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International

  • ADB agrees to lend $500 million to Azeri gas project

    ADB agrees to lend $500 million to Azeri gas project

    The Asian Development Bank (ADB) has agreed to provide a $500 million loan to Azerbaijan's Shah Deniz 2 project, the Azeri finance ministry said today. The ADB said earlier this year it was considering lending money to Azerbaijan to help fund the...

  • Ryanair says fares fall more than expected but profits on track

    Ryanair says fares fall more than expected but profits on track

    Ryanair's average fares fell more than expected in the last three months of 2016 amid a glut of capacity in Europe's short-haul aviation market, but the low-cost giant said it remains on track to post a modest increase in annual profits. Europe's...

  • Sony's movie business takes a $1 billion hit

    Sony's movie business takes a $1 billion hit

    Sony Corp will write down the value of its movie business by nearly $1 billion in the third quarter, blaming weaker film profits as online streaming services sap demand for movie DVDs. In a statement, the Japanese TV-to-gaming group said it had...

  • EU to propose ‘binding’ multinational tax rules

    EU to propose ‘binding’ multinational tax rules

    The European Commission will propose a new set of binding rules by the end of January to curb corporate tax avoidance, in another move to counter unfair or illegal tax practices of multinationals, EU officials said. Multinational corporations have...

  • Oil’s slide below $30 sends shockwaves

    US oil stumbled below $30 for the first time in 12 years to levels that threaten the survival of many US shale firms, spur more belt-tightening by oil majors and spell more pain for crude-producing nations and regions. A seven-day losing streak...

  • BP to slash thousands more jobs in face of oil downturn

    BP to slash thousands more jobs in face of oil downturn

    British oil and gas company BP announced plans to slash five per cent of its global workforce in the face of a continued slump in oil prices. It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it...

  • Oil rally stalls after stockpile data as shares pull back

    A rebound in oil prices faltered yesterday as US data showed a rise in crude inventories, while US and European shares gave up earlier gains. The retreat in oil prices cut short a rally in commodities and equities that had been fuelled by...

  • GE plans to cut 6,500 jobs in Europe in next two years

    GE plans to cut 6,500 jobs in Europe in next two years

    General Electric plans to cut 6,500 jobs in Europe over the next two years a spokesman for the company in France said yesterday. The spokesman added that GE was sticking to its pledge to create 1,000 net jobs in France in the next three years as...

  • Excess emissions detected in Mercedes model – German lobby

    German environmental lobby group DUH turned on carmaker Daimler yesterday, saying test results had shown nitrogen oxide emissions from one of its Mercedes diesel models far exceeded European legal limits. Daimler described the results from the...

  • Markets ‘overreacted’ to ECB’s December 3 move

    Markets ‘overreacted’ to ECB’s December 3 move

    Measures announced on December 3 by the European Central Bank, including €360 billion of additional asset buying, were sufficiently accommodative and the market reaction excessive, France’s ECB governing council member said. The ECB surprised...

  • Barclays considers scaling back in Africa – FT

    New Barclays chief executive Jes Staley is considering selling some or all of the British bank’s African operations as part of his strategic review, the Financial Times said. Staley has raised questions about the strategic fit of the large African...

  • Shell, Gunvor to supply 120 LNG cargoes to Pakistan – sources

    Oil major Shell and trading house Gunvor will supply Pakistan with 120 liquefied natural gas (LNG) cargoes between 2016 and 2020 after both companies submitted the lowest offers in two highly sought after tenders, trade sources said. Pakistan...

  • Eurozone inflation revised up to 0.2% in November

    Eurozone inflation revised up to 0.2% in November

    Eurozone inflation was revised up to 0.2 per cent in November, rising slightly more than expected mostly because of a slowdown in the decline of energy prices, the EU statistics agency said yesterday. Eurostat previously estimated inflation at 0.1...

  • US Fed signals faith in economy with first interest hike in 10 years

    Global equity markets rallied in volatile trade while the dollar and US Treasury yields rose yesterday after the US Federal Reserve announced it would raise interest rates for the first time in nearly a decade. The US central bank's policy-setting...

  • Eurozone core inflation fall bolsters ECB case for easing

    Eurozone core inflation fall bolsters ECB case for easing

    Eurozone core inflation unexpectedly slowed in November, offering yet another argument for the European Central Bank to ease policy today as price growth looks set to stay below its target for years to come. Headline inflation across the 19-member...

  • Bank of China may make Vienna its hub for emerging Europe

    Bank of China is expected to open an office in Vienna at the start of next year and could make Austria its hub for central and eastern Europe (CEE) if the conditions are favourable, Forbes Austria reported yesterday. “The decisive thing for us is...

  • Dollar strength continues after Yellen comments

    The dollar extended gains yesterday and stocks dipped on Wall Street, as Federal Reserve Chair Janet Yellen signalled a readiness to hike interest rates and investors took in US data that indicated a strengthening labour market. Ms Yellen said she...

  • VW, banks agree terms of a €20bn bridge loan

    VW, banks agree terms of a €20bn bridge loan

    Volkswagen has reached an agreement with banks on the terms of a planned €20 billion bridge loan to help it shoulder the costs of its emissions scandal, three people familiar with the matter said. Europe’s largest automaker is under pressure to...

  • ON Semiconductor is to buy Fairchild in $2.4 billion deal

    ON Semiconductor Corp. said it would buy Fairchild Semiconductor International Inc in a $2.4 billion deal, the latest in a rapidly consolidating semiconductor industry. The offer of $20 per share represents a premium of nearly 12 per cent to...

  • Oil firm Total to spend less on Norway in 2016

    Oil firm Total to spend less on Norway in 2016

    French oil firm Total will spend slightly less next year on the Norwegian continental shelf than it did this year, a senior company official told Reuters yesterday. “What we’re looking at is now the number of wells that we will have and of course...

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