Thursday, 18 October 2018

Business

Qatar to boost gas production

DOHA: Qatar announced on Wednesday plans to boost natural gas production for the second time since a Gulf diplomatic crisis erupted last year pitting the energy-rich emirate against a rival Saudi-led bloc. The head of state-owned Qatar Petroleum, Saad al-Kaabi, told a press conference that the country intends to raise ...

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Instagram co-founders resign from Facebook

Instagram co-founders Kevin Systrom and Mike Krieger are leaving the smartphone photo-sharing service bought by Facebook six years ago for a billion dollars, the New York Times reported. Systrom and Krieger have resigned from their posts as chief executive and chief technology officer respectively, not giving reasons and saying they ...

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Sydney breaks ground on new airport

SYDNEY: bound holidaymakers will soon have more options to reach Australia’s largest city, which on Monday broke ground on a new US$3.6 billion airport. “Western Sydney Airport” is scheduled to open in 2026 as part of an effort to deal with booming air traffic numbers. “It’s great to see this ...

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Grab, Uber fined $13m for violating competition laws

SINGAPORE: The merger between ride-hailing firms Grab and Uber will not be unwound but they were fined a combined $13 million yesterday by Singapore’s competition watchdog, which said their union earlier this year had violated competition laws. Grab was fined about $6.4 million while Uber was fined about $6.58 million ...

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China says can’t hold US trade talks with ‘knife to the throat’

BEIJING: China said it was impossible to hold trade talks with the United States while Washington is imposing tariffs that are like “holding a knife to someone’s throat”. Speaking a day after Washington activated tariffs on $200 billion in Chinese goods, vice commerce minister Wang Shouwen said China is open ...

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Trump’s tariffs on $200 bn of Chinese imports kick in

WASHINGTON: Donald Trump’s threatened tariffs on another $200 billion of Chinese imports took effect on Monday, escalating a trade war between the world’s top two economies that is clouding the global outlook. The latest volley against Beijing brings the amount of goods hit by duties to more than $250 billion, ...

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Siemens nears multi-billion euro deal in Iraq

FRANKFURT: German engineering group Siemens is working on a deal worth up to 9 billion euros ($10.6 billion) to supply energy generation technology to Iraq, business daily Handelsblatt reported, citing government and industry sources. Siemens Chief Executive Joe Kaeser has travelled to Iraq to secure a memorandum of understanding with ...

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Delta flight makes emergency landing in Tokyo

TOKYO: A Delta Air Lines plane flying from Shanghai to Seattle made an emergency landing in the Japanese capital on Sunday for an equipment check, a Delta customer service representative said. Delta Flight 588, a Boeing 767-300ER, landed at Narita, she said, without elaborating on the checks or giving further ...

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Argentine central bank says sells $261mn in forex market

BUENOS AIRES: Argentina’s central bank sold $261 million in reserves on Tuesday, the monetary authority said in a statement announcing its latest intervention in the foreign exchange market aimed at easing the fall of the local currency. The peso fell 0.58 percent on Tuesday to 39.80 per dollar. The central ...

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BMW moves UK plant shutdown to just after Brexit

LONDON: German carmaker BMW said it will move the annual maintenance shutdown period for its British Mini plant to just after Britain is due to leave the European Union in April, in case there is no Brexit deal. Carmakers generally close their factories over the summer for a few weeks ...

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