Bizline

Bizline

May 1, 2014-

Maruti April sales decline 11pc

NEW DELHI: Maruti Suzuki India on Thursday reported 11.4 percent decline in total sales in April to 86,196 units, against 97,302 units in the same month last year. The company said its domestic sales declined by 12.6 percent during the month to 79,119 units as against 90,523 units in April 2013. Sales of mini segment cars, including M 800, Alto, A-Star and Wagon R, declined 25.4 percent to 26,043 units as against 34,927 units in the year-ago month, MSI said in a statement. The company said sales of the compact segment, comprising Swift, Estilo, Ritz, rose 9.9 percent to 23,659 units in April this year as against 21,535 units last year. MSI said sales of its popular compact sedan Dzire declined 17.7 percent during the month under review to 16,008 units as against 19,446 units in April 2013. (PTI)

GM recalls 2013 Cadillac SRX

DETROIT: General Motors Co is recalling about 56,400 model year 2013 Cadillac SRX crossover vehicles because of possible delays in acceleration linked to a computer program that controls the transmission, US regulators said on Thursday. “In certain driving situations, there may be a three to four second lag in acceleration due to the transmission control module programming,” said a report from the National Highway Traffic Safety Administration. The NHTSA said the condition can increase the chances of a crash, but GM said it was not aware of any crashes related to this issue. GM said that 50,591 of the recalled SRX crossovers are in the United States, 3,306 in Canada, 367 in Mexico and 2,123 in other markets. The affected vehicles have 3.6-liter engines. Consumers are asked to bring their cars to GM dealerships to have the transmission control modules reprogrammed. (REUTERS)

MasterCard profit rises 10pc

NEW YORK: MasterCard Inc, the world’s second-largest debit and credit card company, posted a 14 percent rise in quarterly profit as more people used cards to shop. MasterCard’s worldwide purchase volume increased 10 percent on a local currency basis to $759 billion. Purchase volumes in the United States rose 9 percent to $268 billion from a year earlier. The company’s net income rose to $870 million, or 73 cents per share, for the first quarter ended March 31, from $766 million, or 62 cents per share, a year earlier. Net revenue rose about 14 percent to $2.18 billion. Analysts on average had expected the company to earn 72 cents per share on revenue of $2.14 billion. (REUTERS)

Brent slips to near $108

SINGAPORE: Brent crude eased down towards $108 a barrel on Thursday, not far above its lowest in more than two weeks, as lacklustre China data, a potential rise in Libya’s oil supply and record-high inventories in the United States weighed on prices. China’s official Purchasing Managers’ Index (PMI) in April edged up from March, but it missed forecasts. Analysts expect the nation’s economic slowdown to continue due to a cooling property sector and the impact of structural reforms. June Brent crude fell 2 cents to $108.05 a barrel by 0642 GMT, following a 0.8 percent drop in the previous session to settle at its lowest close since April 11. The contract dropped as low as $107.55 a barrel during Wednesday’s session. US crude for June delivery edged down 3 cents to $99.71 a barrel, after falling 1.5 percent on Wednesday to settle at its lowest finish since April 2. (REUTERS)

Alibaba in Alipay stake talks

BEIJING: Chinese e-commerce giant Alibaba is in talks with key shareholders to regain a formal stake in its online payment affiliate Alipay as it prepares a hotly anticipated IPO, a report said on Thursday. The Wall Street Journal cited “people familiar with the matter” for the report carried on its website. The WSJ said that retaking the stake in Alipay “could significantly raise the future value of Alibaba” as it readies its initial public offering (IPO). But the report cited the people as saying that even if the a deal over the stake in Alipay is clinched, it was unlikely to come before the IPO. A deal would also be subject to review by regulators in China, it noted. The report described Alipay as “central to Alibaba’s operations” as it handles its e-commerce payments similar to how PayPal does for eBay Inc. (AFP)

AT&T seeks to buy DirecTV

WASHINGTON: US telecoms giant AT&T has offered to buy satellite TV firm DirecTV, in the latest move for consolidation in the television and industry, the Wall Street Journal said Thursday. AT&T, which offers wireless, Internet, and cable TV services around the country, made an approach recently to DirecTV, which delivers television via rooftop satellite dishes. The newspaper cited sources saying DirecTV was open to the offer, which could result in a deal worth $40 billion.

A merger between the two would create a potent rival to cable TV company Comcast, which hopes to expand its coverage with the pending takeover of Time Warner Cable. (AFP)

Published: 02-05-2014 09:14

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