Caterpillar Q4 earnings fall by half

Caterpillar Q4 earnings fall by half

MINNEAPOLIS: Caterpillar’s fourth-quarter net income fell by half after it took a big charge for a deal in China that went bad, and because of slower growth in China and economic uncertainty in the US and Europe. While cautious about the global economic outlook, Caterpillar expects conditions to pick up later in the year, outside of Europe.

Daimler in car fuel-cell deal

PARIS: The Franco-Japanese automakers Renault-Nissan have signed a deal with Daimler and Ford to develop a fuel cell which would equip electric cars from 2017, a joint statement said. The three groups plan to hold equal shares in the project and expect to launch the first large scale production of affordable fuel-cell powered vehicles in 2017, the statement said. “The collaboration sends a clear signal to suppliers, policymakers and the industry to encourage further development of hydrogen refueling stations and other infrastructure necessary to allow the vehicles to be mass-marketed,” the statement said.

Ryanair lifts profit forecast

DUBLIN: Ryanair hiked its full-year profit forecast as strong demand in Northern Europe lifted average fares dramatically in the last three months of 2012. Dublin-based Ryanair, Europe’s top low-cost airline, which has used its size and low costs to undercut struggling flag carriers, hiked its profit forecast to 540 million euros ($ 728 million) for the year to March, up from an earlier 490-520 million euro range.