Tue, Jul 29, 2014 - Page 15 News List

World Business Quick Take



Nissan profit beats forecasts

Nissan Motor Co yesterday reported profit that beat analysts’ estimate as deliveries rose in China and the US, its two biggest markets. Net income rose 37 percent to ¥112.1 billion (US$1.1 billion) in the April-June quarter, beating the ¥84.3 billion average of 14 analyst estimates compiled by Bloomberg, the Yokohama-based automaker said. The company maintained its profit forecast. The profit increase may signal CEO Carlos Ghosn is gaining traction after making dozens of executive changes in November to improve execution and cut incentives in the US.


Reliance to buy three plants

India’s Reliance Power is to buy three hydropower plants from Jaiprakash Power Ventures for an undisclosed sum to cut its dependence on coal, the firm said yesterday. The deal will make Reliance Power — controlled by billionaire Anil Ambani — the largest private provider of hydroelectric power in India, the firm’s statement said. Reliance has signed a memorandum of understanding to buy the three plants, the entire hydropower business of Jaiprakash, which is part of the Delhi-based conglomerate the Jaypee Group. The plants will produce nearly 1,800 megawatts of clean energy for Reliance Power. The companies did not disclose details of the deal.


Ryanair raises profit target

Irish low-fare airline Ryanair, which hit a weak patch last year, reported a strong recovery, but downward pressures on fares, in a quarterly results statement yesterday. The airline raised its first-quarter net profit by one and a half times and raised its forecast for the whole year, forecasting rising passenger numbers and falling costs. Ryanair lifted its profit guidance for the whole of its year running from April to 620 million euros to 650 million euros (US$833 million to US$873 million), it said in a results statement. That compared with the previous forecast range of 580 million euros to 620 million euros that was given in May. If realized, the forecast for the whole year represents a jump of more than a fifth on last year’s earnings after tax.


Spending leaves Sohu in red

Sohu.com Inc (搜狐), operator of a popular Chinese Internet portal, yesterday said it lost US$45 million in the latest quarter, while revenue rose 18 percent to US$400 million. The loss for the three months ended June 30 compared with a US$69 million loss in the previous quarter and an operating profit of US$64 million in the same period last year. Sohu chairman Charles Zhang (張朝陽) said in a statement that the firm’s Sogou search engine and browser unit achieved profitability faster than expected, but operating expenses rose 82 percent over a year earlier to US$292 million due to an increase in spending on marketing and a bigger work force.


World Bank aids DR Congo

The World Bank has announced a US$100 million donation to boost the Democratic Republic of the Congo’s agriculture sector and another US$100 million for micro-dams to bolster rural electricity access. World Bank vice president Makhtar Diop made the announcement at a press conference on Sunday alongside Congolese Prime Minister Augustin Matata Ponyo. The announcement came at the close of a three-day visit during which Diop visited the construction site for the Inga III dam, a massive hydropower project. The World Bank granted US$73.1 million to build the dam in March.

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