Adani sees 6-fold rise in coal mining volume

NEW DEHLI: India’s Adani Group expects an over six-fold rise in coal mining volumes by the end of fiscal year 2021, an executive said on Tuesday, despite its struggle to develop a coal project in Australia.

The resources conglomerate is looking to buy mines in countries such as Indonesia and is securing financing for its Carmichael mine in Australia amid challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef.—Reuters

Lilly plans Elanco IPO

NEW YORK: Eli Lilly and Co said on Tuesday it would take its Elanco animal health business public and posted a better-than-expected quarterly profit, helped by demand for its diabetes drugs Trulicity and Humalog.

Lilly also said it would not increase its drug prices through the end of the year, following similar moves by Pfizer Inc, Merck & Co Inc and Novartis AG, as the Trump Administration pushes to cut costs for patients.

Shares of the company rose as much as 2.6 per cent to a near three-year high of $91.20.—Reuters

No US sales hit: Harley-Davidson

NEW YORK: Harley-Davidson executives said on Tuesday they had seen no US sales hit so far over its decision to relocate some American manufacturing overseas as it navigates amid trade conflicts.

The motorcycle company found itself in the firing line of President Donald Trump, who repeatedly attacked the company on Twitter after Harley announced the move on June 26 in response to European Union tariffs on US-made bikes.

Shares of Harley-Davidson jumped after it reported a second-quarter dip of six percent in profits to $242.3 million. But the results topped analyst expectations in terms of earnings-per-share and revenues.

Published in Dawn, July 25th, 2018