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Asia fuel oil market faces troubling 2016 after punishing 2015

Asia fuel oil market faces troubling 2016 after punishing 2015

SINGAPORE: Asia’s fuel oil market faces more trouble in 2016 because of plunging demand from independent Chinese refiners and as Asia’s slowing economies dent consumption in power plants and seaborne trading. With China’s economy growing at its slowest pace in a generation and Asia’s trading powerhouses Japan and South Korea struggling to create growth, Asian […]

January 28, 2016 | By | Reply More
Facebook quarterly profit doubles as user ranks grow

Facebook quarterly profit doubles as user ranks grow

SAN FRANCISCO: Facebook quarterly profit more than doubled as its ranks swelled during the past year to a mammoth user base of nearly 1.6 billion, it said Wednesday. “Our community continued to grow and our business is thriving,” said Facebook co-founder and chief executive Mark Zuckerberg in releasing quarterly results for the world’s biggest social […]

January 27, 2016 | By | Reply More
US judge asked to halt GM ignition-switch settlement

US judge asked to halt GM ignition-switch settlement

NEW YORK: A U.S. judge was asked on Wednesday to rescind approval for a settlement fund to resolve 1,380 lawsuits claiming that an ignition switch in General Motors vehicles caused injuries or deaths, after an attorney said it did not benefit all plaintiffs. The filing from Lance Cooper, a Georgia attorney who first brought the […]

January 27, 2016 | By | Reply More
Facebook shares soar as mobile drives big jump in ad sales

Facebook shares soar as mobile drives big jump in ad sales

REUTERS: Facebook Inc smashed investors’ expectations with a 52-percent jump in quarterly revenue as it sold more ads targeted at a fast-growing number of mobile users, sending its shares sharply higher after hours. The world’s biggest online social network bucked the trend of underwhelming tech results from Apple Inc and eBay Inc, in the face […]

January 27, 2016 | By | Reply More
Facebook quarterly profit doubles as user ranks grow

Facebook quarterly profit doubles as user ranks grow

SAN FRANCISCO: Facebook quarterly profit more than doubled as its ranks swelled during the past year to a mammoth user base of nearly 1.6 billion, it said on Wednesday (Jan 27). “Our community continued to grow and our business is thriving,” said Facebook co-founder and chief executive Mark Zuckerberg in releasing quarterly results for the […]

January 27, 2016 | By | Reply More
Fed keeps rates unchanged, wary eye on global markets

Fed keeps rates unchanged, wary eye on global markets

WASHINGTON: The U.S. Federal Reserve kept interest rates unchanged on Wednesday and said it was “closely monitoring” global economic and financial developments, signaling it had accounted for a stock market selloff but wasn’t ready to abandon a plan to tighten monetary policy this year. The decision by the central bank’s rate-setting committee was widely expected […]

January 27, 2016 | By | Reply More
Facebook beats expectations as mobile drives ad sales, shares soar

Facebook beats expectations as mobile drives ad sales, shares soar

REUTERS: Facebook Inc reported a far better-than-expected 51.7 percent jump in revenue for the final quarter of 2015 as new advertising formats and an improved mobile app drove a sharp rise in ad sales, sending its shares soaring in after-hours trading. The company’s total revenue rose to US$5.84 billion from US$3.85 billion a year earlier, […]

January 27, 2016 | By | Reply More
MARC cuts MMHE’s RM1b sukuk outlook to negative, affirms rating

MARC cuts MMHE’s RM1b sukuk outlook to negative, affirms rating

PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Bhd’s (MMHE) RM1 billion sukuk programme but revised the rating outlook to negative, from stable, given the present low oil price environment. MARC said its outlook reflects MMHE’s small outstanding order book and the increasing challenges […]

January 27, 2016 | By | Reply More
Pengerang petrochem project struggles to attract the 'big guns'

Pengerang petrochem project struggles to attract the 'big guns'

KUALA LUMPUR: The completion of the Pengerang Integrated Petroleum Complex (PIPC) is likely to be delayed as Johor Petroleum Development Corp (JPDC) struggles to attract new big investors at a time when oil majors in the upstream segment are tightening their belts. JPDC CEO Mohd Yazid Ja’afar (pix) said Phase 1 of PIPC is on […]

January 27, 2016 | By | Reply More
MIER projects 4.7% GDP growth

MIER projects 4.7% GDP growth

KUALA LUMPUR: The Malaysian Institute of Economic Research (MIER) is maintaining its gross domestic product (GDP) forecast of 4.7% for 2016 amid gloomy global economic outlook and low oil prices. While acknowledging the projection is relatively “optimistic”, MIER executive director Dr Zakariah Abdul Rashid said this is supported by the strong fundamentals in the country’s […]

January 27, 2016 | By | Reply More