Category: INTERNATIONAL
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Hyundai Motor profit slumps, warns China, U.S. sales malaise to persist
Hyundai Motor posted its smallest quarterly net profit in five years, falling dismally short of estimates, and warned the second half of 2017 would be challenging as political headwinds hit sales in China and slow U.S. demand continues. The South Korean firm – which together with affiliate Kia Motors is the world’s No.5 automaker –…
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Oil bounce, results keep stocks on high
Oil’s rise back above $50 a barrel helped prod stock markets higher on Wednesday and company results and economic data continued to soothe worries that the world economy may be ripe for a another slowdown. European stock markets were mainly higher, led by energy and commodity-linked companies after Brent crude topped the $50 mark for…
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McDonald’s sales up on premium hamburgers and cheap drinks
McDonald’s, facing pressure from increased competition, says it has found a recipe for success in $1 drinks and a new line of high-end hamburgers. The fast food pioneer had its highest quarterly sales at established stores in five years in the three months to the end of June. The firm credited its turnaround efforts, which…
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Jimmy Choo bought by Michael Kors in £896m deal
Luxury shoemaker Jimmy Choo has been bought by Michael Kors Holdings in a deal which values the firm at £896m. The British firm, which was put up for sale in April, had attracted attention from a number of suitors. As well as shoes, Jimmy Choo produces a range of luxury goods. Jimmy Choo shoes featured…
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Nintendo posts strong profits driven by new console
Japanese gaming giant Nintendo said it returned to profit in the first quarter due to strong demand for its Switch console. The company hoped the Switch would be a viable competitor against Sony’s PS4 and Microsoft’s Xbox One. Nintendo posted an operating profit of 16.21bn yen ($144.95 million; £111.39 million) for the first quarter. That’s…
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Nestle to open Japan factory for exotic Kit Kat demand
Nestle is to open its first factory in Japan in more than 25 years because of demand for exotic flavours of Kit Kat. While traditionally the wafer snack has been made using milk chocolate, dozens of different flavours are proving popular in Asia. Flavours like wasabi and green tea have helped Kit Kat sales in…
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Trump says Apple will build three ‘big’ new plants in US
Apple’s boss has promised to build three new manufacturing plants in the United States, according to an interview President Donald Trump has given to the Wall Street Journal. President Trump told the Journal he had a phone conversation with Apple’s chief executive Tim Cook. “I spoke to (Cook), he’s promised me three big plants –…
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New diesel and petrol vehicles to be banned from 2040 in UK
New diesel and petrol cars and vans will be banned in the UK from 2040 in a bid to tackle air pollution, the government is set to announce. Ministers will also unveil a £255m fund to help councils tackle emissions from diesel vehicles, as part of a £3bn package of spending on air quality. The…
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Rwanda: Local Firms Sign Trade Deals With Moroccan Companies
Local businesses have signed trade and partnership deals with Moroccan counterparts, further strengthening relations between the two countries. The deals were signed during a recent business trip to Casablanca, Morocco that was organised by Private Sector Federation (PSF) to link local firms with their Moroccan counterparts and explore new markets in the North African kingdom.…
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Prepare for post-Brexit, think-tank asks Kenya
Kenya should set in motion plans for engaging Britain over post-Brexit trade arrangements to avoid shocks to fresh produce exporters, and likely fall in official development funds, a governments policy think-tank has recommended. The Kenya Institute for Public Policy Research and Analysis (Kippra), Tuesday said the country will be among those hardest hit when Britain…