business information

Czech Republic's Pilsner Urquell beer is now Japanese

Japanese brewing company Asahi completed its takeover of the Czech brewery Pilsner Urquell on Friday, Asahi said in a statement.

Credit Suisse's Amsterdam, London, Paris offices searched in tax case

Credit Suisse's office have been searched in Amsterdam, London and Paris as part of a tax investigation, the Swiss bank said Friday in Zurich.

EU blocks merger between Deutsche Boerse and London Stock Exchange

A merger between the London and Frankfurt stock exchanges was blocked by the European Commission Wednesday because of competition concerns, ending the third attempt in 17 years to unite the two financial enterprises.

Amazon announces takeover of Middle East retailer Souq.com

Internet retailer Amazon on Tuesday announced the purchase of Souq.com, the largest shopping website in the Middle East, for an undisclosed amount.

American Airlines to buy minor stake in China Southern Airlines

American Airlines has agreed to pay about 200 million dollars for a stake in China's largest state-owned carrier, according to an announcement Tuesday through the Hong Kong stock exchange.

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.

Trump plummets on Forbes' billionaires list

US President Donald Trump has dropped to 544th place from 324th in Forbes' annual list of world billionaires after his net worth fell to 3.5 billion dollars from 4.5 billion last year, the magazine said Monday.

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.

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.

Agrokor analysing options for business stabilisation

The Croatian food and retail concern Agrokor stated on Wednesday afternoon that it and its partners were together analysing all options for stabilising the company's business operations and that it enjoyed great support from its investors.

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.

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.

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 fine worth 155 million euros for five car suppliers in cartel case

The European Commission imposed a 155-million-euro (164-million-dollar) fine on five car suppliers on Thursday following a cartel investigation.

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.

Net profits of companies of strategic, special interest to state go down in 2015

Forty-three companies and legal entities of strategic and special interest to the state in 2015 earned a net profit of HRK 1.5 billion, which is 35.7% less than in 2014, and their revenues dropped as well, show consolidated financial data released by the Financial Agency (FINA).

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).

'Juicy' brand expanding in Middle East, North Africa

The Stanic Beverages Hrvatska company presented its Juicy brand of juices at this year's Gulfood Fair in Dubai, the company said on Wednesday, adding that it was already present in the United Arab Emirates and that it eyed the whole Middle East and North Africa (MENA) region.

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.

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.

Deloitte: Growing optimism among CFOs

Chief financial officers (CFOs) in Croatia are more optimistic about growth and financial prospects in 2017 than they were last year, with most of them expecting increases in their company's revenue, a survey shows.

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.

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.

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.

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.

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.

Samsung's de facto boss hit by second arrest warrant

For the second time in a matter of weeks, South Korean prosecutors on Tuesday applied for an arrest warrant for the vice chairman of electronics giant Samsung, Lee Jae Yong.

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.

Trump aide who plugged Ivanka fashions says president supports her

A close aide to US President Donald Trump who raised ethics questions by promoting the Ivanka Trump clothing line said Friday the president supports her.

Italy's UniCredit posts 2016 loss, setting aside money for loan risks

Italy's UniCredit bank posted a loss on Thursday for the full year, but is nevertheless confident its restructuring plan will pull the lender out of the red.

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.

Trump attacks retailer Nordstrom for dropping daughter's designs

US department store chain Nordstrom treated Ivanka Trump unfairly by dropping her clothing collection, said US President Donald Trump Wednesday as he jumped to his daughter's defence.

Auto industry growth in Europe to slow to 1 per cent in 2017

Growth in the European car industry is expected to slow to 1 per cent in 2017 but remain stable amid market uncertainties that include Britain's pending exit from the EU, the European Automobile Manufacturers Association (ACEA) said Wednesday.

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.

South Korea to toughen battery safety standards after Samsung fires

Safety regulations for lithium ion batteries will be strengthened, the South Korean government said Monday, in the wake the Samsung Galaxy Note 7 fires that sparked a worldwide recall.

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.

Major US department store drops Ivanka Trump's fashion line

A major American department store chain said Friday it has dropped Ivanka Trump's clothing collection because of low sales.

Apple to assemble iPhones in India, technology minister says

Apple will begin assembling iPhones in India's tech hub of Bangalore over the next few months as the US company makes inroads into one of the world's fastest growing mobile markets.

Uber CEO pulls out of Trump's business council

The chief executive of Uber has backed out of a business advisory council set up by Donald Trump, a week after the new US president issued an immigration order that raised concerns for the ride-hailing company and its employees.

Uber halts service in Taiwan amid government pressure

Uber announced Thursday that it will suspend operations in Taiwan next week under orders of the country's transport authority which issued heavy fines against the app-based taxi service, state-run media reported.

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.

Swiss voters on the fence ahead of poll on higher corporate taxes

The Swiss government wants to raise taxes for international corporations, but voters are split on the plan that will be decided in a referendum next week, according to polls that were published on Wednesday.

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.

Vipnet posts 8.6% higher revenues, 12.3% higher EBITDA in 2016

The Vipnet telecommunications company in 2016 earned revenues in the amount of EUR 398.3 million, 8.6% more than in 2015, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 12.3% to EUR 88.3 million.

German minister, business leader hit out at Trump White House

German Minister for Economic Affairs Brigitte Zypries joined the nation's business leaders on Wednesday in expressing "alarm" about the threat posed to Europe's biggest economy by the aggressive global stance taken by the new US administration.

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.

Last hurdle cleared to end mobile roaming changes in the EU by June

The last hurdle has been cleared to finalize an agreement that will end mobile roaming charges in the European Union by mid-June, the European Commission said Wednesday.

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.

Swedish port city to serve as depot for Russian gas pipeline

A Swedish port city Tuesday approved plans to store pipes for an underwater pipeline to transport natural gas from Russia to Germany.

Trump order on regulation: For every new one, two must be eliminated

US President Donald Trump on Monday signed an executive order aimed at paring government regulations to help businesses, especially small ones.

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. 

Agrokor says can meet all financial obligations

The Agrokor food and agriculture group said on Thursday it was a stable and strong company capable of meeting all its financial obligations and had no need for additional refinancing.

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.

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.

Poroshenko's chocolate factory in western Russia to end production

Ukrainian President Petro Poroshenko's eponymous Roshen chocolate factory in the Lipetsk region of western Russia announced on Friday that it would end production in the coming months.

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.

American business group warns against US trade conflict with China

Beijing (dpa) - The American Chamber of Commerce in China said Wednesday that Beijing will likely respond if US president-elect Donald Trump imposes restrictions on trade or investment between the two countries.