Business » World

Saturday, 19 December 2015

Global disasters expected to cost insurers $32 b in 2015

2015-12-19 CATASTROPHES in 2015 proved more deadly than the previous year, although the total cost to the insurance industry is likely to be 8.6 per cent lower at US$32 billion, reinsurance specialist Swiss Re said in its annual “sigma” report on expected...

Apple digital wallet heads to China

2015-12-19 APPLE announced a major partnership with China UnionPay to put is digital wallet to work in the world’s most populous country.China UnionPay customers will be able to add their bank cards to Apple Pay on iPhones, iPads, or Apple Watch wearables,...

Friday, 18 December 2015

End of an era as Britain’s last coal mine closes

2015-12-18 THE closure of Britain’s last coal mine on Friday in a misty corner of Yorkshire brings to an end a proud history of industrial boom and social struggle. “Britain’s best miners work at Kellingley,” reads a sign outside the colliery in northern...

In Brief

2015-12-18 VW chief appoints new top management teamFRANKFURT: Volkswagen’s chief executive Matthias Mueller announced his new management team yesterday, including the replacement for the group’s research and development chief who left earlier this month as a...

Oil nears 11-year low on oversupply, strong US dollar

2015-12-18 OIL slipped towards an 11-year low yesterday, dented further by a seemingly relentless build in oversupply, and as the US dollar strengthened after the US Federal Reserve raised interest rates for the first time in nearly a decade.Brent crude for...

Thursday, 17 December 2015

Trump clashes with Scotland after wind farm blow

2015-12-17 US REPUBLICAN presidential front runner Donald Trump clashed with Scotland’s political leaders yesterday after Britain’s supreme court threw out his bid to stop a wind farm being built near his luxury Scottish golf course.A day after battling with...

World watches with US Fed expected to raise interest rate

2015-12-17 THE US Federal Reserve is expected Wednesday to increase its base interest rate for the first time since 2006, a momentous step that will have repercussions across the global financial system. With the world’s biggest economy now growing steadily...

In Brief

2015-12-17 Germany plans to borrow more in 2016BERLIN: Germany plans to borrow more money next year, to repay old debt and handle the cost of taking in a flood of refugees, the country’s debt agency said yesterday, though the government still plans to keep...

Amazon UK urges customers to throw away hoverboards

2015-12-17 THE British branch of online retailer Amazon yesterday urged customers to throw away defective “hoverboards”, two-wheeled scooters that have become a craze ahead of the holiday season.In an email, the company warned customers who had bought some...

Eurozone economy slows in December

2015-12-17 EUROZONE private sector business activity slowed slightly in December but still held at a four-and-a-half year high as the recovery remained on track, creating much-needed jobs, a key survey showed yesterday.Data monitoring company Markit said its...

Wednesday, 16 December 2015

Global trade talks open in Kenya

2015-12-16 WAR-TORN Afghanistan and Ebola-ravaged Liberia are set to join the World Trade Organization (WTO) as it holds its first ministerial conference in Africa, opening yesterday in the Kenyan capital Nairobi.“This conference will boost trade and...

‘Oil price may rise within a year’

2015-12-16 GLOBAL crude oil prices at seven-year lows will not continue and could swing upwards in as little as a year, OPEC Secretary-General Abdullah al-Badri said yesterday, as the low-price cycle leads to cuts in output from some producers.Oil prices have...

Samsung takes Apple patent case to US Supreme Court

2015-12-16 SAMSUNG, on the losing end of a massive smartphone patent lawsuit, appealed on Monday to the US Supreme Court in hopes of overturning a ruling that it pay US$548 million to rival Apple.The two hi-tech behemoths went to court over the designs that...

Tuesday, 15 December 2015

US calls for ’fresh start’ of deadlocked world trade talks

2015-12-15 THE United States called yesterday for a fresh start to break a 14-year deadlock in negotiations to free up world trade in good and services worth some US$23 trillion.On the eve of a World Trade Organization conference in Nairobi, US Trade...

Shell to cut jobs after acquisition

2015-12-15 ROYAL Dutch Shell expects to slash thousands more jobs to save costs if its takeover of BG Group goes through as planned early next year following a final green light from China.The acquisition, which was announced on April 8 and is biggest in the...

Monday, 14 December 2015

Iran seeks leap in petrochemical

2015-12-14 IRAN is planning for a leap in its petrochemical industry following the possible lift of international and Western sanctions against its energy and financial sectors early next year, Iran’s Oil Minister Bijan Namdar Zangeneh said yesterday.Iran...

IMF must stay, Grexit risk not over, says bailout chief

2015-12-14 GREECE cannot remove the IMF from its economic bailout, the head of the EU’s rescue fund said yesterday, adding that the possibility of a Greek eurozone exit remains if reforms are neglected.“There has to be a financial contribution because the IMF...

‘Agreement critical for fighting climate change’

2015-12-14 MANAGING Director of the International Monetary Fund (IMF) Christine Lagarde acclaimed the Paris climate agreement adopted Saturday, urging different governments to honor commitments.“The Paris Agreement is a critical step forward for addressing...

Spain aims top in renewables

2015-12-14 A FORMER global champion of renewable energy, Spain wants to make up the ground it lost during the economic crisis when it reversed its policy slashing subsidies and decimating the sector.With roughly 300 days of sunshine per year and regions that...

Crimea faces long road to power security

2015-12-14 THE Kremlin is trying to reassure residents of Crimea, left in the dark after electricity supplies from Ukraine were cut off, that it is coming to their rescue by installing a power link with Russia.But the reality is that it will take many months...

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