Qatar Air headed for annual loss amid Saudi blockade, CEO warns
Businessam Staff
November 7, 2017
Qatar Airways is headed for an annual loss after a Saudi-led blockade of its home nation forced the scrapping of some routes and the diversion of others. The second-biggest Persian Gulf carrier expects to post a loss this year, though it’s too early to say how big the deficit will be, Akbar Al Baker, Chief Executive […]
Sprint, T-Mobile deal collapses
Businessam StaffNovember 6, 2017
SoftBank Group Corp.’s talks to merge U.S. unit Sprint Corp. with T-Mobile US Inc. ended after months of negotiations, dashing investors’ hopes for a wireless megamerger and signaling that unlimited data plans and heavy price discounting among U.S. carriers will continue. SoftBank Chief Executive Officer Masayoshi Son and Tim Hoettges, CEO of T-Mobile parent Deutsche […]
Oil rebound drives shell to booming profits
Businessam StaffNovember 2, 2017
Royal Dutch Shell became the latest major oil company to deliver better than expected earnings in recent months as the market recovery begins to gain traction. The Anglo-Dutch oil giant reported $4.1bn (£3bn) in earnings for the last quarter on a current cost of supply basis, its standard measure of profitability. The sum comes in […]
Air New Zealand airline voted best in the world for the fifth year running
Businessam StaffNovember 2, 2017
The world’s best airline for 2018 has been announced – and the winner is no stranger to the accolade, picking up the top gong for the fifth time in a row. Air New Zealand is the recipient of the number one placing by AirlineRatings.com in its annual assessment of the world’s carriers, ranking ahead of its antipodean […]
Ferrari raises 2017 earnings target on limited-edition supercars
Businessam StaffNovember 2, 2017
Ferrari NV raised its 2017 profit target as rollouts of limited-edition supercars, including the FXX K Evo racing model unveiled last week, help the Italian automaker achieve a long-held goal two years early. Adjusted earnings before interest, taxes, depreciation, and amortization will total about 1 billion euros ($1.63 billion), the Maranello-based manufacturer said Thursday in […]
Facebook’s advertising revenue soars above $10bn, boosting profit
Businessam StaffNovember 2, 2017
Facebook’s quarterly profit jumped as the tech giant revealed larger than expected advertising growth amid controversy over Russia-linked content that appeared on its platform. Total revenue rose 47 percent to$10.3bn (£7.8bn) due to a 49 percent rise in advertising sales to $10.1bn in the quarter to the end of September – that beat analysts’ expectations of $9.7bn, according to FactSet. Facebook said […]
Ryanair’s cancellation crisis will cost it at least €125m
Businessam StaffOctober 31, 2017
Ryanair Tuesday said refunds to passengers and new deals for pilots will cost it €70 million (£61.6 million) over the next six months, in the wake of its cancellation crisis. Ryanair was forced to cancel thousands of bookings in September after what the airline said at the time was a pilot rostering error. Reports later emerged suggesting Ryanair […]
Samsung makes record profit of $109m a day as chip demand soars
Businessam StaffOctober 31, 2017
Electronics giant makes $10bn profit in just three months on the back of strong sales and relaunch of Galaxy smartphones Electronics logged a record profit of 11.2trn won – $10bn (£7.6bn) – in the July to September period, it said on Tuesday, its best for any quarter. The world’s biggest memory chip and smartphone maker […]
Bank of England sees up to 75,000 finance job losses after Brexit
Businessam StaffOctober 31, 2017
The Bank of England expects Britain to lose up to 75,000 financial services jobs after the country leaves the European Union in 2019, the BBC reported on Tuesday. “I understand that senior figures at the Bank are using the number as a ‘reasonable scenario’, particularly if there is no specific UK-EU financial services deal,” the […]
The fat years for U.S. airlines are coming to an end
Businessam StaffOctober 30, 2017
America’s passenger carriers have discovered that it’s getting more expensive to run an airline these days. While summertime profits were fine, and travel demand remains robust, a number of airlines are facing higher bills from a variety of factors: labor contracts, significant airport renovation projects, technology spending and fleet upgrades. The increase in expenses is creeping into 2018 […]