Boards recommend merger
RIYADH — The Boards of Directors of The Saudi British Bank (SABB) and Alawwal bank have unanimously recommended a merger of the two banks to their shareholders, creating a franchise that will support more opportunity for customers and help deliver new growth in an ambitious Kingdom.The merger, subject to shareholder and regulatory approval, will create the Kingdom’s third-largest bank, increase its strength in corporate and retail banking, and provide unrivalled access to a global banking network to facilitate the flow of international investment capital into Saudi Arabia.“The combination of SABB and Alawwal bank will create a powerful banking franchise ready to fuel growth in the Kingdom. As Vision 2030 transforms Saudi Arabia, our own transformation will ensure our customers...
October 04, 2018

Saudi British Bank, Alawwal bank Boards recommend merger

File photo shows an Emirates Airbus A380-800 airliner prepares to land at Nice international airport, France. — Reuters
Emirates to reduce flights during Dubai airport runway closure next year
DUBAI — Emirates is to reduce the number of flights it operates by nearly a third for 45 days next year when one of two runways at Dubai International Airport is closed for upgrade work, the airline said on Thursday. The southern runway will be closed from April 16 to May 30, 2019 for resurfacing and replacement of ground lighting and other infrastructure. Dubai International, which handled 88.2 million passengers in 2017, is the base for airlines Emirates and flydubai, and an engine for Dubai's economy, which relies heavily on tourism and travel. "Emirates can confirm that it will be required to reduce its operating schedule by approximately 28 percent during this time," said an airline spokeswoman in a statement. Emirates will cancel some flights, reduce the number of...
October 04, 2018

Emirates to reduce flights during Dubai airport runway closure next year

This combination of file pictures created shows the GMC logo displayed on a truck in Colma, California and a photo of the logo of Japanese automobile manufacturer Honda seen at the Autodromo Nazionale circuit in Monza. General Motors and Honda have joined forces with the tech firm Cruise to develop autonomous vehicles as the race to market self-driving cars continues, the companies announced on Wednesday. — AFP
Honda joins forces with GM's Cruise to develop autonomous vehicles
SAN FRANCISCO — Japanese carmaker Honda has joined forces with the General Motors tech startup Cruise to develop autonomous vehicles as the race to market self-driving cars heats up, the companies announced Wednesday. Honda's investment promises broader market access for the new cars once they are ready for the public. The Japanese government hopes to showcase self-driving cars when Tokyo hosts the Summer Olympics in 2020. With a $2.75 billion commitment in equity and shared development costs over 12 years, Honda joins Japanese conglomerate Softbank in backing the GM venture to create a multi-purpose vehicle that can be manufactured in high volume for use worldwide, the US auto giant said. Major automakers, start-ups and tech firms are racing to develop truly autonomous vehicles,...
October 04, 2018

Honda joins forces with GM's Cruise to develop autonomous vehicles

SoftBank Group head Masayoshi Son (2nd L) and Toyota Motor president Akio Toyoda (2nd R) shake hands as SoftBank representative director and chief technology officer Junichi Miyakawa (L) and Toyota Motor executive vice president Shigeki Tomoyama (R) stand alongside during their joint press conference in Tokyo on Thursday. Japanese car giant Toyota and conglomerate Softbank announced a tie-up to develop self-driving vehicles, the latest massive tie-up as the global race to get autonomous cars on the road accelerates. — AFP
Toyota, Softbank unveil tie-up, eye autonomous vehicle services
TOKYO — Japanese car giant Toyota and conglomerate Softbank on Thursday announced they would create a joint venture to provide "new mobility services" including autonomous vehicles for services such as meal deliveries. The new company will be called "Monet" — short for "mobility network" — and will be 50.25 percent owned by Softbank, with the remainder held by Toyota. Monet would be created by April 2019 and would have an initial capital injection of 2.0 billion yen ($17.5 million), rising eventually to 10 billion yen, said the new firm's CEO Junichi Miyakawa. By the second half of the next decade, the new firm would be rolling out autonomous services using Toyota's battery electric vehicles. "Possibilities include demand-focused...
October 04, 2018

Toyota, Softbank unveil tie-up, eye autonomous vehicle services

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