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Fiat slashes targets due to languishing European sales

Milan: Fiat SpA sharply cut its performance targets for the next two years, saying languishing sales in austerity-hit Europe may lop off a third of its previous projections for 2014 trading profit.

The sharp downturn in Europe has forced Chief Executive Sergio Marchionne to focus on bolstering Fiat’s operations on Europe instead of b


Hurricane Sandy grounds more flights from Gulf

Dubai: Major Gulf airlines on Wednesday were forced into either cancelling or delaying most of their US-bound flights for the third day in a row, owing to harsh weather conditions in the US.

Emirates said that due to severe weather conditions in the eastern part of the United States and the closure of JFK airport, the following


Apple sacks maps chief as part of shakeup

San Francisco: Apple on Monday announced that the executive in charge of Maps, Siri and other software in its culture-changing iPhones is leaving as part of a shakeup in the upper ranks of the company.

Apple chief Tim Cook said the departure of Scott Forstall and enhanced roles of Jon Ive, Bob Mansfield, Eddy Cue and Craig Federighi


Balanced budgets help countries navigate downturn

The UAE’s balanced federal budget of 2013, which is about 11 per cent of the country’s overall annual spending, is part of a government’s three-year strategy (2011-2013) aimed at steering the country towards the next phase of development.

The total amount of the expenditure, Dh44.6 billion, might not appear strong for the Arab World’s second b


Balanced budget to help prepare UAE for growth

The UAE has put maximum emphasis on education and social development in the country’s federal budget for 2013, as part of the government’s three-year UAE Federal Government Strategy for 2011-2013 that is aimed at preparing the Arab World’s second biggest economy for the next phase of development.

The UAE Cabinet, chaired by His


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