Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses.

Losses came in at 12.97 billion rupees ($178.01 million) for the quarter ended September 30, compared with a profit of 496.3 million rupees a year earlier, the airline said.

Fuel expenses jumped 58.6 per cent to 24.20 billion rupees, while revenue from operations climbed 9.5 per cent.&nbsp;

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses. Losses came in at 12.

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses. Losses came in at 12.97 billion rupees ($178.01 million) for the quarter ended September 30, compared with a profit of 496.3 million rupees a year earlier, the airline said. Fuel expenses jumped 58.6 per cent to 24.20 billion rupees, while revenue from operations climbed 9.5 per cent.

Hurt by higher fuel expenses, Jet Airways posts third quarterly loss

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.

The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.

When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies".

"Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said.

He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18".

Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability.

Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.

Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015.

In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.

Snapdeal has also significantly reduced its headcount to rein in costs.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore. According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16. The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year. When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies". "Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said. He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18". Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability. Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market. Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015. In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore. Snapdeal has also significantly reduced its headcount to rein in costs.

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Telecom operator Idea Cellular continued to bleed in the sixth straight quarter as its consolidated loss widened to Rs 930.6 crore in the three-month period ended March 31, mainly on account of continued hyper competition and regulatory headwinds.

The company had posted a loss of Rs 325.6 crore in the same period previous fiscal.

Idea had reported first ever consolidated loss of Rs 383.87 crore in the October-December 2016 period.

The operating revenue dropped 24.47 per cent to Rs 6,137.3 crore in the March quarter of FY18.

The performance of the company, however, improved on sequential quarter basis. Idea registered a loss of Rs 1,285.6 crore in October-December 2017.

The loss for the full fiscal swelled to Rs 4,139.9 crore from Rs 404 crore in 2016-17. Revenue from operations came in at Rs 28,278.9 crore in 2017-18 from Rs 36,676.8 crore in the previous fiscal.

The company blamed hyper competition and high regulatory headwinds for aggravating the industry's financial stress.

"The Trai led regulation changes including reduction of domestic Mobile Termination Charge from 14 paisa to 6 paisa per minute and International mobile termination' settlement charges from 53 paisa to 30 paisa per minute further aggravated the financial stress for the existing industry operators," Idea Cellular said in a post-earnings statement. Despite increase in voice and data traffic on its network, Idea recorded 26 per cent dip in average revenue per user to Rs 105 in the reported quarter from Rs 142 a year ago.

Idea registered rise in voice usage per subscriber to 577 minutes, broadband data usage per subscriber to 7 GB from 1.4 GB on year-on-year basis. The company saw record wireless broadband data subscriber addition of 15.1 million in 2017-18.

The net debt of the company as on March 31, 2018 stood at Rs 52,330 crore. The company expects the debt to reduce significantly with monetisation of its stake in Indus Towers and completion of sale of its standalone mobile towers to America Tower Corporations.

Giving an update on its merger with Vodafone, Idea Cellular said the process is in the final stages and is expected to be completed by June 2018.

"The merger of Idea and Vodafone India is in the final leg of regulatory approvals and is expected to complete in H1CY18," it said.

Established operators like Bharti Airtel, Vodafone and Idea Cellular are in the midst of a bruising tariff war following the entry of Reliance Jio backed by India's richest businessman Mukesh Ambani.

Reliance Jio's free voice and dirt-cheap data offering have dented the financial metrics of incumbent operators, deepening the impact of regulatory decisions like cut in termination charges.

The company had posted a loss of Rs 325.6 crore in the same period previous fiscal

Telecom operator Idea Cellular continued to bleed in the sixth straight quarter as its consolidated loss widened to Rs 930.6 crore in the three-month period ended March 31, mainly on account of continued hyper competition and regulatory headwinds. The company had posted a loss of Rs 325.6 crore in the same period previous fiscal. Idea had reported first ever consolidated loss of Rs 383.87 crore in the October-December 2016 period. The operating revenue dropped 24.47 per cent to Rs 6,137.3 crore in the March quarter of FY18. The performance of the company, however, improved on sequential quarter basis. Idea registered a loss of Rs 1,285.6 crore in October-December 2017. The loss for the full fiscal swelled to Rs 4,139.9 crore from Rs 404 crore in 2016-17. Revenue from operations came in at Rs 28,278.9 crore in 2017-18 from Rs 36,676.8 crore in the previous fiscal. The company blamed hyper competition and high regulatory headwinds for aggravating the industry's financial stress. "The Trai led regulation changes including reduction of domestic Mobile Termination Charge from 14 paisa to 6 paisa per minute and International mobile termination' settlement charges from 53 paisa to 30 paisa per minute further aggravated the financial stress for the existing industry operators," Idea Cellular said in a post-earnings statement. Despite increase in voice and data traffic on its network, Idea recorded 26 per cent dip in average revenue per user to Rs 105 in the reported quarter from Rs 142 a year ago. Idea registered rise in voice usage per subscriber to 577 minutes, broadband data usage per subscriber to 7 GB from 1.4 GB on year-on-year basis. The company saw record wireless broadband data subscriber addition of 15.1 million in 2017-18. The net debt of the company as on March 31, 2018 stood at Rs 52,330 crore. The company expects the debt to reduce significantly with monetisation of its stake in Indus Towers and completion of sale of its standalone mobile towers to America Tower Corporations. Giving an update on its merger with Vodafone, Idea Cellular said the process is in the final stages and is expected to be completed by June 2018. "The merger of Idea and Vodafone India is in the final leg of regulatory approvals and is expected to complete in H1CY18," it said. Established operators like Bharti Airtel, Vodafone and Idea Cellular are in the midst of a bruising tariff war following the entry of Reliance Jio backed by India's richest businessman Mukesh Ambani. Reliance Jio's free voice and dirt-cheap data offering have dented the financial metrics of incumbent operators, deepening the impact of regulatory decisions like cut in termination charges.

Idea Cellular Q4 net loss widens nearly 3-fold to Rs 930 crore

The BSE Sensex dropped by 150 points to close at 33,685.54 in a volatile trade, extending losses for the third day as banking, FMCG and IT shares fell amid fresh LoU fraud scare.

Banking stocks led by Yes Bank, ICICI Bank, Axis Bank and SBI came under heavy selling pressure after the CBI registered a fresh case relating to &quot;fraudulent&quot; issuance of Rs 9 crore of LoUs to Chandri Papers and Allied Products by PNB&#39;s Brady House branch.

Asian markets ended mixed after the Wall Street declined amid concerns that the US could impose severe tariffs on Chinese imports and that the US Federal Reserve could raise interest rates as early as next week.

Traders are also awaiting trade deficit data for February due later in the day, a broker said.

The World Bank and Fitch projected India&#39;s GDP growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20, which helped limit the fall.

After opening in the positive zone at 33,843.47, the Sensex advanced to the day&#39;s high of 33,866.28 at the outset.

It later gave up gains and fell to a low of 33,637.28, dragged down by banking stocks.

However, the index managed to recoup some of the losses after European shares opened better. The 30-share barometer closed down by 150.20 points, or 0.44 per cent at 33,685.54.

The benchmark had lost 82.20 points in the previous two sessions.

The broader NSE Nifty, after cracking below the key 10,400-mark, touched a low of 10,346.20, before finally ending down 50.75 points, or 0.49 per cent, at 10,360.15.&nbsp;

Banking, FMCG and IT shares fell amid a fresh LoU fraud scare

The BSE Sensex dropped by 150 points to close at 33,685.54 in a volatile trade, extending losses for the third day as banking, FMCG and IT shares fell amid fresh LoU fraud scare. Banking stocks led by Yes Bank, ICICI Bank, Axis Bank and SBI came under heavy selling pressure after the CBI registered a fresh case relating to "fraudulent" issuance of Rs 9 crore of LoUs to Chandri Papers and Allied Products by PNB's Brady House branch. Asian markets ended mixed after the Wall Street declined amid concerns that the US could impose severe tariffs on Chinese imports and that the US Federal Reserve could raise interest rates as early as next week. Traders are also awaiting trade deficit data for February due later in the day, a broker said. The World Bank and Fitch projected India's GDP growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20, which helped limit the fall. After opening in the positive zone at 33,843.47, the Sensex advanced to the day's high of 33,866.28 at the outset. It later gave up gains and fell to a low of 33,637.28, dragged down by banking stocks. However, the index managed to recoup some of the losses after European shares opened better. The 30-share barometer closed down by 150.20 points, or 0.44 per cent at 33,685.54. The benchmark had lost 82.20 points in the previous two sessions. The broader NSE Nifty, after cracking below the key 10,400-mark, touched a low of 10,346.20, before finally ending down 50.75 points, or 0.49 per cent, at 10,360.15.

Stocks fall for third day; Sensex drops 150 points, Nifty below 10,400

This is not an appropriate time to divest government stake in Air India, which should be given at least five years to revive and its debt written off, a parliamentary panel is likely to tell the government.&nbsp;

The panel is also understood to have concluded that the equity infusion in the national carrier, as part of the turnaround plan (TAP), was made on a &quot;piece meal basis&quot;, adversely affecting its financial and operational performance and &quot;forcing&quot; the airline to take loans &quot;at a higher interest rate to meet the shortfall&quot;.&nbsp;

The Parliamentary Standing Committee on Transport, Tourism and Culture concluded that the government should review its decision to privatise or disinvest Air India and explore the possibility of &quot;an alternative to disinvestment of our national carrier which is our national pride&quot;.&nbsp;

Observing that Air India has always &quot;risen to the occasion&quot; at times of need like calamities, social or political unrest in India or abroad, the Committee said &quot;it would be lopsided to assess and evaluate the functioning of Air India solely from business point of view, as has been done by the NITI Aayog.&quot;&nbsp;

In its revised draft report on the airline&#39;s proposed disinvestment, the panel noted that the TAP and financial restructuring plan (FRP) was for a period of 10 years from 2012 to 2022 and Air India has shown &quot;an overall improvement in various parameters and every indication is that it is coming out of the red&quot;.&nbsp;

&quot;At the end of TAP period, government may evaluate the financial and performance status of Air India and take a decision accordingly,&quot; the panel said.&nbsp;

The parliamentary committee, after hearing the views of all stakeholders, &quot;strongly feels that it will not be appropriate at this stage to disinvest when Air India has started earning profit from its operations.&quot;&nbsp;

It also said that as some of its subsidiaries Air India Air Transport Services Limited (AIATSL), Air India SATS Airport Services Private Limited (AISATS), Alliance Air and Air India Express were making profits, these units should &quot;not be disinvested.&quot;&nbsp;

Strongly recommending that the airline&#39;s debt &quot;should be written off by the government&quot;, the revised draft report said, &quot;Air India should be given a chance for at least five years to revive themselves&quot;. The tenure of five years indicates the end of the TAP and FRP period in 2022.&nbsp;

It said the airline&#39;s debt was &quot;due to policy directions of the Ministry of Civil Aviation. Air India may be permitted to function as a government PSU with less government control.&quot;&nbsp;

The Committee also expressed apprehension that Air India&#39;s strategic disinvestment &quot;would result in job loss of many people&quot; and asked the government to &quot;make an assessment&quot; of the job loss before deciding on stake sale.&nbsp;

&quot;If the disinvestment of Air India and its subsidiaries is inevitable, the Committee emphatically recommends that the interests of employees should be protected,&quot; the revised draft report said.&nbsp;

It asked the Ministries of Finance and Civil Aviation to &quot;develop a strategic package to protect the rights and interests of officers and staff of Air India and its subsidiaries in respect of their pension, gratuity and VRS and also the wages of contractual workers engaged by government from time to time in case the disinvestment of Air India is inevitable.&quot;&nbsp;

The panel found merit in the views of some of its members that if Air India is withdrawn from the aviation scene, &quot;private airlines would indulge in gouging and that (will not be) in the interest of the consumers.&quot;&nbsp;

Air India has a total debt of about Rs 48,877 crore at the end of March 2017, of which about Rs 17,360 crore were aircraft loans and Rs 31,517 crore were working capital loans.&nbsp;

The airline is expected to report a net loss of Rs 3,579 crore for 2017-18, as per budget estimates projected for 2017 -18 from a provisional net loss of Rs 3,643 crore for 2016-17.&nbsp;

The airline is projected to increase its operating profit to Rs 531 crore (BE projected) for 2017-18 from a provisional operating profit of Rs 215 crore for 2016-17, as per latest figures tabled in Parliament.&nbsp;

The Parliamentary panel concluded that the government should review its decision to privatise or disinvest Air India and explore the possibility of 'an alternative to disinvestment of our national carrier which is our national pride'

This is not an appropriate time to divest government stake in Air India, which should be given at least five years to revive and its debt written off, a parliamentary panel is likely to tell the government. The panel is also understood to have concluded that the equity infusion in the national carrier, as part of the turnaround plan (TAP), was made on a "piece meal basis", adversely affecting its financial and operational performance and "forcing" the airline to take loans "at a higher interest rate to meet the shortfall". The Parliamentary Standing Committee on Transport, Tourism and Culture concluded that the government should review its decision to privatise or disinvest Air India and explore the possibility of "an alternative to disinvestment of our national carrier which is our national pride". Observing that Air India has always "risen to the occasion" at times of need like calamities, social or political unrest in India or abroad, the Committee said "it would be lopsided to assess and evaluate the functioning of Air India solely from business point of view, as has been done by the NITI Aayog." In its revised draft report on the airline's proposed disinvestment, the panel noted that the TAP and financial restructuring plan (FRP) was for a period of 10 years from 2012 to 2022 and Air India has shown "an overall improvement in various parameters and every indication is that it is coming out of the red". "At the end of TAP period, government may evaluate the financial and performance status of Air India and take a decision accordingly," the panel said. The parliamentary committee, after hearing the views of all stakeholders, "strongly feels that it will not be appropriate at this stage to disinvest when Air India has started earning profit from its operations." It also said that as some of its subsidiaries Air India Air Transport Services Limited (AIATSL), Air India SATS Airport Services Private Limited (AISATS), Alliance Air and Air India Express were making profits, these units should "not be disinvested." Strongly recommending that the airline's debt "should be written off by the government", the revised draft report said, "Air India should be given a chance for at least five years to revive themselves". The tenure of five years indicates the end of the TAP and FRP period in 2022. It said the airline's debt was "due to policy directions of the Ministry of Civil Aviation. Air India may be permitted to function as a government PSU with less government control." The Committee also expressed apprehension that Air India's strategic disinvestment "would result in job loss of many people" and asked the government to "make an assessment" of the job loss before deciding on stake sale. "If the disinvestment of Air India and its subsidiaries is inevitable, the Committee emphatically recommends that the interests of employees should be protected," the revised draft report said. It asked the Ministries of Finance and Civil Aviation to "develop a strategic package to protect the rights and interests of officers and staff of Air India and its subsidiaries in respect of their pension, gratuity and VRS and also the wages of contractual workers engaged by government from time to time in case the disinvestment of Air India is inevitable." The panel found merit in the views of some of its members that if Air India is withdrawn from the aviation scene, "private airlines would indulge in gouging and that (will not be) in the interest of the consumers." Air India has a total debt of about Rs 48,877 crore at the end of March 2017, of which about Rs 17,360 crore were aircraft loans and Rs 31,517 crore were working capital loans. The airline is expected to report a net loss of Rs 3,579 crore for 2017-18, as per budget estimates projected for 2017 -18 from a provisional net loss of Rs 3,643 crore for 2016-17. The airline is projected to increase its operating profit to Rs 531 crore (BE projected) for 2017-18 from a provisional operating profit of Rs 215 crore for 2016-17, as per latest figures tabled in Parliament.

Don't privatise Air India, give it 5 years to revive: Parliamentary panel

Tata Motors&rsquo; Nano, launched in 2008 as the world&#39;s cheapest car, may soon be phased with dealers in most parts of the country having stopped placing orders for the vehicle.&nbsp;

Media reports said a mere two Nano cars are manufactured daily at the company&#39;s Sanand, Gujarat plant -- proof enough that the vehicle is a loss-making model for Tata Motors.&nbsp;

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The reports said Tata Motors dispatched 180 Nanos to its 630 showrooms in August, which plummetted to just 57 units in October.

Most Tata showrooms are now focusing on selling contemporary models like the Tiago, Tigor, Hexa and Nexon.&nbsp;

The reports added that Tata is working on an electric version of the Nano, in a joint venture with Coimbatore-based Jayem Automotives.

The new car will be called the &#39;Neo&#39;.

The&nbsp;48-volt vehicle would be put together and marketed by Jayem Auto while some of the associated components will be supplied by Tata Motors.

The first batch of cars will be supplied shortly, media reports quoted Jayem Automotives Managing Director J Anand as saying in a statement.

Dealers have stopped placing orders for the 'world's cheapest car'

Tata Motors’ Nano, launched in 2008 as the world's cheapest car, may soon be phased with dealers in most parts of the country having stopped placing orders for the vehicle. Media reports said a mere two Nano cars are manufactured daily at the company's Sanand, Gujarat plant -- proof enough that the vehicle is a loss-making model for Tata Motors. Tata is working on an electric version of the Nano. The new 48-volt vehicle will be called the 'Neo' × The reports said Tata Motors dispatched 180 Nanos to its 630 showrooms in August, which plummetted to just 57 units in October. Most Tata showrooms are now focusing on selling contemporary models like the Tiago, Tigor, Hexa and Nexon. The reports added that Tata is working on an electric version of the Nano, in a joint venture with Coimbatore-based Jayem Automotives. The new car will be called the 'Neo'. The 48-volt vehicle would be put together and marketed by Jayem Auto while some of the associated components will be supplied by Tata Motors. The first batch of cars will be supplied shortly, media reports quoted Jayem Automotives Managing Director J Anand as saying in a statement.

Tata's Nano may soon be phased out: Reports

Germany&#39;s&nbsp;Munich&nbsp;Re warned it could miss its profit target this year, the&nbsp;first&nbsp;major&nbsp;reinsurer&nbsp;to flag a hit to earnings from damage caused by hurricanes&nbsp;Harvey and&nbsp;Irma.

&quot;These two events are expected to result in high insured losses, which the market and&nbsp;Munich&nbsp;Re are unable to quantify at the moment,&quot; it said in a statement on Wednesday.

Analysts at Jefferies said they expected this to be the&nbsp;first&nbsp;of a series of such statements as insurers count the costs of the destructive storms.

Irma, one of the most powerful Atlantic Ocean storms on record, ravaged several islands in the northern Caribbean, killing at least 60 people, before barrelling into Florida&#39;s Gulf Coast on Sunday, causing further destruction.

Munich&nbsp;Re had earlier this week estimated losses for the global insurance industry from&nbsp;Harvey, which struck Texas two weeks ago and caused massive flooding, of between $20 billion and $30 billion, putting the storm on the scale of Hurricane Sandy in 2012.

Shares in&nbsp;Munich&nbsp;Re nonetheless edged up by 0.4 percent in early trade on Thursday, with analysts saying the group had sufficient capital buffers to weather some headwinds.

Munich&nbsp;Re said it would probably report a third-quarter loss due to the hurricanes, but that it had a sufficiently solid capital base to still be able to offer full reinsurance capacity to its clients.

It said it may miss its full-year net profit goal of 2 billion to 2.4 billion euros ($2.4 bln-$2.9 bln). Analysts on average have forecast 2.35 billion euros, according to Thomson Reuters data.

Munich&nbsp;Re had said as recently as Sunday, at an annual industry meeting in Monte Carlo, that it was not especially exposed to Florida.

Analysts at Jefferies said&nbsp;Munich&nbsp;Re had an advantage over peers such as Swiss Re, given it had one of the largest budgets in the industry to cover natural catastrophes, at 1.4 billion euros for the full year.

"These two events are expected to result in high insured losses, which the market and?Munich?Re are unable to quantify at the moment," it said in a statement on Wednesday.

Germany's Munich Re warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by hurricanes Harvey and Irma. "These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment," it said in a statement on Wednesday. Analysts at Jefferies said they expected this to be the first of a series of such statements as insurers count the costs of the destructive storms. Irma, one of the most powerful Atlantic Ocean storms on record, ravaged several islands in the northern Caribbean, killing at least 60 people, before barrelling into Florida's Gulf Coast on Sunday, causing further destruction. Munich Re had earlier this week estimated losses for the global insurance industry from Harvey, which struck Texas two weeks ago and caused massive flooding, of between $20 billion and $30 billion, putting the storm on the scale of Hurricane Sandy in 2012. Shares in Munich Re nonetheless edged up by 0.4 percent in early trade on Thursday, with analysts saying the group had sufficient capital buffers to weather some headwinds. Munich Re said it would probably report a third-quarter loss due to the hurricanes, but that it had a sufficiently solid capital base to still be able to offer full reinsurance capacity to its clients. It said it may miss its full-year net profit goal of 2 billion to 2.4 billion euros ($2.4 bln-$2.9 bln). Analysts on average have forecast 2.35 billion euros, according to Thomson Reuters data. Munich Re had said as recently as Sunday, at an annual industry meeting in Monte Carlo, that it was not especially exposed to Florida. Analysts at Jefferies said Munich Re had an advantage over peers such as Swiss Re, given it had one of the largest budgets in the industry to cover natural catastrophes, at 1.4 billion euros for the full year.

Munich Re makes first warning by reinsurer on Harvey, Irma impact

Former Olympic champion Venus Williams was eliminated in the first round at the Rio Games on Saturday after Belgian underdog Kirsten Flipkens mounted a spirited fight back to cause the biggest upset of the opening day. 
 
Another notable casualty on the first day of competition was former world Number 1 Ana Ivanovic, who surged ahead in the first set against world Number 12 Carla Suarez Navarro but lost 2-6 6-1 6-2 after two error-strewn sets. 
 
With US secretary of state John Kerry and gymnastics gold medal favourite Simone Biles looking on, seven-times grand slam winner Williams won the first set but became frustrated as the match wore on, losing 4-6 6-3 7-6(5) to the world number 62. 
 
Flipkens collapsed on to the court after winning the final set tie-breaker and the rowdy Brazilian crowd serenaded her with chants of &quot;ole, ole, ole&quot;. 
 
Flipkens later thanked the &quot;amazing&quot; Brazilian crowd for helping her pull off one of the biggest wins of her career. 
 
&quot;To beat Venus Williams on the centre court, one of the biggest champions in our history, that (gave me) goosebumps all over the place,&quot; she told reporters. 
 
The loss will not be the end of the competition for 2000 Sydney Games champion Williams, however, as the 36-year-old is bidding to win her fourth doubles gold medal with sister Serena. 
 
Former French Open winner Ivanovic rued letting her chances slip away. 
 
&quot;I had a chance to come back in the third set but every time I came close to pegging her back, I missed the opportunity,&quot; said the world Number 26. 
 
Ivanovic&#39;s match, like all the others on centre court, was played in a stadium that was more than half empty, something likely to disappoint organisers. 
 
But the size of crowds did not bother Japan&#39;s Kei Nishikori, who opened the men&#39;s singles tennis tournament on centre court by knocking out Spain&#39;s Albert Ramos-Vi?olas with ease, winning 6-2 6-4 in two sets. 
 
Some players said conditions were tricky due to soaring temperatures and a strong breeze drifting across from the ocean. 
 
&quot;Here it&rsquo;s very difficult to play because it&rsquo;s fairly open, there is constantly some kind of wind,&quot; said Croatia&#39;s Marin Cilic, who beat Bulgaria&#39;s Grigor Dimitrov 6-1 6-4. 
 
One player who thrived in the Rio sun was Australia&#39;s John Millman, who became the first Olympian to win a men&#39;s singles match without losing a game. 
 
Millman&#39;s &quot;double-bagel&quot; 6-0, 6-0 victory came against Lithuania&#39;s Ricardas Berankis. The Australian, who has battled back to fitness after several shoulder surgeries that threatened his career, took part in Friday&#39;s late-night opening ceremony, which many Olympians competing early on Saturday skipped. 
 
&quot;That was a really stirring moment for me. It&#39;s hard to explain the emotions I got walking into that stadium, and obviously that carried over to today,&quot; said the 27-year-old. 
 
(Reuters)

World number 62, the Belgian Kirsten Flipkens, mounted a spirited fightback and beat her 4-6 6-3 7-6(5)

Former Olympic champion Venus Williams was eliminated in the first round at the Rio Games on Saturday after Belgian underdog Kirsten Flipkens mounted a spirited fight back to cause the biggest upset of the opening day. Another notable casualty on the first day of competition was former world Number 1 Ana Ivanovic, who surged ahead in the first set against world Number 12 Carla Suarez Navarro but lost 2-6 6-1 6-2 after two error-strewn sets. With US secretary of state John Kerry and gymnastics gold medal favourite Simone Biles looking on, seven-times grand slam winner Williams won the first set but became frustrated as the match wore on, losing 4-6 6-3 7-6(5) to the world number 62. Flipkens collapsed on to the court after winning the final set tie-breaker and the rowdy Brazilian crowd serenaded her with chants of "ole, ole, ole". Flipkens later thanked the "amazing" Brazilian crowd for helping her pull off one of the biggest wins of her career. "To beat Venus Williams on the centre court, one of the biggest champions in our history, that (gave me) goosebumps all over the place," she told reporters. The loss will not be the end of the competition for 2000 Sydney Games champion Williams, however, as the 36-year-old is bidding to win her fourth doubles gold medal with sister Serena. Former French Open winner Ivanovic rued letting her chances slip away. "I had a chance to come back in the third set but every time I came close to pegging her back, I missed the opportunity," said the world Number 26. Ivanovic's match, like all the others on centre court, was played in a stadium that was more than half empty, something likely to disappoint organisers. But the size of crowds did not bother Japan's Kei Nishikori, who opened the men's singles tennis tournament on centre court by knocking out Spain's Albert Ramos-Vi?olas with ease, winning 6-2 6-4 in two sets. Some players said conditions were tricky due to soaring temperatures and a strong breeze drifting across from the ocean. "Here it’s very difficult to play because it’s fairly open, there is constantly some kind of wind," said Croatia's Marin Cilic, who beat Bulgaria's Grigor Dimitrov 6-1 6-4. One player who thrived in the Rio sun was Australia's John Millman, who became the first Olympian to win a men's singles match without losing a game. Millman's "double-bagel" 6-0, 6-0 victory came against Lithuania's Ricardas Berankis. The Australian, who has battled back to fitness after several shoulder surgeries that threatened his career, took part in Friday's late-night opening ceremony, which many Olympians competing early on Saturday skipped. "That was a really stirring moment for me. It's hard to explain the emotions I got walking into that stadium, and obviously that carried over to today," said the 27-year-old. (Reuters)

Venus knocked out in Rio upset

Royal Bank of Scotland reported wider first-half losses, 1.3 billion Pounds of new litigation charges and axed plans to turn its Williams &amp; Glyn business into a stand-alone bank today as it braces for post-Brexit shocks to the UK economy. 
 
RBS, which has not made an annual profit since 2007, booked 2.05 billion Pounds ($2.69 billion) of losses for the first half of 2016, against a 179 million Pound loss a year ago. 
 
Chief Executive Ross McEwan is battling to complete a restructuring of the taxpayer-backed bank, which includes asset sales, job cuts and multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. 
 
Those issues have complicated RBS&#39;s task of finding profitable business in a low interest rate economy with feeble credit demand, which now faces pressures from Britain&#39;s vote to leave the European Union and a possible new referendum on Scottish independence. 
 
&quot;There is more work to be done but we are making progress,&quot; McEwan said, adding that RBS is preparing to detail a new cost-cutting plan at its full-year results in early 2017 that will involve an unspecified number of job cuts and branch closures. 
 
The CEO said RBS had not yet decided whether to pass on the Bank of England&#39;s 25 basis point base rate cut to standard variable rate borrowers, a key part of the central bank&#39;s plans unveiled on Thursday to cushion the economy against Brexit. 
 
McEwan said RBS would look at the BoE&#39;s new Term Funding Scheme aimed at helping banks to boost lending to households and businesses. 
 
RBS shares, which have fallen almost 40 per cent so far this year, were 6.8 per cent lower by 1250 GMT.&nbsp;RBS said it no longer planned to build an independent technology platform for its Williams &amp; Glyn business, citing complexity and the lower interest rate environment. 
 
The bank had originally wanted to turn the small business lender into a &#39;bank within a bank&#39; so it could achieve a clean break when the business was sold under the terms of its 45.5 billion-Pound state bailout in the global financial crisis. 
 
But RBS said the risks and costs inherent in its plan were no longer &quot;prudent&quot; and it would look at other ways to achieve the carve out, which has already cost it 1.5 billion Pounds. 
 
Spain&#39;s Banco Santander has made a formal offer to take over Royal Bank of Scotland&#39;s Williams &amp; Glyn business, two sources familiar with the matter said earlier this week. 
 
Restructuring 
 
Edinburgh-based RBS&#39;s total income fell by almost a fifth to 6.06 billion Pounds in the first half, while the bigger losses were partly driven by a 630 million Pound charge for corporate restructuring, some 345 million Pounds of which related to Williams &amp; Glyn. 
 
&quot;These results show how much work RBS still has on its plate, progress has been made, but it has been slow,&quot; Laith Khalaf, a senior analyst at Hargreaves Lansdown told Reuters. 
 
&quot;If you went back to the financial crisis very few people would have predicted that it would have taken so long to heal the wounds. Whilst RBS is relatively well capitalised, the issue is profitability rather than solvency,&quot; he said. 
 
Impairments rose by more than a quarter to 409 million Pounds and the bank warned a target to reduce its cost to income ratio below 55 per cent by 2019 would be &quot;more challenging&quot;. 
 
RBS said restructuring costs were expected to remain high in 2016, totalling more than 1 billion Pounds. 
 
The bank also set aside an additional 450 million Pounds to compensate customers mis-sold payment protection insurance and made a 180 million Euros ($201 million) provision for redress in its Irish tracker mortgages business. 
 
These came on top of 707 million Pounds of new litigation charges, which analysts at Bernstein said were largely down to a long-running dispute with investors over its 2008 rights issue.&nbsp;Despite the provision, McEwan said RBS had yet to make any deal with claimants, and he still expected the matter to go to court in 2017. 
 
Meanwhile, the bank continues to wait for what analysts broadly expect to be the biggest regulatory penalty in its history for its role in mis-selling US mortgage bonds in the run up to the financial crisis. 
 
(Reuters)

RBS, which has not made an annual profit since 2007, booked 2.05 billion Pounds ($2.69 billion) of losses for the first half of 2016

Royal Bank of Scotland reported wider first-half losses, 1.3 billion Pounds of new litigation charges and axed plans to turn its Williams & Glyn business into a stand-alone bank today as it braces for post-Brexit shocks to the UK economy. RBS, which has not made an annual profit since 2007, booked 2.05 billion Pounds ($2.69 billion) of losses for the first half of 2016, against a 179 million Pound loss a year ago. Chief Executive Ross McEwan is battling to complete a restructuring of the taxpayer-backed bank, which includes asset sales, job cuts and multi-billion dollar charges to settle litigation and pay regulatory fines for past misconduct. Those issues have complicated RBS's task of finding profitable business in a low interest rate economy with feeble credit demand, which now faces pressures from Britain's vote to leave the European Union and a possible new referendum on Scottish independence. "There is more work to be done but we are making progress," McEwan said, adding that RBS is preparing to detail a new cost-cutting plan at its full-year results in early 2017 that will involve an unspecified number of job cuts and branch closures. The CEO said RBS had not yet decided whether to pass on the Bank of England's 25 basis point base rate cut to standard variable rate borrowers, a key part of the central bank's plans unveiled on Thursday to cushion the economy against Brexit. McEwan said RBS would look at the BoE's new Term Funding Scheme aimed at helping banks to boost lending to households and businesses. RBS shares, which have fallen almost 40 per cent so far this year, were 6.8 per cent lower by 1250 GMT. RBS said it no longer planned to build an independent technology platform for its Williams & Glyn business, citing complexity and the lower interest rate environment. The bank had originally wanted to turn the small business lender into a 'bank within a bank' so it could achieve a clean break when the business was sold under the terms of its 45.5 billion-Pound state bailout in the global financial crisis. But RBS said the risks and costs inherent in its plan were no longer "prudent" and it would look at other ways to achieve the carve out, which has already cost it 1.5 billion Pounds. Spain's Banco Santander has made a formal offer to take over Royal Bank of Scotland's Williams & Glyn business, two sources familiar with the matter said earlier this week. Restructuring Edinburgh-based RBS's total income fell by almost a fifth to 6.06 billion Pounds in the first half, while the bigger losses were partly driven by a 630 million Pound charge for corporate restructuring, some 345 million Pounds of which related to Williams & Glyn. "These results show how much work RBS still has on its plate, progress has been made, but it has been slow," Laith Khalaf, a senior analyst at Hargreaves Lansdown told Reuters. "If you went back to the financial crisis very few people would have predicted that it would have taken so long to heal the wounds. Whilst RBS is relatively well capitalised, the issue is profitability rather than solvency," he said. Impairments rose by more than a quarter to 409 million Pounds and the bank warned a target to reduce its cost to income ratio below 55 per cent by 2019 would be "more challenging". RBS said restructuring costs were expected to remain high in 2016, totalling more than 1 billion Pounds. The bank also set aside an additional 450 million Pounds to compensate customers mis-sold payment protection insurance and made a 180 million Euros ($201 million) provision for redress in its Irish tracker mortgages business. These came on top of 707 million Pounds of new litigation charges, which analysts at Bernstein said were largely down to a long-running dispute with investors over its 2008 rights issue. Despite the provision, McEwan said RBS had yet to make any deal with claimants, and he still expected the matter to go to court in 2017. Meanwhile, the bank continues to wait for what analysts broadly expect to be the biggest regulatory penalty in its history for its role in mis-selling US mortgage bonds in the run up to the financial crisis. (Reuters)

Royal Banks of Scotland losses and costs mount as Brexit fallout looms large

Serena Williams has history in her sights, as the defending champion plots to avenge one of the most painful defeats of her career by beating Angelique Kerber in Saturday&#39;s Wimbledon final. Williams suffered a stunning loss against Kerber in the Australian Open final in January, and the rivals will face off for the first time since then when they slug it out for the Wimbledon title. 
 
There was further frustrations for Serena when she lost the French Open final to Garbine Muguruza last month. But the 34-year-old has been revitalised at the All England Club and, after taking just 48 minutes to crush Elena Vesnina in Wimbledon&#39;s quickest-ever semi-final, she has the chance to finally equal Steffi Graf&#39;s Open era record of 22 major titles by lifting the Venus Rosewater Dish for a seventh time. 
 
Making history at Kerber&#39;s&nbsp;expense would be especially sweet, even more so after the fourth seed defeated Serena&#39;s sister Venus in the semi-finals, and Williams says she has learnt the lessons of Australia. &quot;Obviously it&#39;s significant that she beat&nbsp;me in Australia because that&#39;s the last time we played,&quot; Serena said. 
 
&quot;I made a lot of errors. She made little to no unforced errors. I felt like she played great. She was fearless. That&#39;s something I learned. When I go into a final, I too need to be fearless like she was.&nbsp;It was inspiring afterwards to realise there&#39;s a lot of things that I need to improve on.&quot; 
 
Since failing to complete a calendar Grand Slam last year, Serena has repeatedly had her hunger for more success questioned. But, having reached a ninth Wimbledon final and 28th Grand Slam, Williams insists she is still motivated. 
 
&quot;Yeah, I have no hunger anymore. Yeah, right,&quot; Serena said in a defiant press conference after her demolition of Vesnina. &quot;I mean, I think for anyone else in this whole planet, reaching the final would be a wonderful accomplishment. For me, it&#39;s not enough. But I think that&#39;s what makes me different. That&#39;s what makes me Serena. For me, it&#39;s about obviously holding the trophy and winning, which would make it a better accomplishment for me.&quot; 
 
In a combative mood with the media, Serena was quick to quash suggestions the pressure of trying to make history had been responsible for her failure to win a Grand Slam since last year&#39;s Wimbledon. 
 
&quot;My goal has never been 22. I don&#39;t talk about that anymore,&quot; she snapped. &quot;I love what I do. I work hard at what I do. I&#39;m extremely passionate. That&#39;s just the kind of something that keeps me going.&quot; Asked where she ranked among the great female athletes, Williams reframed the question. 
 
&quot;I prefer one of the greatest athletes of all time,&quot; she said with not a trace of a smile. Fortunately for fans hoping for a drama-filled final, Kerber isn&#39;t the type to back down in the face of Serena&#39;s aggression. The 28-year-old in her first Wimbledon final and second major title match, couldn&#39;t be&nbsp;in better form as she tries to become the first German woman to win Wimbledon since her idol Graf in 1996. 
 
&quot;I told myself that I would like to play better in the big tournaments. I just believe much more in myself, especially after Australia,&quot; Kerber said. 
 
&quot;I&#39;m a little bit more relaxed when I&#39;m going to the tournaments.&nbsp;I know I can trust my tennis.&quot;&nbsp;After sweeping to the final without dropping&nbsp;a set, Kerber is guaranteed to reach a career-high second in the rankings next week. 
 
&quot;I will go out there with a lot of confidence.&nbsp;I&#39;ll show her I&#39;m there to win. I have to play one of my best matches,&quot; Kerber said. 
The German added: &quot;I expect a really tough match. I know that she will go out and try to beat me, especially because she lost against me in Australia.&nbsp;On grass she is always dangerous. She won here so many times, she will go for it. I know this. I know I have to play my best tennis.&quot; 
 
(AFP)

The defending champ can avenge her painful loss in last year's Australian open, and tie her idol Steffi Graf's record of 22 Grand Slam wins

Serena Williams has history in her sights, as the defending champion plots to avenge one of the most painful defeats of her career by beating Angelique Kerber in Saturday's Wimbledon final. Williams suffered a stunning loss against Kerber in the Australian Open final in January, and the rivals will face off for the first time since then when they slug it out for the Wimbledon title. There was further frustrations for Serena when she lost the French Open final to Garbine Muguruza last month. But the 34-year-old has been revitalised at the All England Club and, after taking just 48 minutes to crush Elena Vesnina in Wimbledon's quickest-ever semi-final, she has the chance to finally equal Steffi Graf's Open era record of 22 major titles by lifting the Venus Rosewater Dish for a seventh time. Making history at Kerber's expense would be especially sweet, even more so after the fourth seed defeated Serena's sister Venus in the semi-finals, and Williams says she has learnt the lessons of Australia. "Obviously it's significant that she beat me in Australia because that's the last time we played," Serena said. "I made a lot of errors. She made little to no unforced errors. I felt like she played great. She was fearless. That's something I learned. When I go into a final, I too need to be fearless like she was. It was inspiring afterwards to realise there's a lot of things that I need to improve on." Since failing to complete a calendar Grand Slam last year, Serena has repeatedly had her hunger for more success questioned. But, having reached a ninth Wimbledon final and 28th Grand Slam, Williams insists she is still motivated. "Yeah, I have no hunger anymore. Yeah, right," Serena said in a defiant press conference after her demolition of Vesnina. "I mean, I think for anyone else in this whole planet, reaching the final would be a wonderful accomplishment. For me, it's not enough. But I think that's what makes me different. That's what makes me Serena. For me, it's about obviously holding the trophy and winning, which would make it a better accomplishment for me." In a combative mood with the media, Serena was quick to quash suggestions the pressure of trying to make history had been responsible for her failure to win a Grand Slam since last year's Wimbledon. "My goal has never been 22. I don't talk about that anymore," she snapped. "I love what I do. I work hard at what I do. I'm extremely passionate. That's just the kind of something that keeps me going." Asked where she ranked among the great female athletes, Williams reframed the question. "I prefer one of the greatest athletes of all time," she said with not a trace of a smile. Fortunately for fans hoping for a drama-filled final, Kerber isn't the type to back down in the face of Serena's aggression. The 28-year-old in her first Wimbledon final and second major title match, couldn't be in better form as she tries to become the first German woman to win Wimbledon since her idol Graf in 1996. "I told myself that I would like to play better in the big tournaments. I just believe much more in myself, especially after Australia," Kerber said. "I'm a little bit more relaxed when I'm going to the tournaments. I know I can trust my tennis." After sweeping to the final without dropping a set, Kerber is guaranteed to reach a career-high second in the rankings next week. "I will go out there with a lot of confidence. I'll show her I'm there to win. I have to play one of my best matches," Kerber said. The German added: "I expect a really tough match. I know that she will go out and try to beat me, especially because she lost against me in Australia. On grass she is always dangerous. She won here so many times, she will go for it. I know this. I know I have to play my best tennis." (AFP)

Serena Williams can make history by beating Kerber in Saturday's Wimbledon finals

The President of Mexico&#39;s ruling Institutional Revolutionary Party, or PRI, announced his resignation on Monday, two weeks after the party of President Enrique Pena Nieto suffered a humiliating defeat in regional elections. 
 
Manlio Fabio Beltrones, a former governor and veteran federal lawmaker, announced his decision to step down after the PRI won only five of the dozen governors races up for grabs in the June 5 vote. It previously held nine of them. 
 
The results were far worse for the centrist party than most polls had forecast. 
 
The PRI&#39;s losses included two oil-rich strongholds in the Gulf of Mexico, Veracruz and neighboring Tamaulipas, both of which have been plagued by gang violence for years, as well as Quintana Roo, home to Mexico&#39;s top tourist destination Cancun. All three states have been run by the PRI for over eight decades. 
 
&quot;It&#39;s time for a necessary pause,&quot; Beltrones told a news conference at the PRI&#39;s Mexico City headquarters. 
 
&quot;This is a responsible decision that opens space for an internal debate and allows our party to freely decide the best path forward,&quot; he said. 
 
Beltrones, 63, is still seen as a possible presidential contender for the PRI in 2018. Pena Nieto is not allowed by law to seek a second six-year term. 
 
In a poll published Monday by daily newspaper El Financiero, Beltrones was tied for second with 10 per cent among PRI voters, trailing Interior Minister Miguel Angel Osorio Chong, who had 32 per cent support. 
(Reuters)

Manlio Fabio Beltrones announced his decision after the PRI won only five of the dozen governors races up for grabs in the June 5 vote

The President of Mexico's ruling Institutional Revolutionary Party, or PRI, announced his resignation on Monday, two weeks after the party of President Enrique Pena Nieto suffered a humiliating defeat in regional elections. Manlio Fabio Beltrones, a former governor and veteran federal lawmaker, announced his decision to step down after the PRI won only five of the dozen governors races up for grabs in the June 5 vote. It previously held nine of them. The results were far worse for the centrist party than most polls had forecast. The PRI's losses included two oil-rich strongholds in the Gulf of Mexico, Veracruz and neighboring Tamaulipas, both of which have been plagued by gang violence for years, as well as Quintana Roo, home to Mexico's top tourist destination Cancun. All three states have been run by the PRI for over eight decades. "It's time for a necessary pause," Beltrones told a news conference at the PRI's Mexico City headquarters. "This is a responsible decision that opens space for an internal debate and allows our party to freely decide the best path forward," he said. Beltrones, 63, is still seen as a possible presidential contender for the PRI in 2018. Pena Nieto is not allowed by law to seek a second six-year term. In a poll published Monday by daily newspaper El Financiero, Beltrones was tied for second with 10 per cent among PRI voters, trailing Interior Minister Miguel Angel Osorio Chong, who had 32 per cent support. (Reuters)

Head of Mexico's ruling party resigns after electoral drubbing

TOKYO: Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. 
 
Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. 
 
Since the scandal emerged, its sales in Japan have slumped and the company last month said its president would resign. 
 
The scandal -- reported to cover almost every model sold in Japan since 1991 -- also includes mini-cars produced by Mitsubishi for Nissan as part of a joint venture. 
 
&quot;We will post a special loss of 50 billion yen ($480 million)&quot; for the year to March 2017, the automaker said in a statement, &quot;as costs for payments to customers of our company and Nissan Motor&quot;. 
 
It has already booked 15 billion yen in payments to customers for the year ended in March. 
 
It was Nissan that first uncovered problems with the fuel economy data, but Mitsubishi has said the company had no part in the cheating. 
 
Yokohama-based Nissan last month threw a lifeline to Mitsubishi as it announced plans to buy a one-third stake in the crisis-hit automaker for $2.2 billion, forging an alliance that will challenge some of the world&#39;s biggest auto groups. 
 
For the past year to March, Mitsubishi posted a net loss of 72.6 billion yen and operating profit of 138.4 billion yen on sales of 2.27 trillion yen. 
 
Following the scandal, it has been slow to give a full-year earnings forecast for the current fiscal year, with the company now &quot;estimating other (future) costs&quot; related to the cheating, Mitsubishi said in the statement. 
(AFP)

Losses caused by payments to be made to customers for cheating on fuel economy tests -- since 1991

TOKYO: Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. Since the scandal emerged, its sales in Japan have slumped and the company last month said its president would resign. The scandal -- reported to cover almost every model sold in Japan since 1991 -- also includes mini-cars produced by Mitsubishi for Nissan as part of a joint venture. "We will post a special loss of 50 billion yen ($480 million)" for the year to March 2017, the automaker said in a statement, "as costs for payments to customers of our company and Nissan Motor". It has already booked 15 billion yen in payments to customers for the year ended in March. It was Nissan that first uncovered problems with the fuel economy data, but Mitsubishi has said the company had no part in the cheating. Yokohama-based Nissan last month threw a lifeline to Mitsubishi as it announced plans to buy a one-third stake in the crisis-hit automaker for $2.2 billion, forging an alliance that will challenge some of the world's biggest auto groups. For the past year to March, Mitsubishi posted a net loss of 72.6 billion yen and operating profit of 138.4 billion yen on sales of 2.27 trillion yen. Following the scandal, it has been slow to give a full-year earnings forecast for the current fiscal year, with the company now "estimating other (future) costs" related to the cheating, Mitsubishi said in the statement. (AFP)

Mitsubishi Motors to post USD 480m loss for the year

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