Business

Boeing bows out of multibillion-dollar Minuteman III replacement competition

Editorial Bureau December 14, 2019

WASHINGTON- Boeing Co has decided it will not compete as a prime contractor to replace the Pentagon’s aging U.S.-based Minuteman III missile system, paving the way for Northrop Grumman Corp to win a contract worth tens of billions of dollars. Friday marked the deadline to submit proposals

Business

Britain’s Aston Martin talking to investors as reviews funding

Editorial Bureau December 14, 2019

Luxury British carmaker Aston Martin is in early stage talks with potential investors about building “longer term relationships” which it said on Friday may or may not involve an equity investment, as part of a funding review. The 106-year firm said in a statement that it was reviewing its funding requirements and various options, following […]

Business

California governor rejects PG&E bankruptcy reorganization plan

Editorial Bureau December 14, 2019

California Governor Gavin Newsom on Friday rejected a bankruptcy reorganization plan submitted by PG&E Corp <PCG.N>, the state’s largest investor-owned utility, saying its proposal fails to meet the requirements of a recently enacted wildfire law. The decision by Newsom, sent to PG&E in a letter, complicates the company’s push to exit bankruptcy

Business

Exclusive: French want PSA-Fiat board guarantee in $50 billion merger – sources

Editorial Bureau December 14, 2019

PARIS/MILAN- French shareholders in the planned merger of PSA and Fiat Chrysler are seeking reassurances that they will retain a numerical advantage on a combined board if CEO Carlos Tavares leaves, two sources close to PSA said. The two companies are finalising talks after announcing a plan for a $50 billion merger of equals in […]

Business

Global shares gain, oil rises, but caution lingers on U.S.-China deal

Editorial Bureau December 14, 2019

NEW YORK- Global equity markets and oil prices rose on Friday after China and the United States agreed on an initial trade deal that rolls back some U.S. tariffs in exchange for China’s increased purchase of farm goods, cooling a contentious trade war. The “phase one” agreement came just ahead of a deadline on Sunday […]

Business

Norway’s Telenor picks Ericsson for 5G, abandoning Huawei

Editorial Bureau December 14, 2019

OSLO- Telenor has picked Sweden’s Ericsson as the key technology provider for its fifth-generation (5G) telecoms network in Norway, it said on Friday, gradually removing China’s Huawei after a decade of collaboration over 4G. Fearing high-tech espionage, and battling with China over trade, the United States has pushed NATO allies such as Norway to exclude […]

Business

Oracle misses revenue estimates; no new co-CEO plans

Editorial Bureau December 13, 2019

Oracle Corp fell short of quarterly revenue estimates on Thursday as growth in its cloud services failed to counter declines in its traditional licensing business, and the company’s chairman said it had no plans to hire a new co-CEO. The company has been aggressively pushing into cloud computing to compensate for a late entry into […]

Business

Exclusive: Boeing delays plans for record 737 production until 2021 – sources

Editorial Bureau December 13, 2019

SEATTLE/PARIS- Boeing Co has delayed plans to reach a record production rate of 57 737 jets per month next year, industry sources said on Thursday, even before the U.S. FAA announced a new delay in the 737 MAX’s return to service which raised uncertainty over production plans. The world’s largest planemaker has also delayed plans […]

Business

Private equity bidders line up for Thomas Cook airline Condor – Wirtschaftswoche

Editorial Bureau December 13, 2019

FRANKFURT- At least three bidding groups including private equity firm Apollo have emerged as buyers of Thomas Cook’s German airline Condor, Germany’s Wirtschaftswoche said on Friday. Condor, which has remained profitable, has drawn interest from suitors after Germany granted a 380 million euro ($419 million) bridging loan to avoid insolvency following the

Business

Amazon.com to open distribution center in Northeastern Brazil in 2020

Editorial Bureau December 13, 2019

SAO PAULO- Amazon.com Inc said on Thursday it will open a distribution center in the northeastern state of Pernambuco, its second in Brazil, strengthening its logistics infrastructure to speed up deliveries and ultimately expand its footprint. The move comes almost a year after the U.S. e-commerce giant launched its first in-house fulfillment and delivery network […]