Fri, Aug 11, 2017 - Page 10 News List

World Business Quick Take

Agencies

MINING

Glencore returns to profit

Mining and commodities giant Glencore PLC yesterday said that it had bounced back into profit in the first half of this year and the long-term outlook was good as the widespread adoption of electric vehicles would boost demand for raw materials. Net profit at the Switzerland-based company came in at US$2.4 billion, compared with a loss of US$369 million in the first half of last year, on the back of a rebound in commodity prices and efforts by the firm to clean up its balance sheet.

STEELMAKERS

ThyssenKrupp affirms goals

German manufacturer and steelmaker ThyssenKrupp AG yesterday confirmed its objectives for its full financial year, saying it was confident after a solid third quarter with continued growth in orders. Net profit at the group reached 120 million euros (US$140.8 million) between April and June, about 8 percent less than the same period in 2015 and last year. However, revenue grew 11 percent to reach 10.9 billion euros, while operating, or underlying, profits grew 41 percent to reach 620 million euros on an adjusted basis, the firm said.

TOURISM

TUI optimistic on full year

German travel group TUI Group yesterday confirmed a bright outlook for its full financial year as summer bookings lifted the mood following a net loss in the first half. TUI, whose business year runs from October to September, reported net profit of 47.7 million euros between April and June, a fall of about 45 percent compared with the same period last year. Operating profit grew 37.2 percent to 221.6 million euros on an adjusted basis, on the back of revenue rising 12.6 percent to almost 4.8 billion euros, the firm said.

NEW ZEALAND

Base rate kept at record low

Reserve Bank of New Zealand yesterday kept its base rate at a record-low 1.75 percent with no sign of a change in the near future. Governor Graeme Wheeler, who retires next month, said economic growth was expected to improve in the coming months supported by strong population growth and government spending detailed in a May budget. However, he said headline inflation was likely to decline in coming quarters as the effects of higher fuel and food prices dissipate.

VENEZUELA

Economy to contract: group

The nation’s asphyxiating economy is this year expected to contract between 7 percent and 10 percent, the head of main business chamber Fedecamaras said on Wednesday at the Reuters Latin America Investment Summit in Caracas. Fedecamaras’ president said that leftist President Nicolas Maduro’s new, globally condemned legislative superbody would only deepen a severe economic crisis, in which millions are suffering food and medicine shortages.

TOYMAKERS

Lego appoints new CEO

Danish toy company Lego said it has appointed Niels Christiansen, who headed thermostat maker Danfoss A/S for nine years, as its chief executive. Lego chairman Joergen Vig Knudstorp yesterday said that Christiansen replaced Bali Padda, who took over as interim CEO in January. Vig Knudstorp said Christiansen, 51, is to start on Oct. 1. In March, Lego said revenue last year grew 6 percent to 37.9 billion Danish kroner (US$6 billion), the highest figure in the company’s 85-year history. The privately held group’s net profit rose to 9.4 billion kroner.

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