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Rolls-Royce plans flying taxi
FARNBOROUGH: British engine maker Rolls-Royce revealed plans this week to develop a hybrid electric vehicle, dubbed the ‘flying taxi’, which takes off and lands vertically and could be airborne within five years. The London-listed aerospace giant, which is based in Derby in central England, showed off the plans at the Farnborough Airshow for the first time, as other players also rush into the market segment. Rolls said it hoped
 
 
Retailer Casino’s sales accelerate in Q2
PARIS: French supermarket retailer Casino said on Tuesday that sales growth accelerated in the second quarter, reflecting further improvement in its core French market and better trends in Brazil. Casino, which last month said it aimed to complete 1.5 billion euros ($1.8 billion) of asset sales by early 2019 to help cut debts, said it was keeping all its annual financial objectives. The company, whose credit rating was cut to
   
China’s new home prices hit fastest growth in two years
BEIJING: China’s new home prices accelerated to their fastest pace in almost two years in June, with buyer demand in bigger cities resilient in the face of fresh curbs against speculation, a sign more restrictions may be needed. Average new home prices in China’s 70 major cities rose 1 per cent in June from a month earlier, higher than the previous month’s reading of 0.7 per cent, according to Reuters calculations based on an
 
 
BlackRock reports weaker demand for index funds
NEW YORK: BlackRock, the world’s biggest asset manager, reported smaller demand for its funds as investors fled risk, overshadowing a better-than-expected quarterly profit, and its shares dipped. BlackRock Chief Executive Larry Fink said the asset manager has appointed a working group to look at blockchain technology and cryptocurrencies such as bitcoin, but cautioned he does not see massive investor demand. “We are a big
   
Didi seeks car services spinoff ahead of likely IPO
HONG KONG: Chinese ride-hailing giant Didi Chuxing Technology is looking to spin off its car services unit in a deal worth up to $1.5 billion, ahead of its expected initial public offering (IPO), people with direct knowledge of the matter said. While Didi has never confirmed its plans for an initial public offering, the spin-off of what is an asset-heavy part of its business could be a step in that direction. Its IPO would be
 
 
Thyssenkrupp leadership vacuum revives revamp hopes
FRANKFURT: Thyssenkrupp shares were indicated 3.4 per cent higher on Tuesday as analysts expect a deeper restructuring of the German submarines-to-elevators conglomerate after the resignation of its chairman. Ulrich Lehner resigned on Monday saying he was no longer able to safeguard the interests of employees and shareholders, deepening a leadership crisis after Chief Executive Heinrich Hiesinger resigned earlier this month.
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