business information

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.

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company announced on Tuesday, days before the inauguration of president-elect Donald Trump.

Tobacco giant BAT agrees to 49-billion-dollar takeover of US rival

British American Tobacco Plc on Tuesday said it has finalized a deal to acquire 57.8 per cent of shares of US rival Reynolds American Inc for 49.4 billion dollars.

Angered Indians demand Gandhi flip-flops be removed from Amazon

Flip-flops depicting independence leader Mahatma Gandhi for sale on Amazon have triggered anger with Indians, who took to social media over the weekend to demand their immediate removal.

South Korean prosecutors request arrest warrant for Samsung heir

South Korean prosecutors on Monday requested the arrest of Samsung heir Lee Jae Yong on corruption charges linked to the ever-widening scandal surrounding President Park Guen Hye, local media reported.

Report: Ex-Volkswagen head knew about scandal two months before

Former Volkswagen chief executive Martin Winterkorn knew about the company's emissions scandal two months earlier than previously stated, the Bild am Sonntag newspaper reported on Sunday.

Takata to pay 1-billion-dollar criminal fine over defective airbags

Beleaguered Japanese car-parts supplier Takata has agreed to pay a criminal penalty of 1 billion dollars, and three of its executives have been indicted, in connection to its sales of faulty airbag inflators, US authorities announced Friday.

S Korea investigation: Charges against Samsung head likely by Sunday

Investigators say they will decide by Sunday whether to seek the arrest of the de facto head of Samsung on corruption charges linked to the ever-widening scandal surrounding South Korean President Park Guen Hye, reports national media.

India's SpiceJet to buy 205 Boeing jets in 22-billion-dollar deal

Indian budget airline SpiceJet will purchase 205 planes worth 22 billion dollars from US manufacturer Boeing, one of the biggest orders ever made by an Indian airline, according to an agreement announced Friday.

Amazon plans to create more than 100,000 new jobs in the US

The world's largest online retailer Amazon plans to create 100,000 new jobs in the US over the next 18 months.

VW admits guilt in emissions scandal as US indicts six

Volkswagen will admit guilt and pay 4.3 billion dollars in criminal and civil settlements to the US government over the German carmaker's cheating on diesel emissions, US Attorney General Loretta Lynch said Wednesday.

India demands apology from Amazon for insulting flag, warns of action

India on Wednesday demanded an apology from retail giant Amazon for selling doormats featuring its national flag and warned it would cancel visas of company officials unless the products were withdrawn.

Apple partner Foxconn suffers sales drop amid slow iPhone 7 shipments

Apple manufacturing partner Foxconn Technology Group reported its first-ever annual sales decline late Tuesday, in part due to slow shipment of iPhone 7 models it manufactures, state-run media said.

Britain's Heathrow sets new record with 76 million passengers in 2016

Britain's Heathrow Airport, Europe's busiest air travel hub, on Wednesday reported a new record of 76 million passengers last year, up 1 per cent from 2015.

Airbus sets record with 2016 commercial aircraft deliveries

Airbus delivered a record 688 commercial aircraft in 2016 on the back of strong operational performance and a robust market, the airline manufacturer said Wednesday.

VW near 4.3-billion-dollar US settlement over emissions cheating

Volkswagen said Tuesday it was close to reaching a settlement of about 4.3 billion dollars with the US Department of Justice in the German carmaker's diesel emissions cheating case.

Volkswagen likely topped Toyota as world's leading carmaker in 2016

Volkswagen AG appears to have become the world's biggest carmaker last year with global sales of more than 10.3 million vehicles, up 3.8 per cent from 2015, according to data issued Tuesday by the German company.

Croatia's HT buys majority stake in Montenegrin Telecom

The Croatian telecommunications company Hrvatski Telekom (HT) signed an agreement on Tuesday to buy 76.53 percent of shares in Montenegro's Crnogorski Telekom from Hungary's Magyar Telekom for EUR 123.5 million, which is HT's first major regional acquisition.

Toyota announces 10 billion-dollar investment in US

Japan’s biggest carmaker Toyota Motor Corporation will invest 10 billion dollars in the United States, company president Akio Toyoda said, days after US president-elect Donald Trump criticized its planned factory in Mexico, Japanese media reported Tuesday.

10 years of the iPhone: The smartphone that changed everything

Apple introduced its first iPhone 10 years ago. At the time no one could have known that market leaders such as Nokia would vanish from the stage. The iPhone continues to fascinate the masses, even as critics bemoan the lack of recent innovations from Apple.

Trump hails auto industry "finally" bringing jobs to US

US president-elect Donald Trump kept up the pressure Monday on the auto industry, as global carmakers were gathered in Detroit for the North American International Auto Show.

McDonald's to sell 80 per cent of its China business

McDonald's plans to give up direct control of 80 per cent of its business in China and Hong Kong as part of a drive to franchise more restaurants worldwide, the company said in a statement Monday. 

VW executive arrested in US over emissions scandal

A Volkswagen executive was due Monday in federal court to face conspiracy charges over the German carmaker's emissions-cheating scandal.

Trump trade policy hangs over US automotive sector, Detroit car show

US president-elect Donald Trump's populist approach to trade has the world's carmakers on the edge of their seats, with the industry gathering in Detroit for the North American International Auto Show.

Samsung expects 50-per-cent rise in profit despite smartphone debacle

Samsung Electronics on Friday said it expected its fourth-quarter operating profit to jump by about 50 per cent, despite being forced to withdraw its flagship Galaxy Note 7 smartphone in October.

"NO WAY!" Trump says of Toyota plans to build plant in Mexico

US president-elect Donald Trump on Thursday denounced Japanese carmaker Toyota's plans to build a new factory in Mexico and export cars built there to the United States.

EU probe: Luxembourg may have given Engie millions in tax benefits

An investigation by the European Commission has shown that Luxembourg may have given French energy giant Engie tax breaks in a scheme that gave the company an illegal competitive advantage.

Deutsche Bank pays 95 million euros to settle tax avoidance suit

Embattled German lender Deutsche Bank has settled another of its US lawsuits after agreeing a 95-million-dollar payment, state prosecutors said.

Tillerson to cut ties with Exxon, get 180-million-dollar retirement

Rex Tillerson, Donald Trump's nominee for US secretary of state, has cut his ties with oil giant ExxonMobil and will receive a retirement package valued at 180 million dollars, the company said.

Tesla misses sales targets for 2016

Electric car manufacturer Telsa missed its ambitious sales target for the year, the company said Tuesday after markets closed.

Ford to cancel 1.6-billion-dollar plant in Mexico, expand US plant

Ford Motor Company on Tuesday cancelled plans to build a 1.6-billion-dollar plant in Mexico and said instead it would invest 700 million dollars into a plant in Michigan.

Trump threatens General Motors over imports from Mexico

US president-elect Donald Trump criticized the country's largest car manufacturer General Motors via Twitter on Tuesday over the company's imports from Mexico.

BMW, Porsche, Nissan hit with South Korea fines, sales bans

South Korea handed out fines to two German and one Japanese carmaker Monday as it announced bans on a series of 10 import models because of faulty documentation, as part of a probe into vehicle emissions standards.

McDonald's opens in the Vatican despite protests

A branch of the fast-food chain McDonald's opened in Vatican City, the seat of the Catholic Church, on Saturday despite protests from residents and cardinals.

Atlantic Grupa eyes possible acquisition in west Europe

The Zagreb-headquartered Atlantic Grupa is working on an acquisition in western Europe as its room for growth in the former Yugoslavia becomes limited, founder and Chief Executive Emil Tedeschi told Reuters in an interview published on Wednesday.

New tax reform-related laws to go into force in 2017

Sixteen tax reform-related laws are due to enter into force in Croatia at the beginning of 2017 and are expected to result in higher salaries for most workers and reduce the tax burden on businesses.

South Korea fines US chipmaker Qualcomm 1 trillion won

South Korea's competition authorities have fined US chipmaker Qualcomm 1 trillion won (850 million dollars) for unfair business practices, they announced Wednesday.

Toshiba may lose billions of dollars from US nuclear acquisition

Japanese electronics and nuclear giant Toshiba said on Tuesday that it might lose billions of dollars on its nuclear power business in the United States.

Ikea reaches settlement with bereaved families in furniture lawsuit

Ikea has agreed to pay 50 million dollars to the families of three toddlers who were killed in the United States when dressers sold by the Swedish furniture giant tipped over, the families' law firm said Wednesday.

Volkswagen reaches deal over emissions cheating in larger engines

Volkswagen has reached a settlement with US government authorities after months of negotiations over larger diesel engines involved in the company's emissions cheating scandal, the California judge overseeing the case said Tuesday.

EU levels 130-page accusation at Ireland over Apple tax case

The European Commission published 130 pages of legal reasoning Monday for its demand that Ireland recover 13 billion euros (13.6 billion dollars) in tax benefits from US tech giant Apple.

Iran to sign 10-billion-dollar deal with Airbus for 100 planes

Iran is to sign a 10-billion-dollar deal with Airbus next week to acquire 100 aircraft, Iran's transportation minister said on Sunday according to news agency ILNA.

Sky accepts 11.7-billion-pound buyout by 21st Century Fox

British broadcaster Sky has agreed the terms of a buyout valuing the company at some 18 billion pounds (23 billion dollars) from media tycoon Rupert Murdoch's US-based 21st Century Fox, the company said on Friday.