April, 2016

• 27 April

  Funai told to pay Philips $152mn compensation

    THE HAGUE / AP Royal Philips says an international arbitration panel has ordered Japanese company Funai Electric Co. to pay the Dutch electronics firm $152 million compensation over a breach of contract. Philips launched the arbitration proceedings in 2013 after terminating a $200 million deal to transfer to Funai its audio, video and media accessories unit and license the ...

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• 27 April

  Toshiba takes $2.3bn hit from Westinghouse write-down

    Tokyo / AFP Troubled conglomerate Toshiba announced it had booked a $2.3 billion write-down of its US nuclear unit Westinghouse but said the sale of its medical devices business would reduce its forecast net loss for the year ended March. A once proud pillar of corporate Japan, the company has been besieged by problems, most notably a profit-padding scandal ...

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• 27 April

  Alibaba financial affiliate raises US$4.5 billion

  

    Shanghai / AP The financial services affiliate of Chinese e-commerce giant Alibaba raised $4.5 billion in funding, it said, calling it the largest single private placement by an Internet company. The move values Ant Financial Services Group at roughly $60 billion, the Wall Street Journal reported, quoting people familiar with the situation. Previous media reports had said the company ...

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• 27 April

  In Sri Lanka’s ‘City of Gems’, fake stones threaten to undermine gem trade

  

    Ratnapura / AFP From the Queen of Sheba to Britain’s Duchess of Cambridge, Sri Lanka’s sapphires have adorned royalty through the ages, but a flood of cheap imitations is threatening the island’s reputation for the precious stones. Ceylon sapphires, known after the island’s colonial-era name, enjoyed a huge boost five years ago when it was revealed that one formed ...

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• 27 April

  Lufthansa, Air Berlin cut flights on airport strike

  

    Bloomberg Deutsche Lufthansa AG, Air Berlin Plc and other airlines cancelled hundreds of flights in Germany on Wednesday as a strike by public-services workers at airports hobbled operations in Frankfurt, Munich and Cologne. Lufthansa eliminated 895 flights, or 60 percent of the services it had scheduled for Wednesday, Germany’s biggest carrier said in a statement. Munich airport, where a ...

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• 27 April

  Samsung may offer olive branch to Apple

  

    Bloomberg After years of battling Apple Inc. in courtrooms and retail stores, Samsung Electronics Co. may be ready to offer an olive branch. That’s expected to cost the Korean company almost $9 billion upfront. Samsung is in close talks with Apple to be the exclusive supplier of displays for iPhone models scheduled for release next year, according to people ...

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• 27 April

  Steinhoff folds in Darty auction, hands win to Fnac

  

    Bloomberg Steinhoff International Holdings NV said it won’t raise its offer for French electronics retailer Darty Plc, handing victory to GroupeFnac SA after a protracted auction. Steinhoff’s offer of 160 pence a share in cash is final and won’t be increased, the South African company said in a statement on Wednesday. Fnac raised its offer to 170 pence a ...

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• 27 April

  Flynas to decide between Boeing, Airbus by Ramadan

    Reuters Saudi Arabia’s Flynas will decide on whether to order Boeing 737MAXs or Airbus 320NEOs before the start of the holy month of Ramadan, the airline’s chief executive announced on Wednesday. Paul Byrne told reporters on the sidelines of an industry event in Dubai that it had decided against a potential order of Bombardier’s CS300 aircraft because the plane ...

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• 27 April

  German insurer Talanx eyes forex headwind challenge in 2016

  

    FRANKFURT / Reuters Sharp swings in foreign exchange rates could weigh on results at German insurer Talanx’s international retail business this year, the division it is counting on for near-term growth, according to board member Torsten Leue. “Foreign exchange swings in many emerging markets were stronger than expected over the last three to four years,” said Leue, who is ...

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• 26 April

  Mohamed inaugurates world’s largest ultra-sour gas project

  

    ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, officially inaugurated, on Tuesday, ADNOC’s Al Hosn Sour Gas Development Project, the largest of its kind in the world. Sheikh Mohamed was accompanied by HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative ...

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