Business

US to charge Malaysia businessman in 1MDB scandal
Mar 22

US to charge Malaysia businessman in 1MDB scandal

Kuala Lampur : US authorities plan to lodge criminal charges against a businessman suspected to be at the centre of a corruption scandal that has embroiled Malaysia's prime minister, the Wall Street Journal reported. Allegations that huge sums were misappropriated from...

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Uber president leaves after six months
Mar 20

Uber president leaves after six months

Washington : Ridesharing giant Uber took another hit with the departure of its president, Jeff Jones, after just six months, US media reported Sunday. Jones' departure comes after a series of difficulties at Uber, Recode and The Wall Street Journal reported. According to Recode, Jones had voiced dissatisfaction with...

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Vodafone India and Idea Cellular announce merger
Mar 20

Vodafone India and Idea Cellular announce merger

Mumbai : British mobile phone giant Vodafone's Indian unit will merge with Idea Cellular to create India's largest telecoms operator, the firms said Monday, as they combine to fight the rise of Reliance Jio. "Vodafone Group Plc and Idea Cellular today announced that they have reached an agreement to combine their...

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Beijing shuts last coal power plant in switch to natural gas
Mar 19

Beijing shuts last coal power plant in switch to natural gas

Beijing : The last large coal-fired power plant in Beijing has suspended operations, with the city's electricity now generated by natural gas, the state news agency reported as smog enveloped the Chinese capital this weekend. The shuttering of the Huangneng Beijing Thermal Power Plant comes on the heels of China's...

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‘America First’ casts pall at G20
Mar 18

‘America First’ casts pall at G20

Baden-Baden : Finance ministers from the world’s biggest economies sat down for tense talks in Germany yesterday, formally engaging in a battle of wills over the future of the global free-trade system which ranges a newly forthright US against historic allies.President Donald Trump has already torn up a...

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Aluminium giant Rusal doubles profits
Mar 17

Aluminium giant Rusal doubles profits

Hong Kong : Russian aluminium giant Rusal said Friday it had more than doubled net profit in 2016 after selling off one of its refineries. Shares in the Hong Kong-listed firm were up more than two percent in early morning trading after the announcement which saw net profit jump from $558 million to $1.2 billion year...

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Next gen cars revolutionising road safety 
Mar 14

Next gen cars revolutionising road safety 

Manama : The head of Hyundai in Africa and the Middle East is predicting a revolution in car safety in the next five years, as a wave of mass-market models that can predict and automatically respond to danger arrives in showrooms.Today’s new cars already rate highly for protecting drivers and passengers in a...

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Lufthansa cautious for year ahead after boost in 2016
Mar 16

Lufthansa cautious for year ahead after boost in 2016

Frankfurt : German airline group Lufthansa said Thursday it had met its financial targets in 2016, but offered only modest forecasts for the current year, squeezed between falling prices and higher costs. The Frankfurt-based firm reported net profit of 1.78 billion euros ($1.9 billion) for last year in a statement, a...

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Poor Air quality: China calls out Nike on consumer rights
Mar 16

Poor Air quality: China calls out Nike on consumer rights

Beijing : US sporting-goods giant Nike has become the latest foreign brand to receive a high-profile rebuke from an influential Chinese consumer-affairs programme that has previously forced Apple and McDonald's to squirm The programme, broadcast Wednesday on World Consumer Rights Day by state-run China Central...

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Atlas Ramachandran to be released soon
Mar 15

Atlas Ramachandran to be released soon

Manama : A leading Indian businessman based in the GCC, including Bahrain, who was sentenced to three years in jail in Dubai, will soon be released.   Atlas Group Chairman MM Ramachandran, 76, was charged by the Dubai Misdemeanor Court in November 2015 for cases related to Dh53 million in bounced...

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India, UAE launch business leaders forum
Mar 12

India, UAE launch business leaders forum

UAE : United Arab Emirates and India have announced the formation of the Business Leaders Forum (BLF) to increase the bilateral trade between both countries.  The Forum is the outcome of the joint efforts of the UAE Ministry of Economy and the Indian diplomatic missions in the UAE and will work towards...

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Spain's Repsol announces big Alaska oil find
Mar 11

Spain's Repsol announces big Alaska oil find

Madrid : Spanish energy giant Repsol announced on Thursday a large find in Alaska that it says holds approximately 1.2 billion barrels of oil. The discovery, made with its US partner Armstrong Energy, is Repsol's biggest since a gas find in Venezuela in 2009, a spokesman said. The discovery is "the largest US...

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Adidas shares take flight after golden Olympic year
Mar 08

Adidas shares take flight after golden Olympic year

Frankfurt : Shares in German sports goods maker Adidas leapt in Frankfurt on Wednesday as the firm reported record profits for Olympic and European Championship year 2016 and offered confident forecasts. Adidas stock gained up to 8.0 percent in early Frankfurt trading, before falling back to 171.70 euros ($181.27),...

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Kuwait turns Silk Road into a massive causeway
Mar 08

Kuwait turns Silk Road into a massive causeway

Kuwait City : Kuwait is building one of the world's longest causeways to its remote north where it will pump billions into "Silk City", aiming to revive the ancient Silk Road trade route. The oil-rich emirate is eager to inject life into the uninhabited...

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Gulf down, ex-dividends hurt Qatar
Mar 08

Gulf down, ex-dividends hurt Qatar

Dubai : Most Gulf stock markets fell yesterday as blue chip Emaar Properties pulled down Dubai and stocks going ex-dividend hit Qatar, although Saudi Arabia closed marginally higher. Dubai’s index slipped 1.5 pc as Emaar lost 3.8 pc after it proposed a cash dividend of 15 pc for 2016, unchanged from the...

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Zain joins  TIP to develop  telecom infrastructure
Mar 08

Zain joins TIP to develop telecom infrastructure

Barcelona : Zain Group, during last week’s Mobile World Congress in Barcelona, announced that it has joined the Telecom Infra Project, (TIP), an initiative co-founded by Facebook, Intel, Nokia, SK Telecom, Deutsche Telekom and others in 2016.  The primary aim of TIP is to bring mobile operators,...

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Brazil’s recession worst in country’s history
Mar 08

Brazil’s recession worst in country’s history

Rio de Janeiro : Brazil is suffering the worst recession of its history, official figures showed yesterday, but Finance Minister Henrique Meirelles insisted that Latin America’s biggest economy will soon bounce back. Government statistics said the economy shrank 0.9 pc in the last three months of 2016, the...

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Top Swiss chocolate maker tastes sweet year
Mar 08

Top Swiss chocolate maker tastes sweet year

Zurich : Swiss chocolate maker Lindt, producer of the Easter Gold Bunny, Tuesday reported higher profits in 2016 despite a difficult year for the industry amid political and economic uncertainty. Although the group, is at the top end of the market, which would give it some margin for manoeuvre on prices, the...

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India's Tata settles $1bn dispute with Japan's NTT Docomo
Feb 28

India's Tata settles $1bn dispute with Japan's NTT Docomo

Mumbai : Indian salt-to-steel conglomerate Tata said Tuesday it had reached agreement with NTT Docomo to pay the Japanese mobile carrier $1.18 billion to settle a long-running legal dispute. Docomo paid $2.6 billion for a 26.5 percent stake in Tata Teleservices in 2008 but triggered an option to sell it six years...

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Saudi Arabia's Aramco to invest $7 bn in Malaysia oil refinery
Feb 27

Saudi Arabia's Aramco to invest $7 bn in Malaysia oil refinery

Riyadh : Saudi Arabia's Aramco will invest $7 billion in a giant Malaysian oil refinery project, Prime Minister Najib Razak said Monday, as he declared ties with the kingdom were "at an all-time high". The deal between Aramco and Malaysia's Petronas for the $27 billion project will be signed on Tuesday, the...

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Nokia relaunches 3310 model
Feb 27

Nokia relaunches 3310 model

Barcelona : Finnish brand Nokia, a former mobile star, yesterday launched three new Android smartphones and unveiled a revamped version of its iconic 3310 model more than a decade after it was phased out.  Unlike the original, which was known for its sturdiness, the new Nokia 3310 will allow web...

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Google adds voice-activated shopping, taking on Amazon
Feb 18

Google adds voice-activated shopping, taking on Amazon

Washington : Google announced Thursday it was launching voice-activated shopping from its artificial intelligence-powered Home speaker, in a direct challenge to Amazon's Alexa devices. Users can simply tell the speaker to order items -- diapers, paper towels, or trash bags, for example, and get delivery from any of...

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Samsung heir arrested in corruption probe
Feb 17

Samsung heir arrested in corruption probe

Seoul : Prosecutors on Friday arrested the de facto head of South Korea’s largest conglomerate, Samsung, on bribery and other charges related to a political corruption scandal that triggered the impeachment of President Park Geun-Hye. In a fresh blow to the electronics giant’s corporate image,...

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India awards drilling rights for new oil and gas fields
Feb 16

India awards drilling rights for new oil and gas fields

New Delhi : India has awarded drilling rights for 31 small oil and gas fields as it looks to reduce its costly dependence on energy imports. In its first such auction in six years, contracts for the fields were awarded to 22 companies, the majority of which are new to the oil and gas sector. "The government...

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Toshiba chairman quits post over huge losses
Feb 15

Toshiba chairman quits post over huge losses

Tokyo : Toshiba said Tuesday its chairman Shigenori Shiga was stepping down from his post as the company warned it was set to book multi-billion-dollar losses in its US nuclear business. Hours after delaying the release of its financial results, the company issued a forecast that said it was on track to report a...

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Saab offers high-tech jet production hub to India
Feb 11

Saab offers high-tech jet production hub to India

New Delhi : Swedish defence giant Saab has offered to build a state-of-the-art fighter jet factory in India should it seal a lucrative deal to supply hundreds of military jets to New Delhi. Saab and its US competitor Lockheed Martin have emerged as the frontrunners to supply around 250 single-engine combat...

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Renault boasts record year despite diesel probe
Feb 10

Renault boasts record year despite diesel probe

Boulogne-Billancourt : French carmaker Renault said Friday it booked a record year in 2016 and that it would not set aside any provisions for potential financial fallout from a diesel emissions probe. Renault, which has now become France's biggest carmaker in terms of sales, said profits leapt almost 20 percent...

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Taiwan Uber drivers protest fine hike as app halts service
Feb 10

Taiwan Uber drivers protest fine hike as app halts service

Taipei : Protesting Uber drivers circled Taiwan's transport ministry Friday as the ride-hailing app halted operations on the island following an impasse with the government which deems the service illegal. The US firm announced last week that it would suspend business in Taiwan from Friday after the government...

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Royal Tulip Muscat to open doors in 2018
Feb 09

Royal Tulip Muscat to open doors in 2018

Muscut : Louvre Hotels Group, one of the largest hospitality groups in the world, has announced that the newest addition to its regional portfolio – the Royal Tulip Muscat– will open its doors in the third quarter of 2018.  Located in Al Ghubra area, the nine story hotel will feature two restaurants,...

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KFC operator Yum China beats earning expectations
Feb 08

KFC operator Yum China beats earning expectations

Bejing : Yum China, the operator of fast-food giants KFC, Pizza Hut and Taco Bell in the country, beat earnings expectations in its first report since spinning off from its US parent. The firm said operating profit for 2016 hit $640 billion in China, up 31 percent from 2015 when it was a unit of Yum Brands. The...

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Oil market 'responding positively' to output cut
Feb 08

Oil market 'responding positively' to output cut

Doha : Qatar's energy minister, the current OPEC president, said world oil markets were "responding positively" to output cuts implemented by the cartel and some non-cartel producers. "I think the market is responding positively and you can see the drop in supply," Mohammed Saleh al-Sada told reporters. OPEC and...

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India's Tata completes purge of ex-chairman Mistry
Feb 06

India's Tata completes purge of ex-chairman Mistry

Mumbai : Indian salt-to-steel giant Tata completed its purge of former chairman Cyrus Mistry on Monday by removing him from the board of the conglomerate's holding company. Mistry was axed as chairman of the holding company Tata Sons in October and then forced out of its operating companies as group patriarch Ratan...

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Qatar Airways launches world's longest flight
Feb 06

Qatar Airways launches world's longest flight

Doha : Qatar Airways launched the world's longest scheduled commercial service with its inaugural flight from Doha to Auckland taking off eight minutes early on Sunday, a company spokeswoman said. Flight QR920 left the Qatari capital at 05:02 (0202 GMT) and is set to land in...

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Malabar Gold & Diamonds opens 15th showroom in Dubai
Feb 06

Malabar Gold & Diamonds opens 15th showroom in Dubai

Dubai : Malabar Gold & Diamonds’ extended its presence in Dubai by launching its 15th showroom at Grand Hyper, Sonapur, Muhaisnah on February 2, 2017.  The latest showroom was inaugurated by Shamsudheen Bin Mohidheen – Chairman, Regency Group in the presence of Shamlal Ahamed –...

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Joyalukkas launches 3rd outlet in USA
Feb 06

Joyalukkas launches 3rd outlet in USA

Chicago : Joyalukkas started 2017 strong with the opening of its third showroom in the USA in West Devon 2642, Chicago on 4th February 2017.  The showroom was inaugurated by USA Congressman Raja Krishnamurthy in the Presence of Bishop Jacob Angadiyath, Aniyan George,  KCCNA President Francy PV, General...

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Ferrari boasts record year as prepares to turn 70
Feb 03

Ferrari boasts record year as prepares to turn 70

Miami : Italian luxury carmaker Ferrari said Thursday it had achieved record profits in 2016, bolstered by strong demand for its supercharged 488 sports cars, a fillip to the "prancing horse" firm as it prepares to turn 70. The company announced better than expected net profits soared 38 percent to 400 million euros...

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KFH profit rises 13.3pc to KD165.2m
Feb 03

KFH profit rises 13.3pc to KD165.2m

Kuwait : Kuwait Finance House (KFH)has realised a net profit for KFH shareholders of KD165.2 million for 2016 as compared to KD145.8m for the same period last year i.e. an increase of 13.3 per cent.  Finance revenues reached KD717.9m, i.e. a growth of 13.5pc over the same period last year after the...

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Uber suspends operation in Taiwan after fine hike
Feb 02

Uber suspends operation in Taiwan after fine hike

Taipei : Uber announced on Thursday it is halting operations in Taiwan, saying it is at an "impasse" with authorities which deem the ride-hailing app as illegal.  The US firm has racked up fines since it entered the Taiwan market in 2013 for running a business without the proper registration to...

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Deutsche Bank reports loss of 1.4 billion euros in 2016
Feb 02

Deutsche Bank reports loss of 1.4 billion euros in 2016

Frank furt : Troubled German banking giant Deutsche Bank on Thursday reported a net loss of 1.4 billion euros ($1.5 billion) for 2016 as it struggles with the impact of mammoth fines, lower revenues and restructuring costs. The fourth quarter alone saw a loss of 1.9 billion euros, affected largely by $7.2 billion the...

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Facebook vows aggressive investment as earnings surge
Feb 02

Facebook vows aggressive investment as earnings surge

San Francisco : Facebook shares bounced Wednesday with word that profit more than doubled in the final quarter of last year, coming back down after a vow to spend heavily on the future. In earnings that topped most forecasts, Facebook said it made a net profit of $3.7 billion on revenue of $8.6 billion in...

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India says cash ban hits growth
Jan 31

India says cash ban hits growth

New Delhi : India's government acknowledged Tuesday that its controversial decision to withdraw high-value bank notes from circulation has had an "adverse impact" on the economy as it lowered its growth forecast. In an annual survey published on the eve of the budget, the government said "the adverse impact of...

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Shell sells part of North Sea assets for $3.8bn
Jan 31

Shell sells part of North Sea assets for $3.8bn

London : Anglo-Dutch energy giant Royal Dutch Shell has agreed to sell a chunk of its North Sea assets to oil explorer Chrysaor for up to $3.8 billion (3.6 billion euros), it said Tuesday. The deal, which will more than half Shell's North Sea production, is part of a vast divestment plan as the company streamlines...

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Vodafone confirms merger talks with India's Idea
Jan 30

Vodafone confirms merger talks with India's Idea

Mumbai : British mobile phone giant Vodafone said Monday that it was in talks to merge its Indian unit with Idea Cellular in a move that would create India's largest telecoms company. The confirmation ended months of speculation that the two operators were exploring a deal to help fend off Reliance Jio whose...

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Johnson & Johnson says to buy pharma group Actelion for $30 bn
Jan 26

Johnson & Johnson says to buy pharma group Actelion for $30 bn

Zurich : US pharmaceuticals giant Johnson & Johnson on Thursday announced it was buying Europe's biggest bio-pharmaceutical firm, Switzerland's Actelion, for $30 billion (27.9 billion euros) in a deal that creates a new spin-off company. The deal between the world's biggest producer of healthcare goods and...

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Kia Motors Q4 profit slumps amid strikes
Jan 26

Kia Motors Q4 profit slumps amid strikes

Seoul : Strikes cut deeply into the fourth quarter profits of South Korea's second largest automaker, Kia Motors, it said Thursday. Net profit came to 320 billion won (US$276.3 million) in the October-December period, down 25.7 percent from the same period a year earlier, the company said in a regulatory filing. Kia...

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Oil market already starting to rebalance
Jan 25

Oil market already starting to rebalance

Kuwait City : Oil markets have already begun to rebalance after strong signs that producers are complying with output cuts, Kuwait Oil Minister Essam al-Marzouk said on Wednesday. "We are confident that rebalancing in the oil markets has already started," Marzouk said. "We expect a positive impact on the market by...

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Dubai airport says still top for international traffic
Jan 24

Dubai airport says still top for international traffic

Dubai : Dubai International cemented its title as the world's busiest airport for international passengers in 2016, with a 7.2 percent increase in traveller numbers to 83.6 million, its operator said Tuesday. Dubai Airports said "near record numbers" in December had pushed annual traffic at the Gulf hub to 83,654,250...

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Etihad Airways chief Hogan to step down
Jan 24

Etihad Airways chief Hogan to step down

Abu Dhabi : Abu Dhabi-based Etihad Airways said Tuesday its chief executive officer James Hogan will step down in the second half of 2017 after leading the fast-growing Gulf carrier for more than 10 years. The government-owned carrier said the move is part of a "transition process" initiated by its board and Hogan...

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Yahoo delays sale of core business to Verizon
Jan 24

Yahoo delays sale of core business to Verizon

San Francisco : Yahoo said Monday its $4.8 billion deal to sell its core internet assets to US telecom titan Verizon has been delayed several months. The closing originally set for this quarter has been pushed into next quarter due to "work required to meet closing conditions," the California online pioneer said...

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China's Wanda adds Nordic screens to its cinema empire
Jan 24

China's Wanda adds Nordic screens to its cinema empire

Shanghai : Chinese conglomerate Wanda Group said its US-based AMC Theatres chain will buy the Nordic region's largest cinema operator for $930 million, further expanding the company's world-beating cinema empire. Wanda said late Monday the acquisition of Stockholm-based Nordic Cinema Group Holding AB brings the...

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