Honda said on Friday that net profit in April-June jumped nearly 20 percent. The company cited strong sales in North America and a weak yen that helped offset the impact of an exploding air-bag crisis, AFP reported. The bottom-line profit came to 186 billion yen ($1.5 billion) for the three months, up from 155.6 billion yen a year earlier. Sales jumped 15.5 percent to 3.7 trillion yen.
Financial support to farmers in the EU due to Russia’s food embargo has amounted to €155 million, RIA Novosti quoted a representative of the European Commission as saying on Friday. During one year, under the European financial support 770,000 units of agricultural production were removed from the market, including for charitable distribution. The previous day, the EC announced extension of measures to support the EU agricultural sector.
Russia has nominated the vice-president of Norilsk Nickel, Andrey Bugrov, for president of the Asian Infrastructure Investment Bank (AIIB), RIA Novosti reported. Russian Finance Minister Anton Siluanov sent the letter on nomination to China’s Finance Ministry on Thursday. Russia, China and India have biggest voting powers on the bank’s board.
Royal Dutch Shell intends to expand its strategic cooperation with Russia’s Gazprom in the future, TASS quoted Shell CEO Ben van Bearden as saying. The Anglo-Dutch company is currently in dialogue with authorities in Britain and the Netherlands to determine its activities, taking into account sanctions introduced against Russia, Van Bearden said. Speaking about the possible work of Western companies in Iran, he said that it could be attractive from the point of view of geology but not attractive from the position “of running a business.”
The US Federal Reserve remains on course to increase interest rates this year, the Financial Times said. However, the Fed left its options open as to when to pull the trigger, awaiting more evidence on the strength of the economic recovery. After the latest policy meeting, the Fed gave a stronger endorsement of progress in the job market, saying it was seeing “solid” gains.
Mazda will recall 184 Mazda 6 and CX-5 cars which were made in Russia over problems with windshield and other windows glass, Vesti.ru reported. The cars were made in Vladivostok and sold between December 2013 and April 2015.
Greece did not request a further increase in emergency liquidity assistance from the European Central Bank on Wednesday, Reuters reported. This is seen as a sign Greek banks are not burning through cash as fast as previously feared, according to sources. The ECB increased ELA by €900 million in each of the past two weeks, and the bank kept its cap at around €91 billion on Wednesday after the Bank of Greece did not request another increase, indicating that banks are maintaining a cash buffer.