Tue, May 15, 2018 - Page 10 News List

World Business Quick Take

Agencies

AVIATION

JAL details budget carrier

Japan Airlines (JAL) yesterday said its planned budget airline would run medium-haul international services between Tokyo and major cities in Asia, the US and Europe from summer 2020, hoping to take advantage of an expected expansion in the nation’s low-cost market ahead of the 2020 Tokyo Olympics. The budget carrier, which is to be named later, is to become a subsidiary of JAL, the firm said, adding that it might seek other investors to expand its business model. JAL has thus far limited its low-cost operations to its partial control of Jetstar Japan Co, which is owned by JAL and Australia’s Qantas Group.

ENTERTAINMENT

Sony to buy Peanuts stake

Japanese electronics maker Sony Corp’s music unit yesterday said that it is buying a stake in Peanuts Holdings LLC, the company behind Snoopy and Charlie Brown. Sony Music Entertainment signed a deal with DHX Media Ltd, based in Nova Scotia, Canada, to acquire 49 percent of the 80 percent stake DHX holds in Peanuts. Sony Music is to own 39 percent and DHX 41 percent. The family of Charles Schulz, the creator of Peanuts, is to continue to own 20 percent of Peanuts. The parties hope to complete the acquisition on or about June 30, Tokyo-based Sony said. It said it sees Peanuts as “world-class,” and hopes to use its character business expertise to strengthen the brand and push the business to grow.

AVIATION

Airbus CFO to step down

Airbus SE chief financial officer (CFO) Harald Wilhelm plans to step down next year, meaning the European planemaker would have entirely new top management as it grapples with the future of the A380 superjumbo jet and a long-running bribery investigation. Wilhelm, 52, decided “in agreement with the board of directors” that he would leave in April next year after 27 years with the company, Toulouse, France-based Airbus said in a statement yesterday. Airbus is searching for a replacement for chief executive officer Tom Enders, who decided in December last year that he would leave in April next year. His No. 2, chief operating officer Fabrice Bregier, left after Airbus decided to pass him over for the chief executive officer job.

TELECOMS

Vodacom misses target

Vodacom Group Ltd’s full-year earnings missed estimates after Africa’s biggest wireless carrier by market value invested heavily in its network and integrated the acquisition of a stake in Kenya’s Safaricom Ltd. Headline earnings per share were flat at 9.23 rand for the year through March, the Johannesburg-based company said in a statement yesterday. That compared with an average analyst estimate of 9.27 rand. Even so, the unit of Vodafone Group PLC boosted sales and added customers after selling more smartphones in South Africa.

AUTOMAKERS

Nissan profit down 32%

Japanese automaker Nissan Motor Co’s profit last quarter fell 32 percent from a year earlier as a strong yen, rising raw materials costs and research expenses bit into earnings. The company yesterday said that its January-to-March profit was ¥168.8 billion (US$1.5 billion), down from ¥249 billion last year. Quarterly sales fell 0.9 percent to ¥3.4 trillion. Nissan said some losses for the fiscal year through March, such as costs from production halts in Japan due to illegal inspections that surfaced last year, have ended.

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