Business News

Tata Power SED secures $173.6 Million (Rs.1200 Crore) deal from Ministry of Defence, India

The deal will be accomplished by Tata Power SED as the main contractor with Spain’s foreign Original Equipment Manufacturer (OEM) partner Indra Sistemas. – TFMNews Tata Power Strategic Engineering Division today reported that it has signed $173.6 Million (Rs.1200 Crore) deal with Defence Ministry of India, to supply 23 ship-borne 3D Air Surveillance Radars to […]

Finance Update

Worlds biggest clothing retailer ZARA reported profits of 3.44 billion euros ($3.88 billion)

Investors fret about Zara-owner’s slowing sales growth. The world’s biggest clothing retailer reported profits of 3.44 billion euros ($3.88 billion) on sales of 26.15 billion euros. – TFMNews Zara owner Inditex reported a 2 percent rise in full-year profit on March 13 as it launched Zara online into 106 new markets in November and benefited […]

Business News

Etihad Rail rewards contract to build UAE railway to Chinese and Korean JV

The contract was rewarded to a joint venture between the China State Construction Engineering Corporation and South Korea’s SK Engineering and Construction. Contract includes works on Ruwais-Ghuwaifat route on UAE-Saudi Arabia border. – TFMNews Dubai: Etihad Rail, the developer and operator of the UAE’s upcoming railway, approved package A of the tender awards for the […]

Business News

Nissan and Renault retooled board structure of the world’s largest alliance

Japan’s Nissan Motor and France’s Renault retooled the board structure of the world’s largest car-making alliance and there would be no change to junior partner Mitsubishi Motors cross-shareholding agreements. – TFMNews Japan’s Nissan Motor and France’s Renault on Tuesday retooled the board structure of the world’s largest car-making alliance, putting themselves as equals after the […]

Finance Update

VW to launch electric models; profit margin slips to 3.8 percent last year

The profit margin at its core VW brand slipped to 3.8 percent last year, down from 4.2 percent, as higher investments into electric cars and challenges getting combustion-engined vehicles certified ate into profits, VW said. – TFMNews WOLFSBURG, Germany, March 12 (Reuters) – Volkswagen on Tuesday said it will launch 70 new electric models by […]

M&A

Deutsche Bank and Commerzbank merger news worries workers unions

Combining Germany’s two largest banks could result in 30,000 job losses, a union warned, prompting Merkel’s chief of staff to say the government was scrutinising the issue. – TFMNews BERLIN/FRANKFURT (Reuters) – Deutsche Bank and Commerzbank faced concerns from workers unions, Chancellor Angela Merkel’s office and top shareholders on Monday after confirming merger talks. The […]

Business News

US firm Fidelity National Info Services acquires Worldpay for $35 billion

The financial technology sector is consolidating fast, with global payments set to reach $3 trillion a year in revenue by 2023 as more people switch from cash to digital payments for online and high street sales, consulting firm McKinsey predicts. – TFMNews Fidelity National Information Services has agreed to buy Worldpay for about $35 billion, […]