TOKYO: Toyota has started using the same type of battery that Panasonic designed for Tesla in some of its plug-in hybrids sold in China, sources familiar with the matter said.Toyota is using Panasonic’s cylindrical batteries in its new Corolla and Levin plug-in hybrid sedans launched in China this year, one of the people said.The batteries…
TOKYO: Oil futures fell on Friday as concerns about global growth and slowing demand lingered despite hints of progress on US-China trade talks, setting up prices for weekly losses after days of swinging back and forth.Brent crude was down 18 cents, or 0.3 percent, at $60.20 a barrel by 0442 GMT, while US West Texas…
ISTANBUL: Turkey’s central bank cut its policy rate by 325 basis points to 16.5 percent on Thursday, delivering its second aggressive policy easing in less than two months as it seeks to boost a recession-hit economy and forget last year’s currency crisis. The bank cited a recent decline in inflation and a global shift to…
LONDON: Babcock International has won a contract to design new Type 31 frigates as Britain seeks to revive its once-mighty shipbuilding industry. The frigates will be assembled at Babcock’s facility in Rosyth, Scotland, and the program will support more than 2,500 jobs across the Britain, including its supply chain. The deal will boost Babcock’s efforts…
BENGALURU: British American Tobacco (BAT) said it would lay off 2,300 employees globally by January, about 4 percent of its workforce, as the world’s second largest tobacco company by sales focuses on newer smoking options such as e-cigarettes. More than 20 percent of its senior roles will be affected as the maker of Lucky Strike…
BENGALURU: British American Tobacco (BAT) said it would lay off 2,300 employees globally by January, about 4 percent of its workforce, as the world’s second largest tobacco company by sales focuses on newer smoking options such as e-cigarettes. More than 20 percent of its senior roles will be affected as the maker of Lucky Strike…
LONDON: The number of foreign investor licenses issued in Saudi Arabia in the second quarter more than doubled on a year earlier, led by the construction sector.Some 291 new foreign investor licenses were issued in the period according to the Saudi Arabian General Investment Authority (SAGIA). Construction took the lion’s share of the new permits,…
HONG KONG: Cathay Pacific Airways Ltd. said on Wednesday it would cut capacity for the upcoming winter season after reporting an 11.3% fall in passenger numbers for August as anti-government protests in Hong Kong hit demand.The airline said inbound traffic to Hong Kong in August had fallen by 38% and outbound traffic by 12% compared…
LONDON: The number of foreign investor licenses issued in Saudi Arabia in the second quarter more than doubled on a year earlier, led by the construction sector.Some 291 new foreign investor licenses were issued in the period according to the Saudi Arabian General Investment Authority (SAGIA). Construction took the lion’s share of the new permits,…
LONDON: The value of contracts awarded in Saudi Arabia almost doubled in the second quarter compared to a year earlier, led by the energy, property and military sectors, according to a report published on Tuesday.The contract tally reached SR64.3 billion ($17.2 billion) during the period — up 32 percent on the previous quarter and an…
CAIRO: Egypt’s annual urban consumer-price inflation rate declined to 7.5% in August, the lowest rate in years, and analysts said it opened the way for further rate cuts by the central bank.The inflation rate, reported by the official statistics agency CAMPAS on Tuesday, was lower than some analysts expected. The July pace was 8.7%.Egypt is…
ABU DHABI: Saudi Aramco’s long awaited initial public offering (IPO) will take place “very soon” on the Tadawul, the Kingdom’s stock market, the state oil company’s chief executive Amin Nasser said on Tuesday. There was also likely to be a later listing on a foreign market, Nasser said, but he declined to say where. “The primary…
LONDON : Lloyds Banking Group will set aside up to an extra £1.8bn ($2.2bn) to settle mis-selling claims in Britain’s costliest consumer banking scandal, and said it was suspending its 2019 share buyback program. Banks are putting aside more money to pay claims against mis-sold payment protection insurance (PPI) following a rush of consumer enquiries…
WINNIPEG, Manitoba/CHICAGO: Bunge Ltd, one the world’s biggest grain traders, recently disclosed the 1.6% stake it had purchased in the fast-growing fake-meat startup Beyond Meat.The play looked smart after the stock surged more than 250% since the faux burger and sausage maker’s initial public offering in May. Indeed, Beyond Meat’s market capitalization of $9.9 billion…
WINNIPEG, Manitoba/CHICAGO: Bunge Ltd, one the world’s biggest grain traders, recently disclosed the 1.6% stake it had purchased in the fast-growing fake-meat startup Beyond Meat.The play looked smart after the stock surged more than 250% since the faux burger and sausage maker’s initial public offering in May. Indeed, Beyond Meat’s market capitalization of $9.9 billion…
DUBAI: Saudi Arabia’s newly appointed Minister of Energy, Prince Abdulaziz bin Salman, will take center stage on Monday on the opening day of the World Energy Congress in Abu Dhabi. The minister was appointed on Sunday to replace Khalid Al-Falih, who also stepped down last week as chairman of Saudi Aramco, the biggest oil company.…
State and local governments have sought billions of dollars from Purdue Pharma as a way to hold the company and the family that owns it accountable for the nation’s opioid epidemic, a potential payout that is now clouded in uncertainty after state attorneys general said settlement talks had broken down.The attorneys general directly involved in…
LONDON: A British demand for supermarkets to prepare for a potentially chaotic no-deal Brexit by stockpiling food is stoking anger in the industry, with bosses saying they should not be blamed if people can’t find everything they want on the shelves.With British politics spiralling toward an unpredictable endgame, makers of food and drugs are having…
WASHINGTON: Britain hasn’t even divorced the European Union yet, and already a new suitor has come calling: the United States.During a visit this week to the United Kingdom, Vice President Mike Pence brought word from his boss, President Donald Trump: The United States is eager to reach a new trade pact — one that won’t…
BERLIN: Europe’s biggest tech fair, Berlin’s IFA, is showcasing a flood of product launches until Wednesday. Here are five trends and gadgets making waves.No time to walk or play with your pet puppy or kitten?California start-up Varram showcased a Pet Fitness robot, which plays with cats and dogs at home via smartphone instructions, even dropping…
