Sun, Jul 24, 2016 - Page 14 News List

World Business Quick Take



GE beats profit expectations

General Electric Co (GE) on Friday reported second-quarter profit that beat analysts’ estimates, as surging sales in energy units helped the industrial giant counter the impact of a sluggish economy. Adjusted earnings rose to US$0.51 a share, boosted by higher profits in the power and renewable energy divisions, GE said in a statement. That exceeded the US$0.46 average of analysts’ estimates compiled by Bloomberg. Sales of US$33.3 billion compared with US$31.9 billion expected by analysts. CEO Jeffrey Immelt said in a statement that the company expects “strong organic growth” in the second half of the year.


HSBC to sell loans: sources

HSBC Holdings PLC is selling US$2.7 billion of loans as part of a plan to cut risk-weighted assets by US$290 billion over the next three years, according to two people with knowledge of the sale. The credits to about 69 different parties include investment-grade loans, project finance and both performing and nonperforming leveraged loans, the people said. The loans are to companies in Europe, Asia and the US, they said. Bank spokeswoman Sarah Marquer declined to comment on the details of the sale.


FCA announces global recall

Fiat Chrysler Automobiles NV (FCA) on Friday said it is recalling nearly 410,000 vehicles worldwide because of a defect that can lead to a loss of propulsion. The automaker said it would update software and replace wire harnesses to address the issue that appears in a small number of vehicles. The recall includes 2015 model year Chrysler 200 midsize sedans, Ram ProMaster City small vans, Jeep Renegade and Cherokee sport utility vehicles and some 2014 Cherokees. The recall includes about 323,000 vehicles in the US, 35,500 in Canada and about 51,000 elsewhere.


Court rejects investor appeal

A US federal appeals court has rejected a shareholder lawsuit filed against key directors at Wal-Mart Stores Inc that claimed they allowed and concealed alleged bribery in the company’s Mexico division. Chief Judge William Riley wrote for the 8th US Circuit Court of Appeals that shareholders, including the Louisiana Municipal Police Employees’ Retirement System, did “not give rise to a reasonable reference” that the board of directors learned of the suspected bribery while it was being covered up and the internal investigation squashed. It upheld an Arkansas district court’s dismissal.


Ecuador pays Chevron

Ecuador has paid a US$112 million arbitration award to Chevron Corp stemming from a 1990s oil contract dispute. The payment, confirmed on Friday by a company spokesman, was ordered in 2011 by a Dutch-based international arbitration panel and later confirmed by US courts and upheld on appeal by the US Supreme Court. Ecuadoran President Rafael Correa had threatened to withhold payment and accused the oil giant of seeking revenge for losing an unrelated drilling contamination case, in which an oil consortium headed by Texaco Inc was ordered by Ecuadoran courts to pay a US$9.5 billion award. Chevron bought Texaco in 2001.

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