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Petronas eyes key markets
KUALA LUMPUR: Malaysian state energy firm Petronas will focus on a few select markets for expansion, its CEO told Reuters, as it positions itself as leaner and meaner for a medium-term period of relatively low oil prices. Petroliam Nasional Berhad (Petronas) has cut its costs and its spending, deferring some projects in an effort to help profitability in a tough energy market. Rather than having its operations “scattered all
 
 
ABB Bulgaria to complete plant upgrade shortly
SOFIA: ABB Bulgaria, a member of Swiss-Swedish electrical engineering and automation group ABB, plans to complete an upgrade of its production plant in Sevlievo by the end of 2017, Managing Director Ekkehard Neureither, said in Sofia, Bulgaria “The new building will be a real landmark, including the overall modernization, the environment, the innovative technologies, quality, and positioning as one of the best employers in the
   
Ireland stays top eurozone centre for financial special purpose vehicles
FRANKFURT: Ireland remains the eurozone’s largest centre for financial special purpose vehicles, data from the European Central Bank (ECB) showed on Friday, placing it far ahead of closest rival Luxembourg. Such vehicles, many of which are shell companies set up to borrow or invest, had assets, chiefly loans and debt, of 391 billion euros ($460 billion), which is greater than the Irish economy. The data comes amid a debate in
 
 
Future of Air Berlin’s Niki remains uncertain
VIENNA: Austrian holiday airline Niki’s 850 employees were braced for a bumpy ride as insolvent parent Air Berlin began talks to sell off its assets before it runs out of cash. German flagship carrier Lufthansa was scheduled to be first at the table ahead of other potential bidders, a senior labour union official told Reuters amid reports that it was interested in taking over Niki. However, Niki labour bosses said on Friday
   
Chile’s gross domestic product grows broadly
SANTIAGO: Chile’s gross domestic product (GDP) grew broadly in line with expectations in the second quarter of 2017, boosted by domestic spending, the central bank said, although investment continued to lag. GDP grew by 0.7 per cent in the second quarter from the first quarter in seasonally adjusted terms. On an annual basis, second quarter growth was 0.9 per cent, in line with a Reuters forecast of a 0.95 per cent expansion.
 
 
LATAM Airlines cautious on Brazil demand outlook
SANTIAGO: LATAM Airlines Group, Latin America’s largest airline, is still “very cautious” on the outlook for its key domestic Brazilian market, with demand volatile, a top executive of the company said on Friday. “We have seen some very positive weeks in terms of demand in Brazil,” Chief Financial Officer Ramiro Alfonsin told investors on a conference call following the release of second quarter earnings. “But we’re still very
   
Latest wave of automation spurs anxiety among policymakers
WASHINGTON: Every day is graduation day at Amazon Robotics. Here’s where the more than 100,000 orange robots that glide along the floors of various Amazon warehouses are made and taught their first steps. Here they practice their first pirouettes. And heavy lifting too, as they twirl while hauling fabric shelves filled with cinder blocks. And finally — once they’ve been given the green light by their makers — about 38 robots
 
 
Television networks facing the cord-cutting pinch
CALIFORNIA: It’s Sunday morning, and you’re already on the couch with a cup of coffee (or a can of beer) ready to watch your favourite NFL team on TV. Maybe you stick around after the football games to see baseball, hockey or basketball in the afternoon. For many sports fans, it’s a weekend ritual that has helped make broadcast and cable television a smashing success. But now, more than ever before, fans are turning to the
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