Business  February 23, 2017
Debt-laden Telefonica reports profit drop
Telefonica said its net profit fell close to 14 percent last year to 2.36 billion eurosHeavily indebted telecoms giant Telefonica said Thursday its net profit fell close to 14 percent last year to 2.36 billion euros, hit by restructuring costs linked to a voluntary redundancy scheme in Spain.The results come just days after the group -- on the hunt for cash to reduce its debt pile -- agreed to sell up to 40 percent of its infrastruct...  Full Story
BAE Systems eyes defence spending by Trump
BAE Systems posted flat annual profits of £913 million a day after announcing a new chief executiveBAE Systems on Thursday delivered an optimistic outlook on government defence spending, in particular by the new US administration led by President Donald Trump.Posting flat annual profits of £913 million ($1.14 billion, 1.1 billion euros) a day after announcing a new chief executive, BAE said that "in the US... there are signs of a return to grow...  Full Story
Natural disasters dampen Swiss Re profits
A Florida highway damaged by Hurricane Matthew in OctoberRe-insurance giant Swiss Re reported weaker profits Thursday, hit by payouts for natural disasters including Hurricane Matthew in the United States.Net profit fell 23 percent to $3.5 billion, below analyst expectations.Wildfires in Canada and an earthquake in New Zealand also weighed on the bottom line, the Swiss company said.But "solid underwritin...  Full Story
Asia markets struggle as Trump rally hits buffers
Carlos Ghosn will step down as Nissan chief to concentrate on overhauling Mitsubishi MotorsAsian markets struggled Thursday as investors put the brakes on a Trump rally that has inflated global stocks, while Japanese car giant Nissan fell after Carlos Ghosn, the man considered its saviour, stepped down as CEO.New York's Dow index racked up a ninth successive all-time high, its longest record streak in 30 years, but analysts said there wa...  Full Story
German consumer morale hit by political uncertainty
Market research firm GfK said German consumer sentiment about the future economic situation, income expectations and readiness to spend money all fellGerman consumers' mood looks set to darken in March as concerns about rising inflation and US President Donald Trump's protectionist policies start to bite, a key survey found Thursday.Market research firm GfK said its forward-looking index for March dipped to 10.0 points from 10.2 in February, slightly below analyst expectations.Sub-indices measur...  Full Story
Eyeing Opel, Peugeot says 2016 net profits soar by 80%
French carmaker PSA, which owns the Peugeot and Citroen brands, said full year net profit for 2016 rose 79 percent to 2.15bn eurosFrench carmaker PSA, which owns the Peugeot and Citroen brands, said Thursday net profit for 2016 nearly doubled as the group pushes plans to buy General Motors' European brands Opel and Vauxhall.Net profit for the full year rose 79 percent to 2.15 billion euros ($2.27 billion) with the auto giant pledging to pay shareholder dividends for the first...  Full Story
Bouygues Telecom returns to profit with 1 mln new clients
FranceBouygues Telecom said Thursday it had picked up one million new mobile phone customers last year, allowing the French telecom operator to return to profit.Net profit came in at 83 million euros ($87.5 million), after a loss of 59 million euros in 2015.One million new customers for mobile phones pushed its client base to 13 million at the end of Dec...  Full Story
Bharti Airtel buys Telenor's India operations
Indian telecom giant Bharti Airtel faces stiff competition from the recently launched Reliance JioIndian telecom giant Bharti Airtel will buy the local operations of Norway's Telenor, it said Thursday, as the ultra-competitive mobile market is shaken up by the country's richest man.Tycoon Mukesh Ambani launched Reliance Jio's 4G network in September with an audacious free service for the rest of 2016, followed by vastly cheaper data plans and f...  Full Story