Business

Italy's taxi drivers strike over proposed Uber regulations

Taxi drivers went on strike across Italy on Thursday over a government proposal to regulate new market players, such as Uber.

AIIB expands membership by 13 countries and regions

The Asian Infrastructure Investment Bank (AIIB), a Chinese-led initiative to spur development in the region, on Thursday announced it had expanded its membership by 13 countries and regions to a total of 70 members.

Mozambique to pocket 350 million dollars from ExxonMobil, ENI deal

Mozambique is to pocket 350 million dollars in capital gains tax after Italian energy company ENI sold a stake in a major gas field to ExxonMobil, Anibal Mbalango of the country's Tax Revenue Authority said Tuesday.

Gazprom, Eni signal intent to jointly develop Southern Gas Corridor

Italian oil and gas giant Eni said on Tuesday that it has signed a memorandum of understanding with its Russian counterpart Gazprom to jointly develop the so-called Southern Gas Corridor from Russia to Europe.

Alitalia airline workers confirm April 5 strike over planned cuts

Alitalia unions confirmed their strike call Monday after a government-mediated meeting with management over the loss-making airline's turnaround plan failed to bring the two sides to an agreement.

Vodafone, Idea merge to create India's biggest telecoms company

British telecoms giant Vodafone will merge its Indian subsidiary with domestic rival Idea Cellular to create the country's largest telecoms operator, it was announced Monday.

Uber president Jeff Jones steps down after less than a year

Uber president Jeff Jones has stepped down from the job less than a year after he was appointed, telling Recode website on Sunday his "beliefs and approach to leadership" were "inconsistent" with what he had experienced at Uber.

Agrokor buys additional 10.1% of shares in Mercator from Agrokor Investments

The Agrokor Concern on Thursday bought 10.1% of the stock of Mercator from the Dutch company Agrokor Investments B.V. in which Agrokor's founder Ivica Todoric has a controlling interest, and the value of the transaction is some 40 million euros, according to Mercator share price on the stock exchange, the Slovenian media reported on Friday.

Finnair cancels 100 flights over ground-staff strike

Finnish national airline Finnair cancelled about 100 flights Friday due to a strike by a labour union that organizes ground staff at the country's main airports.

Lufthansa: Profits will dip in 2017 due to fuel costs, lower fares

Lufthansa said Thursday that its profits are likely to decline slightly this year due to rising fuel costs and lower flight fares.

Fiat Chrysler February sales outperform European auto industry

Fiat Chrysler Automobiles (FCA) said Thursday its European sales outperformed the industry in February compared to the same month last year, as the company dealt with emissions probes in Germany and the United States.

Audi offices raided as cloud of Volkswagen emissions scandal spreads

German prosecutors launched raids Wednesday on offices and homes linked to luxury carmaker Audi, as well as the headquarters of its parent company Volkswagen, amid suspicion of fraud related to the emissions scandal that has engulfed the VW group.

Lufthansa, pilots reach agreement to end long-running pay dispute

German airline Lufthansa and pilots' union Vereinigung Cockpit agreed on Wednesday to bring to an end a bitter five-year dispute which caused widespread disruption to the carrier's services through strikes.

Telekom Austria and Vipnet expect more favourable regulations for investment

The Croatian legislative framework is unfavourable for investment by telecommunications companies in fixed broadband Internet infrastructure and the country should do more to improve the situation, Telekom Austria Group CEO Alejandro Plater and Vipnet CEO Jiri Dvorjancansky told a press conference at Vipnet's head office in Zagreb on Tuesday.

Berlin airport strikes extended until early Wednesday

A strike by ground crew workers at Berlin's two commercial airports has been extended until early Wednesday, the Verdi union announced.

Intel's driverless car dream gets into gear with Mobileye purchase

US tech giant Intel announced Monday it will buy Israeli tech firm Mobileye, which makes driver-assistance systems, for 15.3 billion dollars, in what could be the largest ever such buyout in Israel's history and a key move for Intel into a budding industry.

Boeing to start building first overseas plant in eastern China

Boeing will start building a completion centre for its 737 model in eastern China at the end of March, Chinese state media reported Monday.

Iceland returns to global market with lifts on capital controls

Iceland is to lift capital controls on individuals, firms, and pension funds from Tuesday, the finance ministry announced.

VW delivers guilty plea in US court for emissions cheating

A Volkswagen executive entered a guilty plea on behalf of the German carmaker Friday in a US court, formalizing the company's admission of cheating on diesel emissions.

BMW reports record February sales, thanks China for rising demand

German carmaker BMW on Friday reported record sales for the month of February, attributing an annual 3.1-per-cent increase in vehicles moved to demand in China.

Tunisian airline resumes flights after brief halt over staff crisis

Tunisia's national airline on Thursday said it had once again resumed flights after a brief stoppage due to a dispute between pilots and technicians.

Toy maker Lego's 2016 revenues rise, but slower growth expected

Danish toy company Lego on Thursday said its full-year net profit increased slightly in 2016 to 9.4 billion kroner (1.33 billion dollars), and it expects it will not grow as fast as in recent years as it aimed for more "sustainable" growth.

EU conducts anti-trust probe against paper companies

The European Union is investigating packaging paper manufacturers Mondi and BillerudKorsnas as part of an anti-trust probe, both companies confirmed Wednesday.

SAS reports first-quarter net loss of 62 million dollars

Scandinavian airline SAS on Wednesday said its first quarter net loss doubled to 556 million kronor (62 million dollars) compared to a year ago.

Brazil's economy dips 3.6 per cent in 2016 for worst-ever recession

Brazil's economy shrank 3.6 per cent in 2016, according to data released Tuesday, making the recession of the last two years the worst in the country's history.

Germany's Schaeuble clashes with Trump White House over trade surplus

German Finance Minister Wolfgang Schaeuble clashed on Tuesday with the new US administration over its claims that Europe's biggest economy enjoyed trade surpluses as a result of currency manipulation.

France's Peugeot-Citroen group buys GM's Opel unit

French carmaker PSA - which produces Peugeot, Citroen and DS vehicles - said Monday that it has agreed to take over General Motors' (GM) Opel unit in a transaction valued at 2.2 billion euros (2.3 billion dollars).

Deutsche Bank seeks share sale, IPO for asset management unit

Deutsche Bank is looking to increase its capital base with a partial initial public offering (IPO) of its asset management unit, a share sale and other assets sales.

Swiss-French cement giant paid protection money to Syrian extremists

The world's largest maker of building materials, LafargeHolcim, paid protection money to extremists in Syria to keep one of its plants running, the firm admitted Thursday.

Hong Kong firm buys London's 1.1-billion-pound 'Cheesegrater' tower

A Hong Kong-based firm on Wednesday exchanged contracts to buy central London's iconic "Cheesegrater" office tower for 1.135 billion pounds (1.4 billion dollars).

Deutsche Boerse chief says LSE merger unlikely

Deutsche Boerse chief Carsten Kengeter said Wednesday that its planned 29-billion-euro (30.1-billion-dollar) merger with the operator of the London Stock Exchange (LSE) is unlikely.

Agrokor's Tisak and Belje post losses for 2016

Newspaper distributor Tisak posted a loss of HRK 46.1 million in 2016, while the Belje agricultural company lost HRK 33.9 million, consolidated financial results for the two members of the Agrokor Group showed on Tuesday.

Jamnica, Ledo and Zvijezda report profits, Vupik posts loss

According to financial results for 2016 released so far, three members of the Agrokor agricultural and food group operated at a profit, while one reported a loss. The companies are listed on the Zagreb Stock Exchange.

India to remain fastest growing economy despite demonetization

India's economic growth fell to 7 per cent in the quarter ending December, taking a hit from the government's recent demonetization move, but the country remains the world's fastest growing major economy.

Business group urges Britain to delay Brexit if negotiations stall

The British government should push to extend Brexit negotiations if it is unable to agree a deal on leaving the European Union within two years, a business group said on Tuesday.

Tata, DoCoMo settle 1.2-billion dollar telecom dispute

India's Tata Sons on Tuesday agreed to pay Japan's NTT DoCoMo 1.18 billion dollars in regard to the termination of their telecom partnership in the country.

MOL netts $2.15 bln as CCS EBITDA

Hungary's oil and gas group MOL netted 2.15 billion dollars as CCS EBITDA last year, according to company's financial report on Tuesday.

Atlantic Grupa posts financial statement for 2016

In 2016, Atlantic Grupa recorded a net profit of HRK 163.2 million or 32.7% less than in 2015, according to an unrevised consolidated financial statement the company issued on Tuesday.

Star investor Buffett takes a bigger bite of Apple, doubling shares

Stock market guru Warren Buffett on Monday revealed that his investment firm Berkshire Hathaway doubled its share of iPhone producer Apple stocks last month.

Frankfurt, London exchange operators' stock fall on merger doubts

Shares in the operators of the London Stock Exchange (LSE) and the Deutsche Boerse fell sharply on Monday after the LSE threw fresh doubts on their planned 29-billion-euro (30.1-billion-dollar) merger to forge Europe's biggest exchange.

INA Group posts core business profit of HRK 607 mn

The INA oil and gas group made positive results in 2016, with profit from operations reaching HRK 607 million, compared to a HRK 1.34 billion loss for 2015, the Zagreb-headquartered group stated in a consolidated financial report issued on Monday.

Investor Warren Buffett increases profit by 15 per cent

Profits at business magnate Warren Buffett's Berkshire Hathaway investment firm shot up by 15 per cent in the last three months of 2016 compared to the same period in 2015, the company announced on Saturday.

OPEC, non-OPEC countries slash output with eye towards price boost

Oil prices could be on their way back up, thanks to OPEC and other oil production countries having implemented 86 per cent of agreed output cuts, the producers announced Friday in Vienna, noting that there was still room for improvement.

China overtook US, France as Germany's top trading partner in 2016

China overtook the United States as Germany's biggest trading partner in 2016, according to data provided by the Federal Statistics Office on Friday.

BASF sales down 18 per cent due to Gazprom asset swap

German chemicals giant BASF said Friday that its revenues decreased by 18 per cent, to 57.6 billion euros (60.9 billion dollars), in 2016, due mainly to a multibillion-euro asset swap with Gazprom, Russia's state-backed gas group.

Alphabet's self-driving car company sues Uber over alleged theft

Alphabet's self-driving car company Waymo said Thursday it was suing Uber and its subsidiary Otto for allegedly stealing its technology and infringing its patents.

Marin Pucar appointed as new CEO in Podravka food concern

Marin Pucar is the new Management Board chairman of the Podravka food concern and will take the helm of the company after Zvonimir Mrsic's term expires at midnight on Thursday.

Strike grounds hundreds of Alitalia flights

Employees of loss-making Italian airline Alitalia walked off the job Thursday after government-mediated talks failed to break the deadlock, causing the airline to cancel hundreds of flights.

Peugeot chief: We want to keep Opel German

The head of French carmaker PSA Group, currently in talks to buy Opel from General Motors, said that Opel should remain German if the deal goes through.

Norway's telecom group Telenor to leave Indian market

Norwegian telecommunications group Telenor said Thursday it was leaving the Indian telecom market and transferring its businesses there to Bharti Airtel.

Hrvatski Telekom reports 2016 net profit of HRK 934 mn

Hrvatski Telekom (HT) generated a net profit of HRK 934 million in 2016, which is 1% more than in 2015, the telecommunications company said on Thursday in a report on its financial results in 2016.

Alitalia strike set for Thursday, hundreds of flights cancelled

Employees of Italy's loss-making airline Alitalia will go on strike Thursday, air transport unions confirmed, after government talks with both sides failed to break the deadlock.

Airbus profits take hit after write-off on new military aircraft

Airbus Wednesday announced that its profits for 2016 were down 63 per cent to 995 million euros (1,046 million dollars) after a major write-off on a troubled programme to develop a new military transport aircraft.

EU countries agree new rules to avoid tax evasion

European Union finance ministers in Brussels on Tuesday reached a political agreement on new rules to ensure that multinational corporations do not declare profits in the countries where they pay the least tax but in the countries where they generate it.

Fired Audi engineer says he was 'sacrificed' for emissions scandal

A fired Audi engineer was "sacrificed" amid the ongoing VW group diesel emissions scandal, his lawyer claimed in court on Tuesday as he contested his client's dismissal.

HSBC reports 62-per-cent fall in annual profit, blames one-off costs

Banking giant HSBC on Tuesday reported a 62-per-cent fall in its annual profit last year, blaming losses incurred from the sale of HSBC Bank Brazil and other one-off costs.

Podravka revenues up 15 pct, profit up 54 pct

The Podravka Group that operates in two main business segments: food and pharmaceuticals, generated a net profit in 2016 of HRK 182.4 million, which is 54.7% more than in 2015 without taking into account the one-off effect of consolidating the Zito company or deferred tax returns of Belupo in 2015, according to the company'y unaudited financial statements released on Tuesday.

Chandrasekaran takes over as new chief of India's Tata group

Natarajan Chandrasekaran took over as the chairman of Tata Sons - the holding company that controls India's largest conglomerate, the Tata group - on Tuesday, following a lengthy management feud surrounding the sacking of the former chief.

Pfizer drug company decides to close plant in Australia, shift production to Croatia

The US pharmaceutical company Pfizer will close the Australian plant which produces the API for HSP-130, a candidate version of Amgen’s Neulasta, and shift production to Croatia, Pfizer told Hina.

Greece's creditors want sweeping reforms before next bailout payment

Greece must make sweeping reforms to its labour market, pension system and collective bargaining agreements in order to receive its next vital bailout payment, the country's European creditors said Monday.

Petrokemija posts HRK 87.3m loss in 2016

The Petrokemija artificial fertiliser manufacturer made HRK 1.93 billion in revenues in 2016, expenditures were HRK 2.02 billion and the loss was HRK 87.3 million, down 5.6% on the year, the Kutina-based plant said on Monday.

Trump's sons in Dubai to launch golf course

The two eldest sons of US President Donald Trump were in Dubai on Saturday to open the 18-hole Trump International Golf Club, the first Trump-branded golf course in the Middle East.

Croatian food company Podravka opens EUR 4 mn factory in Tanzania

The Croatian food company Podravka on Wednesday opened a food seasonings factory in Tanzania worth four million euros, the Koprivnica-based company said.

Lufthansa reaches settlement with pilots' union in salary dispute

German airline Lufthansa and pilots' union Vereinigung Cockpit have agreed to a settlement proposed in mediation, ending a long-running and bitter dispute over salaries.

OPEC members produced less oil than production limit in January

OPEC members have more than fulfilled their plan to lower its oil output in January, according to a report that the group of major producers published Monday.

Ford set to invest in artificial intelligence company Argo AI

Motor company Ford announced Friday it would invest 1 billion dollars in new artificial intelligence company Argo AI over the next five years, as it seeks to get ahead in the autonomous vehicles market.

Germany presents "Marshall plan" for Africa at business summit

Hundreds of business and political personalities on Thursday attended a German-African economic summit in the Kenyan capital Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his "Marshall Plan" for Africa.

Nissan profit falls 15 per cent due to strong yen

Nissan Motor's operating profit for the last quarter of 2016 dropped 15.1 per cent year-on-year to 163.5 billion yen (1.46 billion dollars) due to a stronger yen, the company said Thursday.

Italy denies German charge Fiat Chrysler cheated on emissions tests

German allegations that Fiat Chrysler Automobiles (FCA) cheated on emissions tests are unfounded, said Italian Transportation Minister Graziano Delrio on Wednesday.

Podravka reports record sales on Russian market in 2016

Podravka generated record sales in Russia in 2016 and regards the country as its main market over the next five years, expecting two-digit growth rates, the Croatian food company said on Wednesday marking 50 years of its presence on the Russian market.

Record sales drive rise in China-owned Volvo Cars' full-year profit

China-owned Volvo Cars on Wednesday reported a 66-per-cent rise in net profit for full-year 2016, driven by strong sales in China and the United States.

Danish shipping and oil conglomerate Moller-Maersk sinks into red

Danish shipping and energy group AP Moller-Maersk posted a full-year 2016 net loss of 1.89 billion dollars, citing writedowns in its oil business and lower freight rates.

JANAF earns HRK 290.5 mn in profit in 2016

The Adriatic Oil Pipeline (JANAF) company earned a net profit of HRK 290.5 million in 2016, 24.4% more than in 2015 and 74.1% more than planned, the company said on Tuesday.

Airbnb up in arms as Singapore enforces ban on short-term rentals

Airbnb believes new laws by the Singapore government to clamp down on short-term homestay rentals including forced entry into listed homes hurts the country's progress, it said in a statement Tuesday.

Turkey transfers shares in top companies to wealth fund

Turkey's government has begun to transfer its shares in top companies, including Turkish Airlines and Halkbank, to a sovereign wealth fund.

Deutsche Bank apologizes to Germans with full-page newspaper ads

Deutsche Bank apologized to Germans for its costly mistakes in the past with full-page ads in several German newspapers on Saturday.

Nokia net profit halved in fourth quarter

Finnish telecommunications equipment maker Nokia on Thursday said its fourth-quarter net profits halved amid its ongoing integration of Alcatel-Lucent of France that it bought last year.

Deutsche Bank records loss of 1.4 billion euros in 2016

Deutsche Bank recorded a loss of 1.4 billion euros (1.5 billion dollars) in 2016, the lender announced on Thursday citing restructuring and legal costs.

Sony more than halves profit outlook due to film division writedown

Sony slashed its net profit forecast by 56 per cent to 26 billion yen (231 million dollars) for the current financial year due to a writedown in its movie business, the company said on Thursday.

Siemens shares surge after it raises business outlook

Siemens' shares surged on Wednesday after the German engineering giant raised its full-year business outlook following a 25-per-cent rise in quarterly profit.

Bosch to pay 375.5 million dollars to settle US emissions claims

German auto parts maker Bosch said on Wednesday it is to pay more than 327.5 million dollars to compensate US owners of Volkswagen cars fitted with equipment aimed at cheating on emissions tests.

Boom in sales of iPhone 7 help Apple to record quarterly revenue

Strong sales of Apple's iPhone 7 have helped the California-based company post record quarterly revenue in the fiscal first quarter ending in December, the company said Tuesday.

EU commissioner: Ireland should collect tax benefits from Apple

The EU commissioner for competition called on Ireland on Tuesday to recover 13 billion euros (14 billion dollars) in tax benefits from US tech giant Apple after the company missed the payment deadline set by the EU.

Indian IT stocks slump over US visa reform bill

Shares in India's major IT companies fell Tuesday after local media reported on a US bill that would make it more expensive for firms to replace American employees with workers from foreign countries.

Turkey tourism revenue down 27 per cent in fourth quarter

Turkey tourism revenues were down 27.2 per cent in the fourth quarter of 2016, state-run agency Turkstat said Tuesday, noting income was recorded at 4.7 billion dollars.

Agrokor ranks 159th among world's 250 largest retailers

The retail unit of Croatia's Agrokor agricultural and food group ranks 159th among the world's 250 largest retail chains, moving up 33 spots in the ranking, the Deloitte consulting firm said on Monday.

Volkswagen beats Toyota in 2016 global car sales

German carmaker Volkswagen sold more vehicles globally than Japanese rival Toyota Motor in 2016, taking the crown as the world's largest carmaker for the first time, results showed on Monday.

VW recalls almost 600,000 cars in US; mostly Audis affected

German carmaker Volkswagen is recalling almost 600,000 cars in the United States, with the action mainly affecting Audi models, a spokesman for the subsidiary told dpa on Sunday.

Prosecutors widen VW probe into ex-chief Winterkorn

German prosecutors widened their probe into the Volkswagen emissions scandal on Friday, alleging that former VW chief Martin Winterkorn may have known more about the company cheating on pollution tests than he has previously admitted.

Toshiba to spin off chip business, braces for US nuclear power losses

Japanese industrial conglomerate Toshiba said Friday it would spin off its core flash memory business and sell a stake in the sector to raise funds as it braces for huge writedowns in its nuclear power business in the United States.

BAT taking over Sarajevo tobacco factory

British American Tobacco (BAT) will take over Bosnia and Herzegovina's Fabrika Duhana Sarajevo (FDS) and will continue producing local and regional cigarette brands, representatives of BAT and Austria's CID Adriatic Investments fund announced in Sarajevo on Thursday. 

Johnson and Johnson gulps Swiss biotech firm for 30 billion dollars

US pharmaceutical and health product giant Johnson and Johnson will take over Swiss lung medicine maker Actelion for 30 billion dollars, both companies announced Thursday.

German business confidence sinks as minister warns of Trump threat

The German economy entered the new year on a downbeat note with business confidence posting a surprise fall in January as concerns set in about US President Donald Trump's economic plans.

Trump meets with US carmakers to push for jobs

US President Donald Trump met with US carmakers Tuesday, part of his effort to pressure the manufacturers to build their products for the US market inside that country.

Samsung's quarterly profits more than double despite Note 7 debacle

Samsung's profits for the final quarter of 2016 were more than double the same period in the previous year, the South Korean smartphone manufacturer said Tuesday in a stock market filing.

Croatia presents investment opportunities to Alibaba

Representatives of the Chinese online company Alibaba are considering the Zadar area in Croatia as a location for the construction of a large distribution centre that would cover entire Europe, and recently they have met with officials from the Croatian Ministry of Economy, Entrepreneurship and Crafts.

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not turn his protectionist plans into reality, Western financial leaders said Friday at the World Economic Forum.

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European data centre that would be powered by clean and renewable energy.

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across two continents to deliver containers of clothing and household goods from the eastern Chinese trading hub of Yiwu.

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that the German-based financial institution misled investors who bought mortgage-backed securities in 2006-07.