Business

Volkswagen pollution scandal backfires on diesel
Sep 25

Volkswagen pollution scandal backfires on diesel

Paris German giant Volkswagen's worldwide pollution cheating scandal threatens to backfire on diesel, the fuel that powers most new cars in Europe and is defended by manufacturers as a vital means to curb global warming. Diesel spews out less heat-trapping carbon dioxide than gasoline, the industry argues. But...

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Scandal-hit Volkswagen names Porsche boss Mueller new CEO
Sep 25

Scandal-hit Volkswagen names Porsche boss Mueller new CEO

Wolfsburg  Embattled carmaker Volkswagen tapped Porsche chief Matthias Mueller Friday 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...

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Some BMW diesel cars exceed EU pollution limits by 11 times: report
Sep 24

Some BMW diesel cars exceed EU pollution limits by 11 times: report

Berlin  Some diesel cars of high-end automaker BMW produce dangerous gases that exceed EU anti-pollution limits by up to 11 times, German weekly Auto Bild reported Thursday.  The claim came as Germany's powerful car industry was reeling over revelations that auto giant Volkswagen had installed software in...

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BMW denies manipulating or rigging diesel emission tests
Sep 24

BMW denies manipulating or rigging diesel emission tests

Frankfurt  German top-of-the-range carmaker BMW on Thursday denied suggestions in a newspaper report that it might have cheated in pollution tests on its diesel cars, as rival group VW has admitted to doing.  "The BMW group does not manipulate or rig any emissions tests. We observe the legal requirements...

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Scandal-hit VW's ex-CEO may get 60 million euros in payouts
Sep 24

Scandal-hit VW's ex-CEO may get 60 million euros in payouts

Berlin  Martin Winterkorn may have resigned from the chief executive job at Volkswagen in ignominious circumstances as a pollution cheating storm engulfs the company, but he can still hope to get 60 million euros in payout, according to company regulations.  The group based in northern Germany's Wolfsburg...

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VW seeks new chief as pollution scandal spreads
Sep 24

VW seeks new chief as pollution scandal spreads

Frankfurt  Auto giant Volkswagen searched Thursday for a new chief to steer it out of a global pollution cheating storm, as suspicions over diesel car emissions spread for the first time to fellow German manufacturer BMW.  Shares in top-of-the-range automaker BMW skidded nearly 10 percent at one point...

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Boeing announces record Chinese order worth $38 billion
Sep 23

Boeing announces record Chinese order worth $38 billion

Seattle  Boeing announced on Wednesday a record order by a group of Chinese firms for the purchase of 300 aircraft worth some $38 billion.  The order, announced to coincide with President Xi Jinping's visit to a Boeing plant near Seattle, comprises 240 planes for Chinese airlines and 60 aircraft destined...

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Sale of thobes dips in Festive season
Sep 23

Sale of thobes dips in Festive season

Melvin Mendonca/DTNN melvin@dt.bh Manama --- Though business activities usually gain momentum ahead of Eid, the sale of thobes has dropped this year, apparently due to rise in cost of living. Mohammed Hassan, In-charge of Al Haramain Tailoring in Gudaibiya, said the drop in thobe sale during Eid season has never...

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VW chief quits as cheating scandal snowballs
Sep 23

VW chief quits as cheating scandal snowballs

Wolfsburg Volkswagen chief executive Martin Winterkorn resigned Wednesday over a pollution cheating scandal that has sparked a US criminal investigation and worldwide legal action with unfathomable financial consequences for the auto giant. "I am shocked by the events of the past few days. Above all, I am stunned...

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German public prosecutors launch criminal inquiry against VW
Sep 23

German public prosecutors launch criminal inquiry against VW

Frankfurt German public prosecutors said Wednesday they have launched a preliminary criminal inquiry into the pollution cheating scandal that has engulfed auto giant Volkswagen. "In connection with the allegations of emission gas manipulation in VW diesel engines, the public prosecutors of Brunswick are considering...

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11 million cars, 11 million lies
Sep 22

11 million cars, 11 million lies

Frankfurt German auto giant Volkswagen revealed yesterday that 11 million of its diesel cars worldwide are equipped with devices that can cheat pollution tests, a dramatic escalation of the scandal that has wiped a third off the company's market value and now threatens to topple its chief...

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US and India begin high-level commercial talks
Sep 22

US and India begin high-level commercial talks

Washington  Senior officials from the world's two biggest democracies, India and the United States, launched a high-level "strategic and commercial dialog" on Monday ahead of a US visit by Prime Minister Narendra Modi.  Trade in goods and services between the two powers amounted to more than $100 billion...

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LuLu Hypermarket opens 118th store in Sinaw
Sep 21

LuLu Hypermarket opens 118th store in Sinaw

DT News Network Manama  -- LuLu Hypermarket opened its 118th outlet in Sinaw yesterday building on its stated policy to reach out to the Wilayats of the Sultanate and to provide a world class shopping experience closer to its customers.  The new store was officially inaugurated by Sheikh Yahya bin Hamoud...

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MOTORCITY OPENS SPARE PARTS CENTRE IN MA’AMEER
Sep 21

MOTORCITY OPENS SPARE PARTS CENTRE IN MA’AMEER

DT News Network Manama  -- Motorcity Holdings BSC, the sole distributor for a wide range of world class passenger vehicles, commercial vehicles and Industrial equipment in the Kingdom has opened a brand new Parts Distribution Centre in Ma’ameer, the company officials announced in a press...

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VIVA, MBC in deal to launch Shahid Plus service

Posted On: Sep-21

DT News Network Manama  -- VIVA has announced its partnership with MBC Group which allows its customers to pay subscription fees of Shahid Plus, the latest by Shahid and the number one Premium Video on Demand (VOD) service in the Arab world. The agreement became possible because of the strategic partnership between VIVA, MBC Group and Intigral, the Middle East leading digital hub. The deal allows...

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The volkswagen smoke tragedy

Posted On: Sep-21

Frankfurt -- German auto giant Volkswagen plummeted nearly 20 per cent on the stock market yesterday as investigations spread into revelations that hundreds of thousands of its diesel cars have software that secretly thwarts US emissions tests. Volkswagen, the world’s largest automaker by sales in the first half of this year, said it had halted all diesel vehicle sales in the United States during a probe into...

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Berlin to probe whether VW, others falsified emissions data in Germany
Sep 21

Berlin to probe whether VW, others falsified emissions data in Germany

Berlin The German government asked carmakers for information on Monday to ascertain whether they were involved in falfsifying car emissions data, as Volkswagen has admitted to doing in the United States.  "We expect from manufacturers reliable information so that the Federal Motor Transport Authority or KBA can...

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Stock delisting hurts Kuwait bourse status

Posted On: Sep-21

Kuwait  -- A rising tide of delistings from Kuwait’s stock market threatens to widen a gap with rival bourses in the region as companies favour more dynamic economies such as Saudi Arabia and Dubai to sell shares.  With a capitalisation of about $88 billion, close to Dubai Financial Market (DFM) at $97bn, Kuwait has long been one of the Arab world’s major markets. But that status could...

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UAE Exchange now on Boomz
Sep 21

UAE Exchange now on Boomz

DT News Network Manama  -- UAE Exchange announced it has entered into an agreement with elanDc to list its services on Boomz, a business directory created by elanDC.  As per the MoU signed on September 14, customers of UAE Exchange in Bahrain will be able to find details of their nearest UAE Exchange on...

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DAGONG, IIRA REAFFIRM CREDIT RATINGS OF ABG

Posted On: Sep-21

DT News Network Manama  -- Al Baraka Banking Group (ABG), Bahrain announced that Dagong Global Credit Rating Company Limited (Dagong) and Islamic International Rating Agency (IIRA) have jointly reaffirmed the international investment grade credit rating of Al Baraka Banking Group (ABG) at ‘BBB+/A3’ (Triple B Plus/A Three). IIRA has also reaffirmed ABG’s national scale rating at...

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Assess risk from overseas ops: report

Posted On: Sep-20

DT News Network Manama  Many organisations are seeking to expand their operations overseas as part of their growth strategies. In Bahrain, as well as around the world, globalization has entered a new phase, posing greater challenges for anti-bribery and corruption (ABC) compliance than ever before.  Two factors are creating new issues for companies, according to a recent report by KPMG...

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LuLu bags major tourism award
Sep 20

LuLu bags major tourism award

Delhi The President of India, Pranab Mukherjee gave away the National Tourism Awards for the year 2013-14  at a function held at Vigyan Bhavan, New Delhi.  LuLu International Travel and Tourism, a division of LuLu Group bagged the “Best Overseas Tour Operator from West Asia & Africa region”...

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EDB, China to further enhance business cooperation
Sep 20

EDB, China to further enhance business cooperation

DT News Network Manama  Representatives from the Economic Development Board of Bahrain (EDB) yesterday held  discussions with a visiting Chinese business delegation from Guangdong to enhance trade cooperation between both the countries. EDB showcased various business opportunities available in Bahrain to...

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Israel to bring in 20,000 Chinese construction workers
Sep 20

Israel to bring in 20,000 Chinese construction workers

Jerusalem Israel plans to bring in 20,000 Chinese construction workers to help build new apartments as part of efforts to lower housing costs, Prime Minister Benjamin Netanyahu said yesterday. Netanyahu announced the plan at the start of a cabinet meeting, his office said. The finance ministry later said the cabinet...

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GALLERIA TO OPEN DOORS IN FEBRUARY NEXT YEAR
Sep 20

GALLERIA TO OPEN DOORS IN FEBRUARY NEXT YEAR

DT News Network Manama  Galleria, an all-new family shopping and recreation destination, will open its doors to customers by February next year, offering a first of its kind retail and dining experience in Bahrain. Strategically located in Al Zinj on the Shaikh Isa Bin Salman Highway that links Saudi Arabia to...

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Auto workers in  Us win pay raise
Sep 19

Auto workers in Us win pay raise

Detroit -- US auto workers won their first raise in a decade in a deal with Fiat Chrysler’s US subsidiary that will be used as a template for talks with General Motors and Ford, their union said Friday. The United Auto Workers union succeeded at clawing back some of the major concessions made in order to help...

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BT to shut down India call centres

Posted On: Sep-19

New Delhi Telecom giant British Telecom has announced plans to shut down its call centres in India to bring them back to Britain following complaints of poor customer service. The UK’s flagship telecom giant, which has used call centres in Delhi and Bengaluru, has said that more than 80 per cent of calls will be answered in the UK by the end of 2016, and that it will go further in years to come. “When...

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Volkswagen could face $18bn penalties from EPA
Sep 19

Volkswagen could face $18bn penalties from EPA

Washington  -- Volkswagen AG faces penalties up to $18 billion after being accused of designing software for diesel cars that deceives regulators measuring toxic emissions, the US Environmental Protection Agency said. “Put simply, these cars contained software that turns off emissions controls when...

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Oil trade finance on the rise in ME
Sep 19

Oil trade finance on the rise in ME

Dubai Banks are seeing a pick up in interest for trade finance from Middle East oil companies, especially in Egypt, they said, as cashflows dry up due to lower oil prices. Oil trade finance appetite in parts of the region is proving a bright spot as bank revenues in the sector globally remain generally under...

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Moody’s cuts debt rating of France
Sep 19

Moody’s cuts debt rating of France

Washington Moody’s cuts France’s sovereign debt rating one notch to Aa2 on Friday, saying the country will struggle with slow growth and a high debt burden for the next five years. “The current economic recovery in France has already proven to be significantly slower -- and Moody’s believes...

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