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Oil prices bounce off 11-year lows, bearish outlook caps gains

Oil prices bounce off 11-year lows, bearish outlook caps gains

NEW YORK: Brent crude touched an 11-year low on Tuesday, rebounding slightly after settlement, as a bearish outlook for 2016 and weaker profits for refining oil products kept a lid on gains. Brent crude LCOc1 for February delivery settled at $36.11 a barrel, after earlier dipping to $35.98, below an eleven-year low. U.S. West Texas […]

December 23, 2015 | By | Reply More
Shell due to complete BG takeover on February 15

Shell due to complete BG takeover on February 15

December 23, 2015 LONDON: Energy major Royal Dutch Shell said Tuesday it was aiming to complete its takeover of smaller rival BG Group on February 15 next year. The £55-billion deal announced in April has already been cleared by authorities in Australia and Brazil, as well as the European Commission. The two energy companies are […]

December 22, 2015 | By | Reply More
Airlines make record profits in 2015

Airlines make record profits in 2015

December 23, 2015 OTTAWA: The world’s airlines are expected to post a collective record $60 billion in profits this year, according to preliminary figures released by the the UN aviation agency on Tuesday. Final figures will be released in July 2016. The International Civil Aviation Organization (ICAO), which represents some 1,400 commercial airlines around the […]

December 22, 2015 | By | Reply More
Creditors hand Greece 1 billion euros

Creditors hand Greece 1 billion euros

BRUSSELS: Greece’s international creditors on Tuesday handed over a payment of 1.0 billion euros under the terms of its third bailout programme after Athens met their demands for further tough economic reforms. The European Stability Mechanism, the 19-nation eurozone’s bailout fund, said the funds will help Athens repay debt, balance the budget and finance projects. […]

December 22, 2015 | By | Reply More
Das Auto’ no more: Volkswagen plans image offensive

Das Auto’ no more: Volkswagen plans image offensive

Scarred by a public relations thrashing over its “Dieselgate” scandal, Volkswagen is planning an image offensive, and its “Das Auto” global advertising slogan is an early casualty. Launched in 2007 under ousted boss Martin Winterkorn, the slogan has had the advantage of simplicity, merely meaning “The Car”. However, the German carmaker’s leaders, anxious to proclaim […]

December 22, 2015 | By | Reply More
Reliance Comm and Aircel in talks to create India’s No.2 mobile operator

Reliance Comm and Aircel in talks to create India’s No.2 mobile operator

NEW DELHI: Indian telecommunications carriers Reliance Communications and Aircel have begun talks to combine their wireless operations to create the country’s second-biggest mobile phone operator by customer numbers. Reliance Communications, controlled by billionare Anil Ambani, has entered a 90-day exclusivity period for talks to combine its mobile phone services business with smaller rival Aircel, it […]

December 22, 2015 | By | Reply More
EU, Philippines to begin free trade talks

EU, Philippines to begin free trade talks

December 22, 2015 BRUSSELS: The European Union and the Philippines will begin free trade talks early next year as the bloc builds on accords with Singapore and Vietnam, a senior EU official said Tuesday. “Launching negotiations with the Philippines will represent an important milestone in EU-Philippine relations and (is) further evidence of the EU’s commitment […]

December 22, 2015 | By | Reply More
China’s M&A set to hit new heights in 2016

China’s M&A set to hit new heights in 2016

HONG KONG: China Inc’s outbound acquisitions spree in 2015 helped push Asia-Pacific’s annual deal value past $1 trillion for the first time, with 2016 set for a bigger splurge still as Chinese firms buy even more assets abroad to sidestep slowing domestic growth. Asia-Pacific M&A totaled $1.2 trillion so far this year, up 46 percent […]

December 22, 2015 | By | Reply More
Oil recovers ahead of US inventory numbers

Oil recovers ahead of US inventory numbers

SINGAPORE: Oil prices enjoyed rare gains in Asian trade Tuesday, with Brent crude bouncing back from an 11-year low as investors await a closely watched US crude inventory report. At 0600 GMT, US benchmark West Texas Intermediate (WTI) for delivery in February, a new contract, was 26 cents higher at $36.07 a barrel. The European […]

December 22, 2015 | By | Reply More
Australia approves coal port expansion near Barrier Reef

Australia approves coal port expansion near Barrier Reef

December 22, 2015 SYDNEY: Australia on Tuesday approved a controversial port expansion to support mining projects and the dredging of 1.1 million cubic metres (2.4 million cubic feet) of spoil despite conservationists’ fears it threatens the Great Barrier Reef. The decision, creating one of the world’s biggest coal ports, comes two months after the government […]

December 22, 2015 | By | Reply More