BUSINESS - Page 5

Australia has terminated a multibillion-dollar military satellite project with Lockheed Martin. On Monday, the Department of Defence released a statement announcing that the military would redirect its efforts toward a multi-orbit satellite system. This decision follows years of planning for the Geostationary Earth Orbit (GEO) satellite communications system. According to the Defence Department, the cancellation of JP 9102 reflects a reassessment indicating that the project no longer aligns with current strategic priorities. The original project, JP 9102 Phase 1, was

On Thursday, Finnish telecom equipment supplier Nokia reported a 9% rise in third-quarter operating profit, beating forecasts, as it continued to cut costs and benefited from 5G rollouts. The company said many parts of its business are turning the corner, although some continue to experience market weakness. Net sales slid 7% to 5.4 billion euros, but Nokia kept its full-year comparable operating profit guidance at the lower end of a previously disclosed range. Chief Executive Pekka Lundmark said demand is

Despite the carmaker’s dire problems in the United States, CEO Carlos Tavares alternated between defiance and contrition about his turnaround plans on Monday in a packed schedule of public events at the Paris auto show. Tavares, who inherited the company after its 2021 merger of France’s PSA Peugeot Citroen and Italy’s Fiat Chrysler Automobiles, needs clarification about whether he has the right skills to manage a global automaker with many brands and diverse operations. On a plant visit, Tavares told

BNY Mellon, a leading global investment manager and bank, announced a significant increase in its third-quarter profit, driven by robust assets under custody and administration growth. The company’s total assets under custody and administration surpassed a remarkable $50 trillion, reflecting its strong position in the investment management industry. The surge in assets under management was primarily attributed to favorable market conditions and continued client inflows. BNY Mellon’s diversified investment strategies and comprehensive range of services have positioned it as a

Daimler Truck, the world’s largest commercial vehicle manufacturer, reported a significant decline in sales during the third quarter of 2024. The company’s deliveries fell by 11% compared to last year’s period, primarily due to sluggish demand in Asia and underperformance from its flagship Mercedes-Benz Trucks brand.   The Asia-Pacific region, a key growth market for Daimler Truck, experienced a notable slowdown in demand for commercial vehicles. Factors such as economic uncertainties, supply chain disruptions, and geopolitical tensions contributed to the

As the strike against Boeing continues into its second week, the company and the International Association of Machinists and Aerospace Workers (IAM) are scheduled to resume negotiations on Tuesday. The ongoing dispute, centered on wage increases, job security, and healthcare benefits, has disrupted operations at several Boeing facilities across the United States. Since its commencement on September 6, the strike has had a profound effect on Boeing’s production of commercial airplanes. The company has been compelled to temporarily suspend the