Business Wrap — Emirates to trim flights to the US by 20%; Japanese major launches Voyager program; & more

By NewsX Bureau | Updated: 20 April 2017 12:00 PM

IBM saw a major downfall in its shares, which dropped by nearly 5% after-hours trading and refused to gain ground. The company recently had declared its 20th straight consecutive quarter of year-on-year losses. The company’s quarterly earnings beat expectations, but that wasn’t enough to save the share price. The major problem for IBM is stated to be the dwindling value of the consulting business.

Emirates has said that it is trimming its flights to the United States by 20%. Emirates claimed that there has been a drop in demand caused by heightened US security measures and Trump administration attempts to ban travellers from Muslim-majority nations. Dubai was one of 10 cities in Muslim-majority countries affected by a ban on laptops and other personal electronics.

Tool manufacturing company Atlas Copco India has announced that it’s opening a new manufacturing unit at Cherlapally as part of its expansion activities in Hyderabad. The expansion of the unit will lead to a creation of additional 35 jobs at the unit, which currently employs 200 people. Atlas Copco has invested Rs 80 crore in the expansion to double the capacity of the existing plant. The new facility also includes an R&D test centre for the company’s rock drilling products.

Japanese financial major Nomura has launched its ‘Voyager-Nomura FinTech Partnership’ in India, as a part of its attempts to encourage entrepreneurship in the financial market space. The Financial major is inviting entrepreneurs to participate in the program to build innovative solutions for capital markets and investment banking. The company has set up Nomura Innovation Centre at Powai in Mumbai to provide a platform to start-ups that will be selected for the Voyager program.

Santos has revealed that the Santos-led Gladstone LNG export plant is buying more than half its gas from third parties, rather than producing from its own coal seam gas fields, despite lifting its own production in the March quarter. The first quarter report that GLNG produced only 43 per cent of the 1.4 million tonnes of LNG exported from Gladstone during the quarter from its own fields.

First Published | 20 April 2017 12:00 PM
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