Tuesday, 15 October 2019

Business

Shell Norco, Louisiana refinery to restart coker next week

HOUSTON: Royal Dutch Shell Plc plans to restart the coker at its 225,300-barrel-per-day (bpd) Norco, Louisiana, refinery next week, sources familiar with plant operations said on Friday. Shell shut the 25,000-bpd coker along with Gas Olefins Unit 1 in its adjoining chemical plant, in the first two weeks of July ...

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Fitch, Standard & Poor downgrade Argentina debt as default risk grows

BUENOS AIRES: Ratings agencies Fitch and Standard & Poor’s downgraded Argentina’s sovereign debt rating, flagging higher chances of a default in the wake of a shock primary election result that plunged the country into its latest economic crisis. Argentine markets were in free-fall for most of the week after Sunday’s ...

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TUI profits collapse as Boeing 737 MAX ban bites

BERLIN: European tour operator TUI reported a sharp drop in third quarter net profit, blaming the continued grounding of its Boeing 737 MAX fleet and fewer summer bookings. In the third quarter of its financial year from April to June, the global tourism group posted net profit of 21.7 million ...

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Broadcom to buy Symantec enterprise unit for $10.7bn

WASHINGTON: Broadcom announced plans Thursday to buy the enterprise unit of cybersecurity firm Symantec Corp. for $10.7 billion in a move to further diversify the US semiconductor maker. The all-cash deal was revealed after reports that Broadcom’s efforts to buy Symantec in its entirety had stalled. The purchase gives Broadcom, ...

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Uber Technologies Inc reported a $5.2 billion loss

NEW YORK: Uber Technologies Inc reported a $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6%. Uber’s net loss, up from a loss of $878 million a year earlier, reflected $3.9 billion ...

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WTO quarterly trade growth indicator drops

GENEV: The World Trade Organization (WTO) said that its latest economic barometer showed that the growth in merchandise trade was likely to weaken further in the third quarter. Its quarterly trade growth indicator showed growth in global goods trade was likely to weaken, with a reading of 95.7. In its ...

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Trump delays some tariffs on Chinese imports

WASHINGTON: The US is delaying imposing tariffs on some imports from China until 15 December because of “health, safety, national security and other factors”. The products include mobile phones, laptops, video game consoles, some toys, computer monitors, and certain footwear and clothing. The surprise news from the United States Trade ...

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Twitter to let users follow interests as well as people

SAN FRANCISCO: Twitter users will be able to follow a small number of interests by the end of the year in the same way they follow people, the company said. The feature will be rolled out internationally as the one-to-many messaging platform prioritizes being an online venue for conversations rather ...

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Boris Johnson says reaching trade deal with US will be ‘tough old haggle’

LONDON: The announcement comes as the newly-appointed PM met at Downing street on Monday with US National Security Advisor John Bolton and senior British officials, where the two sides discussed inking a UK-US trade agreement following London’s departure from the European Union, among other issues. UK prime minister Boris Johnson said that forging a trade deal with the ...

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Italy not thinking about leaving euro: Matteo Salvini

MILAN: The leader of Italy’s League Matteo Salvini, who this week pulled the plug on his own governing coalition and called for a snap election, said on Saturday leaving the euro was not an option on the table. La Repubblica daily, which is close to the centre-left opposition, said on ...

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