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Six months into ‘Dieselgat’ scandal, gloom deepens in VW’s hometown

Six months into ‘Dieselgat’ scandal, gloom deepens in VW’s hometown

WOLFSBURG: When Martin Winterkorn dropped by to order some new glasses in the Volkswagen company town of Wolfsburg, he was “visibly dejected”, according to his optician. But the visit wasn’t last September, when Winterkorn had just quit as the German carmaker’s chief, it was this week. Six months into the “Dieselgate” affair surrounding VW, the […]

March 21, 2016 | By | Reply More
Huge Petronas Canada LNG project runs into further delays

Huge Petronas Canada LNG project runs into further delays

The ambitious plan to build Canada’s first LNG export terminal faced challenges from the start, including controversy over its chosen site, which local aboriginal and environment groups said would destroy a critical salmon habitat. OTTAWA: A major liquefied natural gas export project in Canada ran into another delay on Saturday when the federal environmental assessment […]

March 20, 2016 | By | Reply More
Bangladesh heist exposes Philippine dirty money secrets

Bangladesh heist exposes Philippine dirty money secrets

The Philippines has some of the world’s strictest bank secrecy laws to protect account holders, while its casinos are exempt from rules altogether aimed at preventing money laundering. MANILA: When mystery hackers launched a stunning raid on Bangladesh’s foreign reserves, a plot worthy of a John le Carre spy novel was sparked in the Philippines, […]

March 20, 2016 | By | Reply More
Weaken the dollar — the dovish Fed’s hidden agenda?

Weaken the dollar — the dovish Fed’s hidden agenda?

WASHINGTON: In lowering its likely path of future interest rate increases this week, the Federal Reserve pushed down the dollar, perhaps aiming to ease strains caused by clashing monetary policies. Economists and investors alike were surprised when the US central bank announced Wednesday that it only sees two rate hikes in 2016, half the number […]

March 20, 2016 | By | Reply More
Amazon takes nearly 10 percent stake in Air Transport Services Group

Amazon takes nearly 10 percent stake in Air Transport Services Group

March 20, 2016 WASHINGTON: Amazon.com Inc (AMZN.O) has taken a 9.99 percent stake in Air Transport Services Group Inc (ATSG.O), the company from which it will be leasing freighter aircraft. Last week, Amazon said it had signed a deal with ATSG to lease 20 Boeing (BA.N) 767 widebody freighter aircraft to handle more of its […]

March 19, 2016 | By | Reply More
Uber seeking to buy self-driving cars: source

Uber seeking to buy self-driving cars: source

FRANKFURT: Ride-hailing service Uber has sounded out car companies about placing a large order for self-driving cars, an auto industry source said on Friday. “They wanted autonomous cars,” the source, who declined to be named, said. “It seemed like they were shopping around.” Loss-making Uber would make drastic savings on its biggest cost — drivers […]

March 19, 2016 | By | Reply More
BlackRock’s Larry Fink paid nearly $26 million in 2015

BlackRock’s Larry Fink paid nearly $26 million in 2015

NEW YORK: BlackRock Inc (BLK.N), the world’s largest asset manager, raised total compensation for Chairman and Chief Executive Larry Fink by about 8 percent in 2015, according to a filing on Friday. Fink was awarded $25.8 million in compensation in 2015, compared with $23.9 million in 2014, based on a calculation of his pay according […]

March 19, 2016 | By | Reply More
Global stocks post longest streak of gains in two years; dollar firms

Global stocks post longest streak of gains in two years; dollar firms

NEW YORK: The S&P 500 closed in positive territory for the year for the first time in 2016, leading a gauge of stocks across major markets to a fifth week of gains, its longest weekly run in more than two years. The dollar, meanwhile, edged up on Friday but ended the week lower against a […]

March 19, 2016 | By | Reply More
Starwood gets $13 billion bid from Anbang, tops Marriott offer

Starwood gets $13 billion bid from Anbang, tops Marriott offer

STAMFORD: Starwood Hotels & Resorts Worldwide Inc (HOT.N) on Friday said a $13 billion cash offer from China’s Anbang Insurance Group Co was superior to one from Marriott International Inc (MAR.O), setting the stage for the largest-ever deal by a Chinese company in the United States. The operator of Sheraton and Westin hotels said the […]

March 19, 2016 | By | Reply More
Eyes on the dollar with stocks out of the hole

Eyes on the dollar with stocks out of the hole

NEW YORK: U.S. stock market investors will be watching currency markets next week for signs that the recent, related trends of a weakening dollar and a strengthening stock market will continue. After a historically bad start to the year, the Dow and S&P 500 both moved into positive territory this week, in part on expectations […]

March 19, 2016 | By | Reply More