Sun, Apr 15, 2018 - Page 16 News List

World Business Quick Take

Agencies

MULTINATIONALS

GE cuts share profits

General Electric Co (GE) trimmed last year’s earnings by US$1.56 billion to align its results with new US accounting rules for sales of industrial equipment. A profit cut of US$0.17 a share was US$0.01 worse than the reduction GE had signaled to investors in recent weeks. Earnings for 2016 were pared US$0.13, the maker of jet engines and gas turbines said in a regulatory filing late on Friday. GE also said the effects of the US tax overhaul would trim US$0.14 a share from last year’s earnings with another small bite coming from a change in inventory measurement. After the changes, GE lost US0.99 a share last year, worse than the originally reported loss of US$0.68 a share.

AUTOMAKERS

JLR to cut short-term posts

Jaguar Land Rover (JLR), Britain’s biggest carmaker, is poised to announce the elimination of about 1,000 posts filled by workers on short-term contracts as it grapples with slumping UK sales of diesel autos and uncertainty surrounding Brexit. The firm is to formally announce the cuts tomorrow when it reveals production plans for the 2018 to 2019 fiscal year to workers, a company statement on Friday said. JLR said that it is continuing to recruit large numbers of engineers, graduates and apprentices as it invests in new products and technologies, and remains committed to UK plants in which it has spent more than £4 billion since 2010.

AUTOMAKERS

GM to halve factory team

General Motors Co (GM) is to fire as many as 1,500 workers at the end of June at the Ohio factory building the Chevrolet Cruze compact car, undercutting US President Donald Trump’s bombast about bringing back auto jobs. The Lordstown assembly plant would operate on only one shift as part of the cutback, General Motors spokeswoman Dayna Hart said in an e-mail. The company would be roughly halving the workforce at the factory, although Hart wrote that it would remain open for the foreseeable future.

SPAIN

Moody’s upgrades rating

Ratings agency Moody’s on Friday raised the country’s sovereign debt grade, citing improved growth prospects and a stronger banking sector. The upgrade reflects the government’s steps to “address the weaknesses in the banking sector” and an “increasingly balanced growth profile,” despite remaining “institutional weaknesses,” the agency said in a statement. The agency moved the debt rating up a notch to the upper-medium investment grade “Baa1” and said the rating outlook remains stable.

INTERNET

Backpage founder on bail

Backpage.com’s cofounder was on Friday released on a US$1 million bond secured by real estate in Phoenix after pleading not guilty to state and federal charges stemming from a broad investigation of the sex advertisement Web site. Michael Lacey, whom prosecutors have called the mastermind of the operation, would also wear an electronic monitoring bracelet and disclose all his foreign and domestic financial assets, Magistrate Judge Bridget Bade of the US District Court in Arizona ordered. Several Backpage.com employees were charged in a 93-count indictment unsealed on Monday that accused them of facilitating prostitution. Lacey faces 79 criminal counts.

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