LONDON: Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories as ample supply and weak refinery data weighed on demand. Brent crude futures, the international benchmark for oil prices, were at $70.40 per barrel at 0857 GMT, down 59 cents from their last close. US West Texas Intermediate…
TOKYO: Nissan’s former chairman, Carlos Ghosn, appeared in a Japanese courtroom Thursday for a hearing ahead of his trial on accusations of financial misconduct.It was the first of a series of hearings to iron out logistics for Ghosn’s actual trial. The trial date has not been set, and experts say it could be months away.Ghosn,…
LONDON: British inflation rose last month by less than the Bank of England and investors had expected, but still hit its highest level this year, pushed up by a rise in energy bills.Consumer prices rose at an annual rate of 2.1 percent in April after a 1.9 percent increase in March, the Office for National…
LONDON: British Steel Ltd. has been ordered into liquidation as it struggles with industry-wide troubles and Brexit, threatening 5,000 workers and another 20,000 jobs in the supply chain.The company had asked for a package of support to tackle issues related to Britain’s pending departure from the European Union. Talks with the government failed to secure…
TOKYO: Sony sees the smartphone business as indispensable to its brand portfolio, its CEO said, bucking calls from some investors that the Japanese electronics firm should scrap the money-losing business.The smartphone business reported an operating loss of ¥97.1 billion ($879.45 million) in the year ended March, lagging rivals such as Apple and Samsung Electronics and…
PARIS: Economic growth in China and the United States could be 0.2-0.3 percent lower on average by 2021 and 2022 if the two countries do not row back on tit-for-tat tariffs in their dispute that has dampened the global economic outlook, the OECD said on Tuesday.US President Donald Trump has raised tariffs on $200 billion…
DUBAI: Saudi Arabian consumer prices fell 1.9 percent year-on-year in April for the fourth month in a row but were unchanged from March, data from the General Authority for Statistics showed.The annual declines in the consumer price index are partly a consequence of a base effect that raised prices last year after the introduction in…
SEOUL: Shares in Samsung Electronics climbed nearly three percent Tuesday on the back of its chief rival Huawei’s mounting problems, including a decision by Google to sever ties with the Chinese mobile phone maker.It is the latest in the months-long saga between Huawei and the United States analysts warn could see Chinese semiconductor demand fall,…
TOKYO: Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.Brent crude was up by 96 cents, or 1.3 percent, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest…
TOKYO: Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.Brent crude was up by 96 cents, or 1.3 percent, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest…
DUBLIN: Ryanair posted its weakest annual profit in four years on Monday and said earnings could fall further next year as Europe’s largest low-cost carrier grapples with overcapacity, Brexit and delays in delivery of the Boeing 737 Max.The airline posted a profit after tax for its financial year to March 31 — excluding startup losses…
LONDON: A contractor has been appointed to carry out initial works for a $1.4 billion island development in Abu Dhabi. Gulf Contractors Company won the enabling works contract for the Jubail Island project in the UAE capital, the company behind the development said. The works under the contract are scheduled for completion in January 2020,…
LONDON: A contractor has been appointed to carry out initial works for a $1.4 billion island development in Abu Dhabi. Gulf Contractors Company won the enabling works contract for the Jubail Island project in the UAE capital, the company behind the development said. The works under the contract are scheduled for completion in January 2020,…
DUBAI: Over the course of a morning in his office in Deira, Dubai’s traditional business district, Ahmed Al-Habtoor talked eloquently and expertly about the motor business in the UAE and the Arabian Gulf, about customers’ likes and dislikes, about the tough times the industry has faced recently, about his best-selling models, and about the importance…
JEDDAH: Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from the United States, but OPEC will be responsive to the oil market's needs. Speaking in Jeddah ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC…
JEDDAH: Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from the United States, but OPEC will be responsive to the oil market's needs. Speaking in Jeddah ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC…
LONDON: Lebanon’s impasse in agreeing a credible fiscal reform plan and deteriorating global market conditions means it may struggle to refinance key foreign currency debts coming due this year, unnerving overseas investors.Outright default can likely be averted in the short-term by a government financing maneuver involving the central bank and local banks, the main holders…
LONDON: Amazon has led a funding round in British online food delivery company Deliveroo, pitting itself against Uber Eats and other smaller providers in an escalating battle to deliver takeaway meals.The news that the world’s biggest online retailer had taken a stake in one of Europe’s fastest growing tech companies sent shockwaves through the sector,…
LONDON: Amazon has led a funding round in British online food delivery company Deliveroo, pitting itself against Uber Eats and other smaller providers in an escalating battle to deliver takeaway meals.The news that the world’s biggest online retailer had taken a stake in one of Europe’s fastest growing tech companies sent shockwaves through the sector,…
SAN FRANCISCO: Microsoft Corp. and Sony Corp. on Thursday said they struck a strategic partnership in which Sony would use Microsoft’s cloud for streaming games and media and the two would work together to develop image sensors.The deal is in its early stages, with many specifics yet to be determined. But the owners of two…
