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DUBAI, United States (AFP) — Dubai budget carrier flydubai chalked up a loss of $43.5 million in 2018, it said Wednesday, as airlines across the Gulf struggle with mounting costs and political tensions. The government-owned carrier, a sister of aviation giant Emirates, said total revenue for the year was up just over 12 percent to $1.7 billion. But this was not enough to offset its losses. The loss, a dramatic shift from a $10 million […]
by Elaine YU Agence France-Presse HONG KONG, China (AFP) — Banking giant HSBC said on Tuesday that pre-tax profit rose last year but it suffered a bruising final quarter as worries over the global economy and the US-China trade war began to bite. The London-headquartered behemoth told investors it was still aiming to meet targets despite the looming twin storms of Brexit and the long-running trade impasse between Washington and Beijing. But analysts warned it […]
TOKYO, Japan (AFP) — Japanese automaker Nissan, rocked by the arrest of former chairman Carlos Ghosn, on Tuesday revised downward its full-year forecast as nine-month net profit dropped more than 45 percent. It was Nissan’s first earnings report since Ghosn was arrested on November 19 and then sacked as chairman. He is in detention facing charges of financial misconduct. The firm’s bottom-line profit fell 45.2 percent to 316.7 billion yen ($2.9 billion), said Nissan — […]
MUMBAI, India (AFP) — Shares in India’s Tata Motors tanked almost 30 percent on Friday after problems at its Jaguar Land Rover unit dragged the luxury car-maker to India’s biggest quarterly loss. The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt. It announced Thursday a net loss of 270 billion rupees ($3.8 billion) for the quarter ending December owing to […]
PARIS, France (AFP) — French luxury group Hermes said its sales hit a record just shy of 6 billion euros in 2018 as demand for its iconic bags continues to grow in all parts of the world and particularly in China. Hermes called the 7.5 percent increase over 2017 in “particularly healthy, being based mainly on volume” rather than currency effects, which in fact were a drag overall during the year. The consolidated sales figure […]
TOKYO, Japan (AFP) — Nintendo said Thursday its net profit jumped nearly 25 percent for the nine months to December, riding out the crucial holiday season thanks to blockbuster game titles for its popular Switch console. The Kyoto-based games giant said its bottom-line profit rose 24.9 percent to 168.8 billion yen ($1.6 billion) for the April-December period on sales of 997.3 billion yen, up 16.4 percent. “During the holiday season, software was a great driver […]
LONDON, United Kingdom (AFP) — Royal Dutch Shell on Thursday said that net profit surged 80 percent to $23.4 billion in 2018, thanks to higher oil prices and cost cuts. Profit after tax had come in at almost $13 billion in 2017, Shell said in a statement. “We delivered on our promises for the year, including the completion of the $30 billion divestment program and starting up key growth projects while maintaining discipline on capital […]
by Daphne ROUSSEAU Agence France Presse BERLIN, Germany (AFP) — German software giant SAP said Tuesday it would slash 4,400 jobs in a billion-euro restructuring plan after profits stagnated in 2018, while insisting it was on track to grow revenues and earnings this year. “We are talking about a completely voluntary programme,” chief financial officer Luka Mucic said. The number of job cuts would be “slightly higher” than during a previous overhaul in 2015, […]
NEW YORK, United States (AFP) — Wall Street stocks tumbled Monday at the start of a heavy week for earnings that began with disappointing reports from Caterpillar and others. The Dow Jones Industrial Average dropped 0.9 percent to close the session at 24,528.22. The broad-based S&P 500 shed 0.8 percent to end at 2,643.85, while the tech-rich Nasdaq Composite Index fell 1.1 percent to 7,085.68. Dow member Caterpillar, an industrial company seen as a proxy […]
NEW YORK, United States (AFP) — Global stocks mostly fell Monday as a heavy week of earnings and economic news kicked off with a pair of disappointing US reports that underscored worries about slowing Chinese growth. This week’s calendar includes the resumption of closely-watched US-China trade talks in Washington following a series of tariff announcements and tit-for-tat countermeasures by the two countries against each other. Economists say that and other trade battles are weighing on […]
LOS ANGELES, United States (AFP) — “Aquaman” left other movies in its wake in North American box offices this weekend, taking in $31 million, final figures by industry watcher Exhibitor Relations said Monday. The DC super-hero film, in its third week out, has now taken in a global total of $941 million. That makes it the biggest Warner Bros. comic-book film since “The Dark Knight Rises” earned more than $1 billion in 2012, according to […]
SEOUL, South Korea (AFP) — Samsung Electronics on Tuesday flagged its first quarterly profit drop in two years, painting a grim outlook amid mounting competition from Chinese smartphone makers and declining chip prices. The South Korean tech giant — the world’s top maker of smartphones and memory chips — has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief. But operating […]
