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Monthly Archives: March 2016

McDonald’s to add more than 1,500 outlets in China, HK, Korea

REUTERS: McDonald’s Corp said on Thursday it planned to add more than 1,500 restaurants in China, Hong Kong and South Korea over the next five years as it focuses on high-growth markets to boost sales. The company also said it was looking for franchisee partners in those markets, where it already has more than 2,800 restaurants, most of them company-owned. ...

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S&P cuts China’s sovereign credit outlook to negative from stable

SINGAPORE: S&P has cut its outlook for China’s sovereign credit rating to negative from stable, with the current rating standing at AA-, the agency said in a statement on Thursday (Mar 31). S&P attributed the decision to concerns that economic rebalancing is likely to proceed more slowly than expected. “We revised the outlook to reflect our expectation that the economic ...

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Takata says report of estimated air bag recall costs untrue

TOKYO: Takata Corp on Thursday (Mar 31) denied that it had calculated the estimated costs of a global recall of its potentially faulty air bag parts, after a Bloomberg News report that it could face US$24 billion in costs in a worst-case scenario. “We have not announced anything to the effect of the report, and it is untrue that we ...

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With Galaxy S7, Samsung rediscovers its mobile mojo

Early indications of stronger-than-expected sales of new Galaxy S7 smartphones suggest technology giant Samsung Electronics Co Ltd is emerging from a two-year decline at its flagship mobile business. Squeezed by Apple in premium products and undercut by Chinese rivals like Huawei in cheaper devices, Samsung’s smartphone profits and global market share have fallen and sapped momentum at South Korea’s most ...

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Where’s the lane? Shabby roads confuse self-driving cars

Volvo’s North American CEO, Lex Kerssemakers, lost his cool as the automaker’s semi-autonomous prototype sporadically refused to drive itself during a press event at the Los Angeles Auto Show. “It can’t find the lane markings!” Kerssemakers griped to Mayor Eric Garcetti, who was at the wheel. “You need to paint the roads here!” Shoddy infrastructure has become a roadblock to ...

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Mubadala profit up 12.4pc; revenues hit $9.3bn

Mubadala Development Company (Mubadala), th$9.3bne Abu Dhabi-based investment and development company, posted a 12.4 percent rise in 2015 profit, aided by higher income from investments and a one-off gain. Unlisted Mubadala is among the few state-controlled firms of Abu Dhabi to publish results. It has stakes in General Electric and private equity firm Carlyle, among others, and interests including energy ...

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Taqa slashes 2016 capital expenditure

Abu Dhabi National Energy Company (Taqa) has slashed its proposed capital expenditure for 2016 despite reporting on Thursday a narrower fourth-quarter loss, as the company is impacted by lower oil prices. Global oil firms have been scaling back investments and cutting costs to cope with a slump in the price of crude. Taqa, 75 percent owned by the government of ...

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Opec output rises in March over Iran, Iraq growth

  Opec oil output is rising in March as higher supply from Iran after the lifting of sanctions and near-record exports from southern Iraq offset maintenance and outages in smaller producers, according to a new report. Opec oil output is rising in March, a Reuters survey found, as higher supply from Iran after the lifting of sanctions and near-record exports ...

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Arbitration Begins in Enrica Lexie Dispute

India and Italy began arguments in a case before the Permanent Court of Arbitration at the Hague over the custody of an Italian marine accused of shooting Indian fishermen during the Enrica Lexie incident in 2012. Sergeant Salvatore Girone is presently detained in India on murder charges over the shooting, which resulted in the deaths of two Indian fishermen. Girone ...

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Production Milestone for Russia’s Prirazlomnoye Field

This month, the 10-millionth barrel of oil was produced at the Prirazlomnoye oilfield located on the Russian Arctic Shelf. Shipment of the landmark barrel was completed by the Mikhail Ulyanov tanker on March 10, the 22nd consignment since commercial production started at the field. According to Gazprom Neft Shelf, the company plans to double production at the field in 2016. ...

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