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ArcelorMittal, Nippon Steel ink £4.20bn loan pact

THE joint venture of ArcelorMittal and Nippon Steel has inked a £4.20 billion ($5.15bn) loan deal with Japanese lenders.  The loan agreement has been signed with top Japanese banks, including Japan Bank for International Cooperation, Japan’s largest steelmaker said in a statement on Tuesday (17). Other lenders who are part of the loan deal are MUFG […]

Europe panicking over India’s pharmaceutical export curbs  

INDIA’S top pharmaceuticals export group said the government’s curbs on some drug exports amid the spreading coronavirus outbreak has caused panic in Europe and will “severely impact” businesses in the sector. India, the world’s main supplier of generic drugs, has restricted the export of 26 active pharmaceutical ingredients (APIs) and the medicines made from them, […]

Coronavirus hits outlook for British Airways

BRITISH AIRWAYS (BA)-parent IAG on Friday (28) said annual net profit dived 41 per cent on higher fuel costs and strikes at BA, adding that the outlook was “adversely affected” by the coronavirus. Profit after tax slumped to €1.72 billion (£1.47bn) last year from almost €2.9bn in 2018, International Airlines Group (IAG) said in an […]

Vodafone takes £169m hit from Huawei 5G curbs

BRITISH telecoms giant Vodafone said Wednesday (5) that it would cost about €200 million or £169m over five years to remove Chinese group Huawei’s equipment from core 5G European activities. “We have now decided, as a result of the EU (recommendations) and the UK government’s decision, to take out Huawei equipment from the core,” Vodafone […]

India’s Vistara signs codeshare deal with Lufthansa

INDIA’S Vistara has entered into a codeshare pact with German airline Lufthansa, the sixth such agreement with an international airline as the domestic full service carrier seeks to expand its overseas network. As part of the agreement, Lufthansa will add its ‘LH’ designator code to nearly 18 Vistara-operated flights every day covering ten Indian cities, […]

Thyssenkrupp steel workers protest against job cuts

THOUSANDS of Thyssenkrupp steelworkers in Germany on Tuesday (3) protested against planned job cuts, accusing bosses at the struggling conglomerate of mismanagement after a failed merger bid with India’s Tata steel. Germany’s powerful IG Metall union said 6,000 workers gathered at Thyssenkrupp’s Steel Europe headquarters in Duisburg to vent their anger. The group, which makes products […]

Tata Steel starts talks with European Works Council on job cut

TATA Steel said on Wednesday (27) that it is likely to reduce jobs across the UK. The company plans to retrench 1,600 employees in the Netherlands, 1,000 in the UK, and another 350 jobs globally. It has started discussions with the European Works Council (EWC) on proposals to transform its business. The Indian giant is […]

Novartis to acquire Medicines Company for £7.5bn 

SWISS pharmaceuticals giant Novartis announced over the weekend it would dish out $9.7 billion or £7.5bn to acquire US firm Medicines Company, in a move aimed at boosting its cardiovascular treatment portfolio. Novartis said Sunday (24) it had agreed to pay $85 per Medicines Co. share, which was 41 per cent over the US company’s closing […]

Indorama Ventures joins US-based Recycling Partnership 

GLOBAL chemical producer Indorama Ventures Public Company Limited (IVL) said it has joined hands with the Recycling Partnership. Recycling Partnership is a non-profit leader improving how America recycles. IVL’s collaboration with the Recycling Partnership will promote the US residential recycling rates and increase the availability of recycled polyethylene terephthalate (PET) to meet the global recycled […]

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