NEW YORK: Amazon.com Inc. said on Tuesday it would end its US restaurant food delivery service on June 24, giving in to intense competition from GrubHub Inc, DoorDash, Uber Technologies’ Uber Eats services.“A small fraction of Amazon employees are affected by this decision, and many of those affected have already found new roles at Amazon,”…
DUBAI: High-level talks between policymakers from Saudi Arabia and Russia last weekend in Moscow are likely to herald cooperation across a range of economic, commercial and cultural areas — possibly including a permanent mechanism to coordinate on oil supplies.Headed by Saudi Energy Minister Khalid Al-Falih and his Russian opposite number Alexander Novak, the meetings were…
LONDON: US retail giant Amazon has moved past hi-tech titans Apple and Google to become the world’s most valuable brand, a key survey showed Tuesday.The brand value of Amazon surged by 52 percent to $315 billion, global market research agency Kantar said in its 2019 100 Top BrandZ report.Amazon jumped from third to first place…
MOSCOW: Saudi Energy Minister Khalid Al-Falih said on Monday Russia was the only oil exporter undecided on extending an output deal between OPEC and its allies until the end of the year.Al-Falih, in Moscow for talks with counterpart Alexander Novak, said there was disagreement in Russia over prolonging the pact at an upcoming meeting in…
MOSCOW: Saudi Energy Minister Khalid Al-Falih said on Monday Russia was the only oil exporter undecided on extending an output deal between OPEC and its allies until the end of the year.Al-Falih, in Moscow for talks with counterpart Alexander Novak, said there was disagreement in Russia over prolonging the pact at an upcoming meeting in…
BEIJING: China’s exports unexpectedly returned to growth in May despite higher US tariffs, but imports fell the most in nearly three years in a further sign of weak domestic demand that could prompt Beijing to step up stimulus measures.Some analysts suspected Chinese exporters may have rushed out shipments to the United States to avoid new…
SINGAPORE: Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy.Despite Monday’s increases, traders said concerns about the health of the global economy and…
LONDON: Saudi Arabia’s key wealth fund has about $300 billion in assets and its growing size is set to “improve the country’s international investment position,” a new report has found.Roughly a quarter of the Kingdom’s Public Investment Fund (PIF) holdings are overseas, with investments in companies like electric car maker Tesla and SoftBank’s Vision Fund, according…
PARIS: Under pressure from frequent flyers alarmed over climate change, the airline industry says it is “hellbent” on reducing emissions — but the technology needed to drastically reduce its carbon footprint is still out of reach.In recent months climate activists have stepped up efforts to convince travelers to boycott air travel, with Swedish schoolgirl and…
FUKUOKA, Japan: Group of 20 finance ministers agreed on Saturday to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a copy of the bloc’s draft communique obtained by Reuters showed. Facebook, Google, Amazon, and other large technology firms face criticism for cutting their tax…
Kirill Dmitriev was one of the bigger attractions on the “corridor of power” at the St. Petersburg International Economic Forum last week. The chief executive of the Russian Direct Investment Fund found it difficult to walk the long central avenue of the ExpoForum center on the city’s outskirts without being stopped by journalists and quizzed…
ST. PETERSBURG: The message that came across loud and clear from the energy sector gathered in St. Petersburg on Friday was that the entente between Saudi Arabia and Russia on oil supply limits is here to stay, but that all parties to the deal will need to show finesse and flexibility in how it is…
ST. PETERSBURG: The message that came across loud and clear from the energy sector gathered in St. Petersburg on Friday was that the entente between Saudi Arabia and Russia on oil supply limits is here to stay, but that all parties to the deal will need to show finesse and flexibility in how it is…
SPIEF DIARY: Back in the USSR — a surreal tour of the St. Petersburg forum ST. PETERSBURG: The Expoforum on the outskirts of St. Petersburg, where the city’s International Economic Forum is being held, is cavernous.Walking the main thoroughfare from hall D1, where many of the big set pieces take place, to H, where the…
WASHINGTON: With worries rising about trade wars and slower global growth, Friday’s jobs figures for May could serve as a reminder that the US economy is still mostly in good shape.Or, an unexpectedly weak employment report could intensify concerns that after a healthy first quarter, the US economy is actually stumbling.Economists have forecast that the…
DUBAI: More than a thousand — 1,109 to be precise — new restaurants opened in Dubai last year, in one of the fastest-growing industries across the UAE. That’s one restaurant for every 265 people in a city of 3.1 million, so it’s no wonder that so many new restaurants quickly go out of business. Beyond…
DUBAI: More than a thousand — 1,109 to be precise — new restaurants opened in Dubai last year, in one of the fastest-growing industries across the UAE. That’s one restaurant for every 265 people in a city of 3.1 million, so it’s no wonder that so many new restaurants quickly go out of business. Beyond…
LONDON: The head of Russia’s sovereign wealth fund says it plans more than $2 billion of investments with Saudi Arabia this year. Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), also said it expects to conclude a deal with Saudi Aramco to acquire a stake in Novomet, the oil equipment manufacturer. “Overall, RDIF…
LONDON: The head of Russia’s sovereign wealth fund says it plans more than $2 billion of investments with Saudi Arabia this year. Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), also said it expects to conclude a deal with Saudi Aramco to acquire a stake in Novomet, the oil equipment manufacturer. “Overall, RDIF…
LONDON: Oil prices resumed their slide on Wednesday, with West Texas Intermediate crude futures (WTI) dropping more than 4 percent after US crude inventories unexpectedly surged. Brent futures were down $1.77, or 2.9 percent at $60.20 a barrel by about 3 p.m. GMT, having briefly traded in positive territory early in the session. US crude,…
