Fri, May 03, 2019 - Page 10 News List

World Business Quick Take

Agencies

ENERGY

Shell Q1 profit up 2 percent

Royal Dutch Shell PLC yesterday said that net profit edged higher to US$6 billion in the first quarter, with the advance capped by cooler oil prices and a dip in production. Profit after tax climbed 2 percent compared with the first three months of last year, the Anglo-Dutch group said in an earnings statement. Oil and gas production dipped 2 percent to 3.75 million barrels per day, while average crude prices were slightly lower compared with a year earlier. “Shell has made a strong start to 2019,” chief executive Ben van Beurden said in the statement.

AUTOMAKERS

VW profits slip over scandal

Volkswagen AG yesterday reported a slip in profits in the first quarter, in part blaming a 1 billion euro (US$1.12 billion) charge over “legal risks” related to its “dieselgate” emissions cheating scandal. This year, net profit at the group dropped 7.5 percent year-on-year to just more than 3 billion euros in the first quarter. Operating profit was down 8.2 percent, at 3.9 billion euros, on revenue up 3.1 percent at just more than 60 billion euros, the company said.

BANKING

BNP surges despite losses

BNP Paribas SA reported the biggest fixed-income trading jump of all US and European banks in the first quarter, marking a rebound after recent losses and downgraded targets. Debt trading revenue unexpectedly rose 29 percent from a year earlier, helped by growth in rates and foreign-exchange transactions, the French bank said yesterday. That helped BNP’s global markets unit — its key trading division — post pretax profit of 252 million euros, above the average estimate of analysts surveyed by Bloomberg.

BEVERAGES

Carlsberg Asian revenue up

Carlsberg A/S joined Heineken NV in reporting a strong start to the year as Asian revenue surged, helped by the acquisition of Cambrew, a Cambodian brewer. Revenue in the first quarter rose 6.4 percent on an organic basis, reaching 13.9 billion kroner (US$2.09 billion), while analysts expected 13.5 billion kroner. International brands such as Carlsberg, Tuborg and 1664 Blanc performed especially well in China, chief executive officer Cees ’t Hart said yesterday.

AUTOMAKERS

Tesla faces suit over death

The family of a California man killed in a Tesla has filed a wrongful death lawsuit against the company, blaming Tesla Inc’s self-driving technology as “defective,” attorneys said on Wednesday. The lawsuit, filed on Friday last week in California Superior Court, asserts that the death of Walter Huang (黃偉倫) in March last year resulted from Tesla’s “Autopilot” technology. Tesla has defended its technology, saying that Huang’s hands were not detected on the wheel just before the crash. Besides Tesla, the suit also names the California Department of Transportation.

IRAQ

Crude exports hit 2019 top

The nation made more than US$7 billion last month from its crude exports, the highest monthly revenue so far this year and about US$300 million more than the previous month, Ministry of Oil figures showed on Wednesday. Federal authorities exported just less than 104 million barrels, averaging at 3.47 million barrels per day. It had exported more than 104 million barrels in March.

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