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Dieter Zetsche, chairman of the board of management of Daimler AG, and Ola Kallenius, member of the board of management of Daimler AG, present the Mercedes GLE during a press conference on the first press day of the Paris auto show, in Paris, France, recently. — Reuters
Daimler cuts 2018 profit forecast on diesel woes
FRANKFURT AM MAIN — German luxury automaker Daimler on Friday again cut its profit outlook for 2018, warning that costs related to polluting diesel engines would drag down earnings. The Mercedes-Benz maker, which this year had to recall more than 770,000 diesel cars across Europe, said it now expected earnings before interest and tax (EBIT) to come in "significantly below" last year's figure. The group booked an EBIT of 14.3 billion euros ($16.4 billion) in 2017, and had originally expected to see results "slightly above" that this year. But Daimler was already forced to trim its outlook for a first time four months ago, blaming new tariffs imposed on cars exported from the United States to China as part of President Donald Trump's festering trade spat with...
October 19, 2018

Daimler cuts 2018 profit forecast on diesel woes

File photo shows Procter & Gamble Co. (P&G) corporate headquarters in downtown Cincinnati, Ohio. Procter & Gamble reported higher quarterly profits on Friday, amid solid performance for several key consumer products, but cut its full-year sales forecast due to the strong dollar. — AFP
Procter & Gamble's profits rise despite currency drag
NEW YORK — Consumer goods giant Procter & Gamble plans more price hikes on several consumer products due to increasing material costs and the strong dollar, the company announced Friday as it reported a jump in profits. The cost increases have come amid a series of tariff announcements by US President Donald Trump and retaliatory measures by other governments, which other companies have cited, although P&G executives did not cite the trade conflicts specifically. P&G, whose brands include Tide detergent and Bounty paper towel, previously announced price hikes on toilet paper and other paper goods in the US. Those increases are still being implemented and were largely not reflected in the just-completed quarter, said Chief Financial Officer Jon Moeller said. The company had said those...
October 19, 2018

Procter & Gamble's profits rise despite currency drag

Engro's LNG vessel arrives in Pakistan.
New Pakistani govt seeks to renegotiate LNG terminal deals — minister
ISLAMABAD — Pakistan's new government will renegotiate agreements for two liquefied natural gas (LNG) import terminals, the country's petroleum minister said on Thursday, part of a wider investigation into deals struck by the previous government. Petroleum Minister Ghulam Sarwar Khan said the government of ousted premier Nawaz Sharif agreed to pay too much to Pakistan's Engro Corp Ltd for at least one of the terminals. "The decision is that this will be renegotiated with the parties," Khan told reporters on Thursday. Engro did not address the prospect of renegotiation in a statement late on Thursday. It responded to the minister's suggestion of impropriety by saying the bidding for the contract was done "in an auditable and transparent manner",...
October 19, 2018

New Pakistani govt seeks to renegotiate LNG terminal deals — minister

National Australia Bank (NAB) CEO Andrew Thorburn poses for photographs in front of automatic tellar machines (ATMs) during an official event at a branch in central Sydney, Australia, in this file photo. — Reuters
Australia's NAB cuts 300 staff over wrongdoing
SYDNEY — About 300 staff of National Australia Bank have been fired or left the company as a result of internal investigations into wrongdoing, Chief Executive Andrew Thorburn said on Friday, following public revelations of misconduct across the sector. Thorburn said he was ashamed of the bank's behavior and admitted he had been wrong to oppose a commission of inquiry which has exposed scandal after scandal in the country's greed-driven banking culture. "It's been a particularly difficult and shameful year," Thorburn told a parliamentary committee in his first public comments since the quasi-judicial inquiry began hearing evidence of financial sector wrongdoing earlier this year. More than 1,200 staff had been questioned about their adherence to the bank's...
October 19, 2018

Australia's NAB cuts 300 staff over wrongdoing

Denmark's Prime Minister Lars Lokke Rasmussen and CEO of Confederation of Danish Industry Karsten Dybvad arrive at the opening of P4G at the Confederation of Danish Industries in Copenhagen, in connection with the P4G Summit in Copenhagen, Denmark on Friday. — Reuters
European politicians call for clampdown on tax trade trick
FRANKFURT — European politicians have called for action to tackle dividend stripping after Reuters and other media revealed how large banks were involved in trading schemes that cost taxpayers billions of euros. In Germany's biggest post-war fraud investigation, prosecutors in Cologne are investigating banks involved in the trades, which secured illicit double tax rebates on dividend payouts. Danish authorities are also seeking to recover hundreds of millions of euros in tax rebates they paid out after falling victim to a similar scheme and have filed dozens of lawsuits this year against individuals in the United States. "It is large-scale greed, and we will pursue the culprits," said Danish prime minister Lars Lokke Rasmussen. "That this is a problem across Europe...
October 19, 2018

European politicians call for clampdown on tax trade trick

Ryanair logo is pictured on the the jacket of a cabin crew member ahead of a news conference by Ryanair union representatives in Brussels, Belgium in this recent photo. — Reuters
Ryanair announces more deals with unions in Europe
LONDON — Ryanair on Friday said it has reached agreements with more unions across Europe, as the no-frills Irish airline looks to avoid further strike action threatened by pilots and cabin crew. But UK pilots union BALPA hit back, saying Ryanair had got ahead of itself, while on Thursday Belgian unions representing cabin crew threatened "several strike days before the end of the year" by Europe-wide employees. Ryanair's head of human resources Eddie Wilson said in a company statement Friday: "These signed agreements with our pilot unions in Portugal, the UK, Italy and shortly in Spain, demonstrate the considerable progress we're making in concluding union agreements with our people in our major EU markets." However BALPA General Secretary Brian Strutton...
October 19, 2018

Ryanair announces more deals with unions in Europe

Moody's affirms Saudi Arabia's A1 rating, maintains stable outlook
RIYADH — Moody's Investor Service (Moody's) affirmed the Kingdom's A1 rating with a stable outlook and raised its GDP growth forecasts for the period (2018-2019) to 2.5% and 2.7% respectively, instead of its previous expectations of 1.3% and 1.5% for the same period reported in April this year. These revised numbers from Moody’s even exceed the forecasts of the government announced in the preliminary statement of the 2019 budget announcement. Moody's expects higher oil production to boost the economy, but also expects developments in the non-oil sector to contribute to stronger GDP growth. In its recent review, Moody’s noted that plans to diversify the Kingdom's economy away from oil are likely to contribute to the country's medium and long-term...
October 18, 2018

Moody's affirms Saudi Arabia's A1 rating, maintains stable outlook

Singapore's Prime Minister Lee Hsien Loong poses with Britain's counterpart Theresa May at the ASEM leaders summit in Brussels, Belgium on Thursday. — Reuters
EU builds ties with Asia in face of US protectionism
BRUSSELS — European leaders sought to build support from Asia Thursday in defense of free trade and the fight against climate change, to counter the growing protectionism of President Donald Trump's America. The 28 EU states were joined at a summit in Brussels by more than 20 Asian leaders including Chinese Premier Li Keqiang, Japan's Shinzo Abe and South Korean President Moon Jae-in. Russia's Prime Minister Dmitry Medvedev is also attending, despite tensions over Moscow's alleged cyber attacks on international institutions and the European democratic process. Amid bitter tariff disputes with Washington, the leaders are expected to use the two days of talks to give their backing to the global trading system based on the World Trade Organization (WTO). EU diplomatic...
October 18, 2018

EU builds ties with Asia in face of US protectionism

File photo shows German Chancellor Angela Merkel, Svein Richard Brandtzaeg, president and chief executive Officer of Rolled Products and Norwegian Prime Minister Erna Solberg are seen during the official opening of a production line for the car industry at a branch of Norway's Hydro aluminum company in Grevenbroich, Germany. — Reuters
Norway, EU ask WTO to set up panel on US steel, aluminium tariffs
OSLO — Norway, the European Union and several other countries asked the World Trade Organization (WTO) on Thursday to set up a dispute resolution panel to address US tariffs on steel and aluminum. The United States imposed a 25 percent duty on steel imports and a 10 percent tariff on aluminum imports, effective from March 23 in what US. President Donald Trump said was a move to protect US metal makers. "We believe that additional US duty on steel and aluminum is contrary to WTO rules," Norwegian Foreign Minister Ine Eriksen Soereide said in a statement. "Therefore, together with the EU and several others, we asked today the WTO to establish a dispute resolution panel on the US additional duty," she said. Norway said initial consultations with the United States had...
October 18, 2018

Norway, EU ask WTO to set up panel on US steel, aluminium tariffs

The reflection of a worker is seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China. — Reuters
Chinese electric car makers, nurtured by state, now look for way out of glut
HANGZHOU, China, — Humming away in an industrial estate in the eastern Chinese resort city of Hangzhou, electric vehicle designer Automagic is one of hundreds of companies looking to ride the country's wave of investment in clean transportation. The company wants to find a niche in a crowded sector that already includes renewable equipment manufacturers, battery makers and property developers like the Evergrande Group, as well as established auto giants. But not all of these electric vehicle hopefuls will make it to the finish line. "This (large number of firms) is inevitable, because whenever there is an emerging technology or emerging industry, there must be a hundred schools of thought and a hundred flowers blooming," said Zhou Xuan, Automagic's general manager,...
October 18, 2018

Chinese electric car makers, nurtured by state, now look for way out of glut

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