Philips posts sevenfold jump in profits

THE HAGUE: Dutch electronics giant Philips on Monday posted a sevenfold leap in first quarter profits after spinning off its lighting business last year.

Net profit soared to 259 million euros ($281m) in the first three months of 2017, compared with 37m euros in the same period last year.

The year-earlier figure had been down some 63 percent, due mainly to taxes linked to its efforts to divest the lighting business.—AFP

PPG raises offer for Akzo Nobel to $29bn

AMSTERDAM: US paint maker PPG Industries raised its proposed offer for Akzo Nobel by about 8 per cent to 26.9 billion euros ($28.8bn) on Monday, putting more pressure on its Dutch rival to enter into talks.

PPG said its proposal was a “final” invitation to Akzo to enter negotiations and included a break fee in case the deal was rejected by regulators - attempting to address a concern that Akzo raised in rejecting two previous proposals from PPG.—Reuters

US carriers accused of ‘bullying’

DUBAI: The chief of Qatar Airways on Monday accused American carriers complaining over alleged subsidies to Gulf airlines of “bullying”, as he announced new US routes in defiance of mounting airport restrictions.

US carriers Delta, United and American Airlines have accused Qatar Airways along with Dubai’s Emirates and Abu Dhabi’s Etihad of benefitting from government subsidies to expand their transcontinental networks.

Published in Dawn, April 25th, 2017