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Chevron loss adds to red ink in oil patch

Chevron loss adds to red ink in oil patch

NEW YORK: Chevron became the latest player in the oil industry to report a loss in the fourth quarter on Friday (Jan 29), as the red ink from the oil bust spreads to bigger companies. Chevron, the second-largest US oil company, announced a US$588 million loss for the quarter ending Dec 31. Wall Street analysts […]

January 29, 2016 | By | Reply More
US economy hits soft patch in fourth quarter as inventories, trade weigh

US economy hits soft patch in fourth quarter as inventories, trade weigh

WASHINGTON: U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. Gross domestic product increased at a 0.7 percent annual rate, the Commerce Department said on Friday in a report that showed a further cutback […]

January 29, 2016 | By | Reply More
HSBC says internet banking services down after cyber attack

HSBC says internet banking services down after cyber attack

LONDON: HSBC is working with law enforcement to catch those behind a cyber attack that forced its personal banking websites in the UK to shutdown, its second major service outage this month, the bank said on Friday. Europe’s largest lender said it had “successfully defended” its systems against a distributed denial of service (DDoS) attack […]

January 29, 2016 | By | Reply More
Valeant defends price hikes after Clinton remarks; shares jump

Valeant defends price hikes after Clinton remarks; shares jump

REUTERS: Shares of Valeant Pharmaceuticals International Inc jumped 6 percent on Friday, after the company responded to criticism by Democratic presidential contender Hillary Clinton over price hikes for its migraine drug. The stock had tumbled Thursday, pressured by a blog post by Clinton’s campaign that detailed exorbitant price increases for the drug, D.H.E. 45. At […]

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El-Erian says countries weakening currencies in fight for global growth

El-Erian says countries weakening currencies in fight for global growth

NEW YORK: Mohamed El-Erian, the chief economic advisor at Allianz, said on Friday the Bank of Japan’s shocking move to take one of its main interest rates into negative territory underscored the country’s hope to weaken the yen to re-inflate its economy. “Countries are pursuing their domestic objectives almost regardless of the international consequences,” El-Erian […]

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Chevron posts first loss since 2002 on crude oil plunge

Chevron posts first loss since 2002 on crude oil plunge

REUTERS: Chevron Corp reported its first quarterly loss in more than 13 years on Friday despite Wall Street’s expectations for a profit, as plunging oil prices eroded profitability across all its divisions. It was the latest sign that the more than 70 percent drop in crude prices since 2014 has humbled a once-strong energy sector […]

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Shanghai Disneyland casts spell on surrounding property prices

Shanghai Disneyland casts spell on surrounding property prices

SHANGHAI: China’s first Disneyland will open its doors to the public on Jun 16, after five years of construction and one delay. With Shanghai Disneyland set to see 15 million visitors within its first year of opening, tour agents and hotels are rolling out packages to attract the crowds. However, the Mickey magic is already […]

January 29, 2016 | By | Reply More
US economy loses momentum in fourth quarter

US economy loses momentum in fourth quarter

WASHINGTON: The US economy sputtered at the end of 2015, with the impact of slower global growth and turmoil across markets spilling over into US business investment and consumer spending. Economic output grew at only a 0.7 per cent annual pace in the fourth quarter, to hold overall growth for last year at 2.4 per […]

January 29, 2016 | By | Reply More
Negative interest rates arrive in Japan

Negative interest rates arrive in Japan

HARUHIKO KURODA, the governor of the Bank of Japan, surprised his audience at the World Economic Forum’s recent gathering in Davos, Switzerland, when he called upon China to impose tighter capital controls to stabilise its currency—a breach of central-banking orthodoxy. Upon his return to Japan he swiftly unleashed yet another unorthodox measure, albeit one that […]

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Nissan recalling 870,000 cars in US, Canada for hood latch problem

Nissan recalling 870,000 cars in US, Canada for hood latch problem

REUTERS: Nissan Motor Co said Friday it will recall about 870,000 Nissan cars in the United States and Canada for potentially faulty hood latches, marking the third time since 2014 the automaker has recalled vehicles to address the problem. The Japanese automaker said it is recalling the 2013-2015 Nissan Altima, because its secondary hood latch […]

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