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China's Xi confident of 'healthy' economic growth

China's Xi confident of 'healthy' economic growth

WASHINGTON: Chinese President Xi Jinping said on Friday (Sep 25) he was confident that his country would post “healthy” growth in the future, amid international worries about a slowdown in the world’s second-largest economy. Xi told a joint press conference with US President Barack Obama after White House talks that China had moved from “speed-based […]

September 25, 2015 | By | Reply More
S&P declares Ukraine in 'selective default'

S&P declares Ukraine in 'selective default'

PARIS: Credit rating agency Standard & Poor’s (S&P) on Friday (Sep 25) declared Ukraine’s sovereign debt to be in “selective default” because of the war-torn nation’s debt restructuring negotiations. Cash-strapped Ukraine has been struggling with its debt since entering a deep economic depression after war broke out with pro-Russian insurgents in its eastern industrial heartland […]

September 25, 2015 | By | Reply More
New pink iPhones prove popular as record weekend sales expected

New pink iPhones prove popular as record weekend sales expected

SAN FRANCISCO/SYDNEY: The iPhone 6s and 6s Plus hit stores around the world on Friday, kicking off what is expected to be a record weekend of sales as customers scrambled to buy Apple Inc’s marquee product in pink for the first time. Eager buyers – joined by at least one robot – flocked to Apple […]

September 25, 2015 | By | Reply More
Volkswagen names Bernhard Maier as head of Czech Skoda unit

Volkswagen names Bernhard Maier as head of Czech Skoda unit

BERLIN: German carmaker Volkswagen named Bernhard Maier as head of the group’s Czech Skoda division, replacing Winfried Vahland who was appointed to the parent company’s management board on Friday in a shakeup following a diesel emissions scandal. Skoda is a key part of the central European country’s manufacturing industry and its biggest exporter. (Writing by […]

September 25, 2015 | By | Reply More
Diesel scandal casts gloom over VW's home town

Diesel scandal casts gloom over VW's home town

WOLFSBURG, Germany, : Workers in Volkswagen’s home town of Wolfsburg have been left fearing for their futures after the carmaker was plunged into crisis because of rigged U.S. diesel emission tests. VW has seen its long established reputation as symbol of German engineering excellence tarnished by a scandal affecting 11 million vehicles worldwide that broke […]

September 25, 2015 | By | Reply More
Caterpillar's global woes ripple out through supplier base

Caterpillar's global woes ripple out through supplier base

CHICAGO: Caterpillar Inc’s suppliers were feeling the pain of slumping sales at the world’s largest mining and construction equipment maker long before it announced an extensive cost-cutting program. J-TEC Chief Executive Officer Gary Roling said Peoria, Illinois-based Caterpillar, his single largest customer, had recently pushed back a big order due this month to December. “We’ve […]

September 25, 2015 | By | Reply More
Shutdown could lead to volatility spike

Shutdown could lead to volatility spike

NEW YORK: As if U.S. markets did not have enough in the way of worries, the threat of another government shutdown has resurfaced and that uncertainty could add to volatility. Right now, the odds of a government closure are seen as low, but negotiations in Washington have turned acrimonious more often than not in recent […]

September 25, 2015 | By | Reply More
Scandal-hit Volkswagen names Porsche boss new CEO

Scandal-hit Volkswagen names Porsche boss new CEO

WOLFSBURG, Germany: Embattled carmaker Volkswagen (VW) tapped Porsche chief Matthias Mueller on Friday (Sep 25) to steer it out of the wreckage of a widening scandal over pollution test rigging, as Washington said it would test all diesel cars for devices that fool emissions tests. The 62-year-old Mueller replaces Martin Winterkorn, who was forced to […]

September 25, 2015 | By | Reply More
EPA says to take tougher stance on auto emissions tests

EPA says to take tougher stance on auto emissions tests

WASHINGTON: U.S. environmental regulators said on Friday they are sending a letter to all automobile manufacturers saying they are stepping up emissions-testing activities in response to Volkswagen’s alleged violations of pollution laws. “We are upping our game,” Chris Grundler, head of transportation and air quality at the Environmental Protection Agency, told reporters in a teleconference. […]

September 25, 2015 | By | Reply More
Wall Street up on Yellen comments; health stocks drag Nasdaq

Wall Street up on Yellen comments; health stocks drag Nasdaq

REUTERS: U.S. stocks were higher in early afternoon trading on Friday after Federal Reserve Chair Janet Yellen said she expects interest rates to be raised this year, easing concerns about slowing global growth and prompting a rally in bank shares. However, the continuing selloff in health stocks and a drop in Google’s shares due to […]

September 25, 2015 | By | Reply More