Friday 1 July 2016

Hapag-Lloyd inks deal to buy UAE shipping firm

Hapag-Lloyd AG approved a plan to acquire all shares of United Arab Shipping Company, paving the way for the second merger in two years to bolster the position of Germany’s biggest container-shipping line in an industry plagued by excess capacity. The main investors of both


VW agrees to buy back diesel vehicles

Volkswagen will pay as much as $15.3 billion after admitting it cheated on US diesel emissions tests for years, agreeing to buy back vehicles from consumers and provide funding that could benefit makers of cleaner technologies. The largest-ever automotive buyback offer in the US


Ikea recalls 36m dressers after six deaths

Swedish furniture retailer Ikea Group is recalling almost 36 million chests and dressers in the United States and Canada that have been linked to the deaths of six children, the US Consumer Product Safety Commission said on Tuesday. The furnishings can topple over if they are not


Toyota recalling 1.43m hybrids for air bag issue

Toyota Motor Corp said late on Tuesday it is recalling 1.43 million hybrid Prius and Lexus CT200h cars worldwide because of a possible airbag inflator defect. The recall covers 2010-2012 vehicles with air bag inflators that could have a small crack in a weld, which could lead to


Radiant to set up oil distillation plant in Sharjah

India’s Radiant Group, an expert in oil distillation process, is set to build its new factory on a 107,639 sq ft of land at Hamriyah Free Zone, Sharjah, at an investment of $10 million. The 60,000 metric-tonne-capacity oil distillation plant will come up in the Phase Two of


Qatari maintenance firm wins ISO certification

Qatari Modern Maintenance Company (QMMC), a key provider of electro-mechanical contracting services to the construction and industrial sectors, has been successfully certified with the prestigious ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 international standards. The int


IME concludes first long-term petchem deal

Iran’s Tondgouyan Petrochemical Plant signed the first long-term deal with downstream industries at Iran Mercantile Exchange (IME), said the exchange's managing director.   Hamed Soltaninejad said the agents operating in IME have demanded the sealing o


Tabriz Petrochemical Co to develop downstream industries

An exclusive opportunity has been created at Iran’s Tabriz Petrochemical Company to develop downstream industries in East Azarbaijan Province with the production of various products, said a senior oil industry official.   Iran’s Deputy Oil Minister f


Dow Chemical to lay off 2,500 staff

Dow Chemical said it would lay off about 2,500 employees globally, or about 4 per cent of its workforce, as part of a deal to assume full control of Dow Corning, which was a joint venture with Gorilla glass maker Corning. The seeds and chemical maker said it would also shut down


Siemens opens new headquarters in Munich

Siemens, a global technology powerhouse, recently opened its new headquarters in Munich, Germany. Celebrating the occasion the company held a grand opening ceremony in attendance with its employees and senior level officials, said a statement from Siemens. Deputy M

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