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China’s ZTE posts 1.1 billion first-half loss on impact from US supplier ban

HONG KONG: ZTE reported a first-half net loss of 7.8 billion yuan ($1.1 billion) on Thursday, weighed down by a ban on US firms selling parts to the Chinese telecom equipment maker that forced it to cease operations for three months. The result compared with the 7 billion to 9 billion yuan net loss estimate disclosed last month, and the 2.3 billion yuan profit booked in the same period a year earlier. Operating revenue in the first half fell 27.0 percent to 39.4 billion yuan. In June, the network equipment and…

State Bank of India posts third straight quarterly loss

NEW DELHI/BENGALURU: State Bank of India is confident of returning to profitability from the December quarter onwards as the impact of bad loans eases, its chairman said after the nation’s top lender by assets plunged to its third straight quarter of losses. India’s banks have been plagued by a surge in non-performing loans which hit a record $150 billion at the end of March. Twenty-one lenders led by SBI, in which the Indian government owns a majority stake, accounted for 86 percent of the pile. SBI’s gross…

Japan slip through to last 16 despite Poland loss

VOLGOGRAD, Russia: Japan became the only Asian side to progress to the World Cup’s last 16 on Thursday, slipping through despite losing 1-0 against already-eliminated Poland thanks to their lower tally of yellow cards, which meant Senegal went out. The ‘Samurai Blue’ needed a draw to definitely advance to the knockout rounds after they beat Colombia and drew with Senegal in the previous two games, reversing low expectations at the start of the tournament. Yet they still progressed in second place on account of having…

Portable music players tied to hearing loss in kids

AMSTERDAM: Children who listen to music through headphones may be at greater risk of noise-related hearing loss, a Dutch study suggests. Researchers examined hearing test results for 3,316 children ages 9 to 11. They also asked parents about hearing complaints from their children, how often kids used portable music players and how high they typically set the volume. Overall, 443 children, or 14 percent, had at least some difficulty hearing at high frequencies. High frequency hearing loss, especially in younger people,…

Angry Birds maker posts loss despite jump in sales

HELSINKI, Finland: Finland's Rovio Entertainment, creator of the popular smartphone game Angry Birds, on Thursday posted a loss for the third quarter despite rising sales, as it increased its investments with a view to boost its winnings in future. Sales reached 70.7 million euros (nearly $84 million) in the third quarter compared to 50 million the previous year, but year-on-year the company lost 800,000 euros. Rovio posted a profit of 3.9 million euros in the third quarter of 2016. The company said this quarter's…

Trade in Karachi witnesses Rs100m loss, says chairman AKTI

KARACHI: Chairman All Karachi Tajir Ittehad (AKTI) Atiq Mir on Thursday said trade in Karachi has witnessed Rs100 million loss after the city administration failed to drain rainwater in the city. “Even in such a situation, the government was seen nowhere. While rainwater entered markets and godowns,” he said in a statement. The chairman asked who would compensate the loss of traders. The government machineries were not seen working on the ground, he added. “Around 90 percent of markets/ trade centers could not open…

Physical inactivity linked to loss of independence

BOSTON: Being physically inactive raises the risk of losing the ability to perform activities of daily living - both before and after a stroke - according to results from a long-term U.S. study. "Physical activity reduced the risk of dependence in both basic activities of daily living (for example, dressing and getting across a room) as well as instrumental activities of daily living (for example, managing money or grocery shopping), which are considered to be more cognitively demanding,” said lead author Dr. Pamela M.…

FIFA announces $369 million loss with worse to come

ZURICH: FIFA on Friday announced a $369 million loss for 2016, a second straight annual deficit, as it recovers from scandals that have rocked world football and acknowledged it had to use hundreds of millions of dollars of its reserves. The game’s world governing body blamed the cost of investigating the scandals, bad investments and accounting changes. But there is worse to come for the organisation, which is rebuilding after its near collapse at the end of the tainted Sepp Blatter era. It expects to lose $489…

Arctic ice loss driven by natural swings, not just mankind: study

OSLO: Natural swings in the Arctic climate have caused up to half the precipitous losses of sea ice around the North Pole in recent decades, with the rest driven by man-made global warming, scientists said on Monday. The study indicates that an ice-free Arctic Ocean, often feared to be just years away, in one of the starkest signs of man-made global warming, could be delayed if nature swings back to a cooler mode. Natural variations in the Arctic climate "may be responsible for about 30–50 percent of the overall decline…

Liverpool post 19.8 million pounds loss despite record revenue

BARCELONA: Liverpool reported a 19.8 million pounds pre-tax loss for the year ended May 31, 2016, mainly due to investment in players, despite overall revenue rising to a record 301.8 million pounds. The English Premier League club's financial results reveal a significant drop on the 60 million pounds pre-tax profit posted the previous year, which was mainly due to the sale of their Uruguay striker Luis Suarez to Barcelona. The cost of sacking manager Brendan Rodgers in October 2015, the appointment of Juergen Klopp…