Company news in brief

Egypt, Nissan agree to produce 100 000 cars a yearEgyptian state-owned carmaker El Nasr Automotive Manufacturing and Japan's Nissan have reached an initial agreement to produce 100 000 cars a year in Egypt, the minister for public enterprises said on Tuesday.The agreement is part of efforts to boost the proportion of locally made auto components in cars assembled in Egypt with a view to exporting the majority of the vehicles, Hesham Tawfik said.A final contract is expected to be signed within three months, according to a ministry statement, which did not give a target date for the production of 100 000 cars a year.There have been reports of government plans to revive Nasr Automotive, which specialised in making local versions of Fiat cars before it ceased production shortly before Egypt's 2011 uprising, according to state media.Its revenue rose to 5 million Egyptian pounds (US$289 185) on assets of 350 million EGP in the 2016/17 financial year, from zero the previous year, according to an Egyptian finance ministry report. – Nampa/ReutersFedEx cuts profit forecast againFedEx Corp on Tuesday cut its 2019 profit forecast for the second time in three months, sending its shares down more than 5% and fuelling fresh worries it is losing ground to delivery rivals such as United Parcel Service Inc and Deutsche Post DHL Group.The profit warning and weak quarterly results were another blow to FedEx, which slashed its forecast in December citing a sharp downturn in worldwide trade.The package delivery industry is widely seen as a bellwether for the global economy."Slowing international macroeconomic conditions and weaker global trade growth trends continue," FedEx chief financial officer Alan Graf said in a statement on Tuesday.FedEx now expects to earn US$15.10 to US$15.90 for the 2019 fiscal year ended May 31. Analysts had predicted full-year fiscal 2019 earnings per share of US$15.97, on average. – Nampa/ReutersTencent Music reports full-year profitChina-based music streaming company Tencent Music Entertainment Group on Tuesday reported a profit of 1.83 billion yuan (US$272.7 million) for full-year 2018, in its first earnings report since going public.The company, controlled by Chinese tech giant Tencent Holdings Ltd, reported a net loss of 875 million yuan (US$130.39 million) in the fourth quarter due to a one-off share-based accounting charge.Quarterly revenue rose 50.5% to 5.4 billion yuan (US$804.7 million), beating the average analysts' estimates of 5.29 billion yuan. – Nampa/ReutersSamsung Elec sees tough 2019 for component businessSamsung Electronics Co Ltd expects a tough year for its component business including memory chips due to sluggish growth in the smartphone market and reduced investment from data centre companies, chief executive Kim Ki-nam said on Wednesday.He was speaking at the South Korean tech giant's annual general meeting where shareholders are expected to vote on the appointment of board directors.Samsung is seeking new growth in areas such as network equipment manufacturing as sales of its mainstay chips and smartphones begin to drop.The company would continue to make bold investments in semiconductor manufacturing in the face of stiffening Chinese competition, Kim said. – Nampa/ReutersBoeing reshuffles top engineers amid crisisBoeing Co, facing its biggest crisis in years following deadly crashes of its flagship 737 MAX aircraft, has brought in a new vice president of engineering while dedicating another top executive to the aircraft investigations, a company email showed on Tuesday.The management reshuffle comes as Europe and Canada said they would seek their own guarantees over the safety of Boeing's 737 MAX, further complicating plans to get the aircraft flying worldwide after they were grounded in the wake of crashes that killed more than 300 people.The shakeup showed how the world's largest planemaker was freeing up engineering resources as it faces scrutiny during crash investigations while also maintaining production of its money-spinning 737 single-aisle aircrafts.Lawmakers and safety experts are questioning how thoroughly regulators vetted the MAX model and how well pilots were trained on new features.For now, global regulators have grounded the existing fleet of more than 300 MAX aircraft, and deliveries of nearly 5 000 more - worth well over US$500 billion - are on hold. – Nampa/Reuters

Company news in brief

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Republikein 2026-07-16

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Company news in brief

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