Rolls-Royce will take longer than expected to fix problems with its Trent 1000 engine, frustrating efforts to get Boeing 787s grounded by the glitch flying again and knocking the British company’s shares.Rolls-Royce, whose engines power large civil and military planes, said on Friday it had sped up turbine blade replacement for some models, leading to…
COPENHAGEN, Denmark: Google is planning to invest £3 billion to expand its data centers across Europe in the next two years.The tech giant’s CEO, Sundar Pichai, says it will bring the company’s total investments in the continent’s Internet infrastructure to £15 billion since 2007.Pichai met with Finnish Prime Minister Antii Rinne on Friday in Helsinki…
CAIRO: Halan, an Egyptian technology start-up that uses two- and three-wheeled vehicles to transport passengers and goods, will begin operating in Ethiopia before the end of 2019, its chief executive told Reuters.The company, which targets underserved communities, is also expanding to more cities in the Egyptian governorates of Sharqeya, Daqahleya, Damietta, Qena and Gharbeya this…
CAIRO: Halan, an Egyptian technology start-up that uses two- and three-wheeled vehicles to transport passengers and goods, will begin operating in Ethiopia before the end of 2019, its chief executive told Reuters.The company, which targets underserved communities, is also expanding to more cities in the Egyptian governorates of Sharqeya, Daqahleya, Damietta, Qena and Gharbeya this…
BEIRUT: Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by US sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday.The central bank said the value of the bank’s assets, and its share of the national deposit guarantee body, were “in principle…
LONDON: The global petrochemical supply chain is braced for the fallout from the weekend attacks on the world’s biggest crude oil processing plant in Saudi Arabia. The attacks shut down about 5.7 million barrels per day (bpd) of oil production, sending the price of crude rocketing on Monday. Now the petrochemicals industry which relies on crude…
SEOUL, South Korea: South Korea on Wednesday dropped Japan from a list of countries receiving fast-track approvals in trade, a reaction to Tokyo’s decision to downgrade Seoul’s trade status amid a tense diplomatic dispute.South Korea’ trade ministry said Japan’s removal from a 29-member “white list” of nations enjoying minimum trade restrictions went into effect as…
SEOUL: South Korea is mulling over plans to release its strategic oil reserves in case of a disruption in supply, a senior finance official said on Tuesday. The move follows attacks on oil processing facilities in Saudi Arabia — Seoul’s top oil supplier. “The strikes on major oil facilities in Saudi Arabia have intensified concerns about…
BEIJING: The World Bank and a Chinese Cabinet agency have urged Beijing to roll back plans for government-led technology development that are fueling a tariff war with Washington.The appeal Tuesday comes in a report on technology industries as “new drivers” for China’s economy that was commissioned three years ago, before the trade war erupted.It urges…
TOKYO: Officials in Japan appeared wary over the prospects for a trade deal with the US after President Donald Trump said he was prepared to sign a pact soon.Japan’s chief government spokesman, Yoshihide Suga, said Tuesday that the two sides are still finalizing details after reaching a basic agreement in late August on trade in…
TOKYO: Officials in Japan appeared wary over the prospects for a trade deal with the US after President Donald Trump said he was prepared to sign a pact soon.Japan’s chief government spokesman, Yoshihide Suga, said Tuesday that the two sides are still finalizing details after reaching a basic agreement in late August on trade in…
WASHINGTON: A year ago, US Federal Reserve Chair Jerome Powell held a “remarkably positive outlook” for an economy enjoying a “historically rare” combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue. When the Fed meets this week, the discussion will be about just how badly that…
WASHINGTON: A year ago, US Federal Reserve Chair Jerome Powell held a “remarkably positive outlook” for an economy enjoying a “historically rare” combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue. When the Fed meets this week, the discussion will be about just how badly that…
DETROIT: The United Auto Workers (UAW) said on Sunday that its roughly 48,000 hourly workers at General Motors Co. facilities would go on strike after US labor contract talks reached an impasse, the first nationwide strike at GM in 12 years. “We do not take this lightly,” Terry Dittes, the UAW vice president in charge…
DUBAI: The head of the United Arab Emirates’ General Civil Aviation Authority said on Sunday he was not optimistic that the Boeing 737 MAX would return to operations this year and that the first quarter of 2020 was more likely.The 737 MAX has been grounded since March while Boeing updates flight control software at the…
CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.One small company worth about 50 million Egyptian pounds was also expected to offer shares…
DETROIT: The four-year contract between General Motors and the United Auto Workers has expired as negotiations on a new deal continue.Union officials told GM they would let the contract lapse just before midnight Saturday, increasing the risk of a strike as early as Sunday night. Union members working Sunday were to report as scheduled.But there…
ABU DHABI: At the dawn of an era scientists have dubbed the Anthropocene, driven by human impact on the planet, the energy industry’s four-yearly gathering was forced onto the defensive on climate change. With the burning of “demon” fossil fuels blamed for playing havoc in the “age of man,” many agreed that after decades of…
HONG KONG: As protests in Hong Kong stretch from summer into autumn with little sign of resolution, a surge in migration applications suggests that more locals are making plans to leave the special administrative region. Their sentiments, reflected in passport paperwork and in interviews with residents, migration agents and real-estate brokers across the globe, show…
ABU DHABI: At the dawn of an era scientists have dubbed the Anthropocene, driven by human impact on the planet, the energy industry’s four-yearly gathering was forced onto the defensive on climate change. With the burning of “demon” fossil fuels blamed for playing havoc in the “age of man,” many agreed that after decades of…
