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Industrial Conglomerates

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  • PARIS, Nov 30- Chinese conglomerate Fosun, controlled by billionaire Guo Guangchang, is set to raise its bid for holiday company Club Mediterranee on Monday to trump Italian tycoon Andrea Bonomi, a source familiar with the process said. Fosun had previously offered 22 euros a share in a takeover leapfrog saga that dates back to an offer from Fosun in May 2013.

  • According to industry and government sources, and letters reviewed by Reuters, Essar has asked the Indian government to free it from paying its share of oil dues to Iran, and instead offset them against a $2.5 billion deal to supply steel plate to a NIOC affiliate. The back-to-back scheme comes to light at a critical stage in talks between Iran and six world powers...

  • Staff fear the chop in Samsung Elec annual reshuffle Thursday, 27 Nov 2014 | 11:40 PM ET

    SEOUL, Nov 28- Insiders say staff at Samsung Electronics have never been so anxious ahead of the annual reshuffle, as a weak smartphone performance and its worst earnings in three years are expected to cost many jobs. Squeezed by Chinese rivals like Xiaomi Technology at the low end and Apple's iPhones at the top, Samsung's share of the smartphone market has also...

  • MOSCOW, Nov 27- Russian conglomerate Sistema is reviewing its costs, portfolio of investments and future plans, it said on Thursday, after a drop in profits and a "challenging" year that saw the state seize its majority interest in oil firm Bashneft. Sistema's shares in Bashneft, a key source of dividends for the group, were confiscated in September, after a court...

  • Russia's Rusagro targets record net profit in 2014 Thursday, 27 Nov 2014 | 3:13 AM ET

    MOSCOW, Nov 27- Russian farming conglomerate Rusagro said on Thursday its third-quarter net profit jumped to 6.6 billion roubles from 2.2 billion roubles a year ago, boosted by Russia's ban on Western meat imports. The company, listed in London as Ros Agro and controlled by senator Vadim Moshkovich's family, plans to post the highest annual net income in its...

  • Russia's MTS Q3 net profit down 11 pct y/y Tuesday, 25 Nov 2014 | 7:00 AM ET

    MOSCOW, Nov 25- Russia's top mobile phone operator MTS posted a 11.2 percent year-on-year fall in third quarter net profit on Tuesday to 16 billion roubles. MTS, owned by the Sistema oil-to-telecoms conglomerate controlled by businessman Vladimir Yevtushenkov, was expected to report third-quarter net profit of 15.4 billion roubles. The company said in a...

  • TOKYO, Nov 25- Japan's loss-making Sony Corp plans to slash its TV and mobile phone product line-ups to cut costs, counting on multi-billion dollar revenue surges for its buoyant PlayStation 4 and image sensor businesses over the next three years. Having lost ground to nimbler rivals like Apple Inc and Samsung Electronics Co Ltd in consumer electronics, Sony...

  • TOKYO, Nov 25- Japan's loss-making Sony Corp said it's targeting a near 70 percent jump in revenue for its electronic devices division over the next three years, even as it warned further restructuring is in store for its TV and smartphone units. The ambitious plan to hoist revenue at the division housing its growing image sensor business, to between 1.3 trillion...

  • LONDON, Nov 21- Euro zone indexes were set for their first weekly gain this month as they rose early on Friday, with traders awaiting speeches from European Central Bank policymakers for clues as to whether more stimulus may be under way. French conglomerate Bouygues was the top riser among large European stocks, up 3.3 percent, after the chief executive of Altice...

  • YEKATERINBURG/ MOSCOW, Russia, Nov 20- Russia's VSMPO-Avisma, the world's largest titanium producer, dismissed concerns on Thursday that its output could be affected by a mine accident suffered by its main raw material supplier, Uralkali. VSMPO, whose biggest customers are Airbus and Boeing, said it had enough stocks of carnallite ore, a raw material used in...

  • MOSCOW, Nov 14- A Russian court extended the house arrest of Vladimir Yevtushenkov, chairman of the Sistema business conglomerate, on Friday for four months. Yevtushenkov, one of Russia's richest men, was placed under house arrest on suspicion of money laundering related to Sistema's acquisition of Bashneft, an oil producer. In October, Moscow's Arbitration...

  • *Samsung Group heirs' holdings worth 5.6 trln won. SEOUL, Nov 14- Shares in Samsung SDS Co Ltd, the IT services arm of the Samsung Group, doubled on debut on Friday, unlocking $5 billion for the conglomerate's three heirs as they plan a generational succession at South Korea's dominant conglomerate. SDS is 19.05 percent owned by the three children of Samsung...

  • WASHINGTON, Nov 13- The U.S. Export-Import Bank has mischaracterized potentially hundreds of large companies and units of multinational conglomerates as small businesses, a flaw in its record keeping that could undermine the export lender's survival strategy. "Rarely does Ex-Im miss a opportunity to claim that it primarily helps small business, but Ex-Im is...

  • WASHINGTON, Nov 13- The U.S. Export-Import Bank has mischaracterized potentially hundreds of large companies and units of multinational conglomerates as small businesses, a flaw in its record keeping that could undermine the export lender's survival strategy. A Reuters analysis showed companies owned by billionaires like Warren Buffet and Mexico's...

  • Nov 6- Canadian telecom and media conglomerate Quebecor Inc reported a better-than-expected quarterly profit, helped by higher revenue in its telecommunications business. Quebecor, controlled by the Péladeau family, said in July that it was close to a decision on whether to expand its wireless operations outside its home province of Quebec.

  • Quebecor posts quarterly profit Thursday, 6 Nov 2014 | 6:40 AM ET

    Nov 6- Canadian telecom and media conglomerate Quebecor Inc reported a quarterly profit, compared with a year-earlier loss, helped by a large non-cash gain. The company posted a profit of C $45.1 million, or 37 Canadian cents per share, in the third quarter ended September, compared with a loss of C $188.8 million, or C $1.53 per share, a year earlier.

  • BERLIN, Nov 6- German engineering group Siemens resigned itself to another year of flat sales on Thursday after reporting that one-off charges hit profits again in the fourth quarter, this time for wind turbines. Siemens, one of Germany's biggest companies and a major exporter of goods from trains to hospital equipment, said it first aimed to improve the...

  • Loews profit drops on lower investment income Monday, 3 Nov 2014 | 8:12 AM ET

    Hotel, energy and financial services conglomerate Loews reported a 26 percent drop in quarterly profit, partly due to lower investment income.

  • Nov 3- Hotel, energy and financial services conglomerate Loews Corp reported a 26 percent drop in quarterly profit due to lower investment income and weaker earnings from its oil rig and insurance subsidiaries. Net income attributable to Loews fell to $208 million, or 55 cents per share, in the third quarter ended Sept. 30, from $282 million, or 73 cents per share, a...

  • Nov 3- Hotel, energy and financial services conglomerate Loews Corp reported a 26 percent drop in quarterly profit, partly due to lower investment income. Net income attributable to Loews fell to $208 million, or 55 cents per share, in the third quarter ended Sept. 30, from $282 million, or 73 cents per share, a year earlier. Loews, controlled by New York's wealthy Tisch...