Business World

Tuesday 28 February 2017

S&P issues credit warning to Japan

Credit rating agency Standard and Poor's has threatened to cut Japan's sovereign credit rating again.

It warned that the huge cost of last month's devastating earthquake would hurt already weak public finances unless politicians could agree to raise taxes.

It affirmed its long-term rating on Japan at AA minus -- the lowest among the major agencies -- but cut the outlook to negative from stable.

Barclays reports 9pc drop in Q1 profit

British bank Barclays has said its profit in the first three months of this year fell by 9pc from a year ago as income at its key investment banking arm dipped.

Barclays reported a pre-tax profit of £1.66bn (€1.9bn), just below forecasts and down from £1.82bn a year ago.

Nokia cuts handset workforce by 7,000

NOKIA is cutting the workforce at its handset business by 7,000, or 12pc, following its landmark decision in February to attempt a fightback in the smartphone market by using Microsoft's software.

About 4,000 Nokia employees face redundancy and a further 3,000 are due to transfer to Accenture under an outsourcing deal.

GE gets big boost from heavy energy

General Electric has seen its best earnings growth prospects in a decade as the global economic recovery drives demand for the heavy energy and aviation equipment it makes, top executives said.

Rising oil prices have not yet taken a toll on global growth rates, chief executive Jeff Immelt said yesterday.

AT&T's rivals ask US regulators for probe

AT&T's rivals have asked US regulators to combine a review of AT&T's proposed purchase of T-Mobile USA with their examination of its plan to buy wireless airwaves from Qualcomm.

The request is the latest move in efforts by companies such as No 3 US mobile operator Sprint Nextel to derail AT&T's plan to buy the US business of Deutsche Telekom for $39bn (€26.5bn).

Iconic Washington hotel goes on block

SIX months after Irish investors lost control of the St Regis Hotel, the landmark Washington property is headed for the auction block.

Reports in the US show Barclays is set to sell off the St Regis -- and a bevy of other properties it has foreclosed on -- over the coming months.

Domhnal Slattery's Claret Capital bought the St Regis in a September 2007 and is believed to have paid as much as $170m (€115m).

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