Companies

Bharat Heavy Electricals' 4th quarter profit tanks 60% mainly due to lower income from power business.

Revenue, profit slump at Bharat Heavy Electricals

NEW DELHI -- Bharat Heavy Electricals (BHEL), an Indian state-owned manufacturer of power plant equipment, reported on Friday a steep 60% year-on-year fall in net profit for the January-March period to 3.6 billion rupees ($53.7 million), owing to red...

  • Malaysia Airlines logs quarterly profit, warns of annual loss

    KUALA LUMPUR -- Malaysia Airlines announced a "marginally profitable" first quarter through March, thanks to low fuel prices and favorable market conditions. The national flag carrier, however, struck a cautious note concerning the rest of 2016.The t...

  • Korean Air plane aborts takeoff after engine catches fire

    TOKYO (Kyodo) -- A Korean Air passenger jet terminated takeoff from Tokyo's Haneda airport on Friday after its left engine caught fire, forcing some 320 people on board to evacuate, police said.The fire was reported around 12:44 p.m., and none of the...

  • Takata offered help but still faces rough ride

    TOKYO -- Scandal-stricken autoparts maker Takata is on track to negotiate a bailout plan after receiving an offer from a potential sponsor. But amid deep divisions among automakers over the path it should take, a smooth journey is far from guaranteed...

  • Tata Steel's global business looking rusty as slump drags on

    MUMBAI -- Tata Steel is groaning under the weight of money-losing British operations, potentially signaling the end of the road for a business strategy centered on global expansion.The Indian steelmaker began its earnings conference Wednesday night t...

  • Nippon Steel moving to block new CEO at Brazil's Usiminas

    TOKYO -- Nippon Steel & Sumitomo Metal came out Thursday against a decision by Brazilian affiliate Usiminas to appoint a new CEO, suggesting renewed friction with Ternium over management of the steel producer.Nippon Steel and Ternium, a steel group w...

  • SoftBank's Arora got record pay package in fiscal 2015

    TOKYO -- Nikesh Arora, president of SoftBank Group, received about 8 billion yen ($72.9 million) in compensation last fiscal year, a shareholders meeting notice posted Thursday shows.The pay package is the largest for a director at a Japanese company...

  • Seven & i struggles to sell image of happy family

    TOKYO -- After boardroom drama that led to the ousting of a charismatic chief, Seven & i Holdings' leadership team worked to emphasize at Thursday's general shareholders meeting that all is well, but many shareholders seemed unconvinced.Influential C...

  • Generics maker Sawai Pharma prepares to tap US market

    OSAKA -- Sawai Pharmaceutical is gearing up to sell generic drugs in the U.S., carrying out a strategy shift that makes the huge American market a central pillar of the company's long-term growth plans.Japan's second-largest maker of generic drugs ex...

  • Sompo Japan to push 'volcano insurance' to tourism sector

    TOKYO -- Sompo Japan Nipponkoa Insurance will begin selling insurance-like instruments in June that can help companies cover losses from volcanic activity, including declines in customer traffic for tourism enterprises.The first policies of this kind...

  • World's biggest chip assembler consolidates in Taiwan

    TAIPEI -- Advanced Semiconductor Engineering (ASE), the world's largest contract chip tester and assembler, is to acquire the remaining 67.71% of its smaller rival, Siliconware Precision Industries (SPIL), for $3.6 billion, the two companies said on ...

  • AirAsia profits up due to improved traffic, lower fuel price

    KUALA LUMPUR -- AirAsia, the region's largest budget carrier by fleet size, said on Thursday that net profit in the first quarter had gained 487% year-on-year to 878 million ringgit ($215 million) on higher passenger numbers and lower fuel costs.Reve...

  • Oil & Natural Gas

    India's biggest explorer boosts profit on one-time gains

    MUMBAI (NewsRise) -- Oil & Natural Gas Corp., India's biggest explorer, reported a more than 12% rise in fourth-quarter profit, beating market expectations, as a one-time gain related to a write back helped offset the impact of slump in sales, amid w...

  • Indian hospitals boost IHH Healthcare earnings

    KUALA LUMPUR -- Malaysia's IHH Healthcare, Asia's largest hospital operator by market capitalization, reported on Thursday net profit growth of 37% year on year to 235.5 million ringgit ($58 million) in the first quarter.Revenue in the quarter surged...

  • CIMB Group Holdings

    Quarterly net profit jumps, flags slower growth

    KUALA LUMPUR (NewsRise) -- CIMB Group Holdings, Malaysia's second-largest bank by assets, reported a 40% jump in first quarter net profit, thanks largely to lower operating costs and smaller provisions for bad loans.Net profit for the three months en...

  • Toyota makes move in networked cars with Uber tie

    NAGOYA -- Toyota Motor has made a foray into the market for networked cars through a tie-up announced on Wednesday with U.S. ride-sharing service Uber Technologies."We're excited that Toyota, the largest auto manufacturer in the world, is making a st...

  • Exclusive

    KKR offers to back Takata rehabilitation

    TOKYO -- U.S. private equity fund Kohlberg Kravis Roberts has offered to help Japan's Takata recover from its global recall of faulty air bags, sources said on Thursday.KKR wants to bring Takata under its control, in place of the autoparts manufactur...

  • US SEC probes Alibaba accounting methods, shares dive

    U.S. regulators are investigating Alibaba Group Holding Ltd's accounting practices to determine whether they violated federal laws, the Chinese e-commerce company said, news that sent its shares down nearly 7 percent on Wednesday.Alibaba, a massive b...

  • Chinese shipping company getting into offshore wind farms

    DALIAN, China -- China's economy slowed, the global economy caught a cold and demand for shipping services has slumped. So China COSCO Shipping has decided to get into the offshore wind power generation business.In mid-May, the COSCO Group subsidiary...

  • Will customers stay loyal as Sharp rebuilds?

    TOKYO/OSAKA -- As Sharp confronts the challenge of rebuilding itself under the umbrella of Taiwan's Hon Hai Precision Industry, the Japanese electronics giant has at least one thing going for it: the enduring appeal of its one-of-a-kind consumer prod...