Business

Shell plans $300 mn investment in Argentina shale

Shell has confirmed it will invest $300 million to develop a shale oil and gas reserve in southern Argentina, executives said Friday. Argentina oil company ...

Madrid invites Airbus CEO to debrief on military plane woes

Spain has invited the head of Airbus to travel to Madrid next month to brief defence officials about its troubled A400M military transport plane, the ...

Private data leaked online by Cloudflare bug

Internet users Friday were being urged to change all their passwords in the wake of a Cloudflare bug that could have leaked passwords, messages and ...

Shaking off dieselgate, VW races back into profit

German auto giant Volkswagen on Friday said it raced back into the black in 2016 as car sales hit an all-time high, in the latest ...

VW caps executive pay after dieselgate crisis

German car giant Volkswagen on Friday said it was capping its chief executive's pay package at 10 million euros as it moved to rein in ...

Google rolls out AI tool to combat online trolls

Google said it will begin offering media groups an artificial intelligence tool designed to stamp out incendiary comments on their websites. The programming tool, called ...

Peugeot boss has 'constructive' Vauxhall talk with union

French carmaker PSA's boss Carlos Tavares, pushing plans to buy General Motors' European brands Opel and Vauxhall, had a "constructive" talk Friday with the head ...

Fear hangs over busy Uganda-DR Congo border post

The jagged, ice-capped Rwenzori Mountains stab at the sky above Mpondwe, a bustling border town in western Uganda. Trucks move slowly and one at a ...

France's Macron takes on critics over 'vague' programme

France's centrist presidential candidate Emmanuel Macron gave the first clear outlines of his economic programme Friday, promising a mix of public spending cuts and fresh ...

Standard Chartered reports profit of $409 mn

Asia-focused bank Standard Chartered on Friday announced it swung back to profitability, after it was able dampen the effect of bad loans. Chief executive Bill ...

Phone firms turn to artificial intelligence at top mobile fair

Phone makers will seek to seduce new buyers with artificial intelligence functions and other innovations at the world's biggest mobile fair starting Monday in Spain. ...

Italy probes Vivendi boss over market manipulation claims

Milan prosecutors said Friday they are formally investigating Vivendi chairman Vincent Bollore after the French media group succeeded in amassing a 30-percent stake in Italian ...

Germany's BASF 'cautious' after challenging 2016

German chemicals giant BASF on Friday said it expected higher oil prices to push up earnings this year after a challenging 2016, when its main ...

Royal Bank of Scotland annual net loss widens to £7bn

Royal Bank of Scotland said Friday that annual losses more than trebled in 2016 on litigation and restructuring costs, triggering more job cuts and a ...

Japan clocks out early for 'Premium Friday'

Japan's Prime Minister spent Friday afternoon meditating while staff at some of the country's biggest firms quit work early -- in time for a bit ...

N. Korea lashes ally China over coal import ban

North Korea denounced its chief ally and diplomatic protector China for "dancing to the tune of the US" after it banned coal imports in apparent ...

Head-scratching investors call time on Trump stock rally

World equity markets came under pressure Friday as analysts ran out of ways to justify Donald Trump-inspired stock valuations, but some said the party may ...

Baidu revenue slips anew amid ad clampdown

Shares in Chinese internet giant Baidu jumped on Thursday on quarterly earnings that topped expectations despite falling revenue as the company clamped down on dubious ...

Alphabet accuses Uber of stealing self-driving car technology

The race to develop self-driving vehicles took a new turn on Thursday when Google's parent company Alphabet filed a lawsuit against Uber, accusing it of ...

Two ex-Vatican bank chiefs get suspended prison terms

Two former executives at the Vatican bank were handed four-month suspended prison sentences on Thursday over their role in dubious transactions dating from 2010. Paolo ...

UniCredit claims 99.8% success in 13bn euro rights offer

Italian banking giant UniCredit said Thursday that investors had exercised rights to buy 99.8 percent of the new shares being sold as part of its ...

IMF warns against pretending 'upayable debts' can be paid

In a not-so-subtle jab at European officials and their dealings with Greece, the IMF on Thursday issued a warning against pretending that "unpayable debts" can ...

Ex-IMF boss Rato: fallen star of Spain's conservatives

Former IMF chief Rodrigo Rato, who was convicted Thursday of embezzlement, was once a leading light in Spain's ruling conservatives, hailed for kicking off a ...

Fendi seduces Milan with exquisite bottoms

Veteran designer Karl Lagerfeld celebrated exquisite backsides with the help of supermodel Gigi Hadid on Thursday as he unveiled his sumptuous Fendi autumn-winter 2017 collection. ...

US Treasury's Mnuchin dials back Trump economic promises

US Treasury Secretary Steven Mnuchin on Thursday dialed back some of President Donald Trump's economic policy pledges, including on growth and China's currency. While he ...

Canada 'happy' to discuss NAFTA trade deal with US

Canada said Thursday it is open to meeting with the US to discuss revisions to their NAFTA trade pact with Mexico, which US President Donald ...

Alitalia strike causes travel chaos for thousands

A strike at Alitalia hit the travel plans of thousands of people on Thursday as the Italian carrier was forced to cancel 60 percent of ...

Ex-IMF chief Rato handed 4.5 years in jail for embezzlement

Former IMF chief Rodrigo Rato was handed a jail sentence of four years and six months Thursday for misusing funds when he was the boss ...

Germany runs up record budget surplus of nearly 24 bn euros

Germany notched up another record budget surplus in 2016, official data showed Thursday, as calls mount for Europe's top economy to loosen its purse strings ...

Glencore returns to profit, capping turnaround

Mining giant Glencore Thursday reported a swing back into profit, completing a dramatic turnaround driven by aggressive cost-cutting and helped by rising commodities prices. The ...

France's Macron gets boost, but election is wide open

Emmanuel Macron has emerged as the undisputed king of the French centre ground, but shifting sentiment and alliances make predicting this year's presidential election as ...

Briton arrested over Deutsche Telekom hacking

A British national has been arrested at a London airport on suspicion of staging a cyber attack on Deutsche Telekom last year that knocked around ...

Debt-laden Telefonica reports profit drop

Heavily indebted telecoms giant Telefonica said Thursday its net profit fell close to 14 percent last year to 2.36 billion euros, hit by restructuring costs ...

BAE Systems eyes defence spending by Trump

BAE Systems on Thursday delivered an optimistic outlook on government defence spending, in particular by the new US administration led by President Donald Trump. Posting ...

Natural disasters dampen Swiss Re profits

Re-insurance giant Swiss Re reported weaker profits Thursday, hit by payouts for natural disasters including Hurricane Matthew in the United States. Net profit fell 23 ...

German consumer morale hit by political uncertainty

German consumers' mood looks set to darken in March as concerns about rising inflation and US President Donald Trump's protectionist policies start to bite, a ...

Bouygues Telecom returns to profit with 1 mln new clients

Bouygues Telecom said Thursday it had picked up one million new mobile phone customers last year, allowing the French telecom operator to return to profit. ...

Barclays bank swings back into profit in 2016

British bank Barclays returned to profit in 2016 after slashing provisions set aside for legal and compensation costs linked to foreign exchange and insurance scandals, ...

Peugeot eyes 'European champion' rank with Opel takeover

PSA said Thursday its takeover of Opel would create a "European champion" in the auto industry, as the French carmaker pursued its acquisition plans armed ...

Bharti Airtel buys Telenor's India arm for Jio fight

Indian telecom giant Bharti Airtel will buy the local operations of Norway's Telenor, it said Thursday, as the ultra-competitive mobile market is shaken up by ...

Australia Post boss resigns amid outcry over huge salary

The man credited with saving Australia's government-owned postal service announced his resignation Thursday after a slap down from politicians over his Aus$5.6 million (US$4.3 million) ...

Chief executive out at Paramount Pictures

Viacom announced the departure of the top executive at Paramount Pictures, which has struggled for profit and was at the heart of a recent corporate ...

Ex-yoga missionary unleashes rage on Philippine miners

After two decades as a yoga missionary, Philippine Environment Secretary Regina Lopez is unleashing her inner rage on the mining industry while aiming for Bhutan-style ...

A peek inside Qatar's 'gas capital of the world'

Perched on a northern tip of Qatar, about an hour's drive from the gleaming capital Doha and at the end of "Route 77", stands the ...

Dow stands out as global stocks tread water

The blue-chip Dow was the lone riser among major stock indices on Thursday as global markets largely ran in place. Recent rallies lost momentum as ...

Australia's Crown profit up but high-roller revenue falls

Australian mogul James Packer's Crown Resorts reported a sharply higher second-half net profit Thursday after scaling down a Macau joint venture which offset weaker turnover ...

Lower fares hit Qantas first half profit

Australian carrier Qantas Airways on Thursday posted a 7.5 percent hit to first half earnings, impacted by lower fares, greater competition and empty seats. Underlying ...

New Zealand rejects Sky-Vodafone merger plan

New Zealand's competition watchdog rejected a multi-billion dollar merger between Vodafone NZ and pay-TV operator Sky on Thursday, saying the combined entity would have too ...

Air NZ flies into turbulence as competition heats up

Air New Zealand reported a 24 percent fall in interim net profit Thursday amid increased competition in the domestic aviation market. New Zealand's flag carrier ...

'Le Cost Killer' Ghosn quits as Nissan CEO, stays chair

Nissan chief executive Carlos Ghosn said on Thursday he will quit the post to focus on overhauling scandal-hit Mitsubishi Motors, but will stay on as ...

Exxon cuts 3 bn barrels from oil reserves

Exxon Mobil cut its proved oil reserves by three billion barrels to 20 billion barrels at the end of 2016, the company announced Wednesday. "As ...

Tesla slips back into red but revenue grows

Tesla reported on Wednesday that it slipped back into the red in the recently ended quarter while revenue revved, with orders for some of electric ...

Battered Brazil slashes interest rates further

Brazil slashed its key interest rate further on Wednesday to try to yank Latin America's biggest economy out of its worst recession in a century. ...

Mexico economy grows in 2016 but Trump jitters hit

Mexico enjoyed solid economic growth last year before uncertainty struck over the impact of US President Donald Trump's trade policies, official data showed Wednesday. The ...

IMF chief 'reassured' after talks with Trump's team

IMF chief Christine Lagarde said Wednesday that she had been reassured by her first meetings with members of the new administration of US President Donald ...

Peugeot promises May to 'develop' Vauxhall after takeover

French automaker PSA said it promised British Prime Minister Theresa May on Wednesday to "develop" the Vauxhall brand if its plan to take it over ...

US Fed officials say they may need to raise rates 'fairly soon'

US central bankers say they may need to increase the key lending rate "fairly soon," but appear split on the timing amid uncertainty over President ...

Apple 'spaceship' headquarters readies for boarding

Apple on Wednesday announced that workers will start boarding its futuristic new "spaceship" campus in Silicon Valley in April, fulfilling a vision set out by ...

IMF chief says Greek debt needs to be restructured, not forgiven

Greece's debt needs "significant" restructuring, but debt forgiveness by the country's creditors is not necessary, IMF chief Christine Lagarde said Wednesday, appearing to soften the ...

Top brands including H&M, Zara to boycott Bangladesh garment summit

Leading fashion brands including H&M and Zara will boycott a key industry conference in Bangladesh in support of garment workers who have been sacked, hunted ...

US existing home sales march higher in January

US sales of existing homes rose again in January to hit their fastest pace in nearly a decade despite rising prices and mortgage rates, according ...

Airbus profits hit by military plane woes

European airplane maker Airbus said Wednesday that its profits nosedived last year as charges related to problems with its A400M military cargo transport plane sent ...

WTO ratifies first multilateral trade deal

The first multilateral deal agreed at the World Trade Organization came into force Wednesday, a step billed as a milestone for the body facing unprecedented ...

Merkel 'positive' about Peugeot's Opel takeover

Chancellor Angela Merkel backs carmaker PSA's planned acquisition of General Motors subsidiary Opel, her spokesman said Wednesday, after talks between the German leader and the ...

S.Africa budget pushes redistribution amid power struggle

South Africa's finance minister warned Wednesday of "growing impatience and ferment" over post-apartheid inequality and slow growth as he presented a budget that raised taxes ...

Germany should do more to help EU partners, Commission says

Europe's top economy Germany should help its EU partners out, the European Commission said Wednesday, after the Trump administration attacked Berlin for using the bloc ...

BAE Systems CEO King retires, replaced by chief operating officer

British defence giant BAE Systems on Wednesday announced the retirement of chief executive Ian King, to be replaced by the current chief operating officer Charles ...

German business morale sees surprise boost in February

German business confidence unexpectedly bounced back in February, a key survey showed Wednesday, even as political uncertainty continues to cloud the prospects for Europe's biggest ...

ThyssenKrupp sells loss-making Brazilian steel mill

German heavy industry giant ThyssenKrupp on Wednesday said it had agreed to sell its Brazilian CSA steel mill to the Ternium group for 1.5 billion ...

Greece won't need new bailout in 2018: EU rescue fund chief

The head of the EU's bailout fund voiced confidence Wednesday that Greece would not require a new aid package in 2018 after its current international ...

British economy grows 0.7% in final quarter of 2016

Britain's economy grew by a better-than-expected 0.7 percent in the final three months of last year, official revised data showed Wednesday as the country prepares ...

Bayer says Monsanto deal on track, eyes record 2017

German pharmaceuticals and chemicals giant Bayer on Wednesday said it expected further growth this year after a record performance in 2016, as its mammoth takeover ...

Toshiba skyrockets over 22% on chip unit sale hopes

Toshiba's shares skyrocketed over 22 percent Wednesday on hopes it will unload a stake in its prized chip business to shore up a battered balance ...

German energy giant RWE posts 5.7-bn-euro loss in 2016

German energy provider RWE on Thursday announced a surprise loss of 5.7 billion euros for 2016, hit by writedowns on its plants and one-off costs ...

Lloyds Banking Group posts surging profits

Lloyds Banking Group announced soaring annual profits Wednesday on lower charges linked to an insurance scandal, as it awaits a full return to the private ...

Airbus says profits hit by military plane woes

European airplane maker Airbus said Wednesday that its profits nosedived last year as charges related to problems with its A400M military cargo transport plane sent ...

S. Africa budget throws light on fractured ANC

South Africa's Finance Minister Pravin Gordhan delivers the annual budget in parliament Wednesday as he battles to revive the economy and head off loyalists of ...

Dutch corporate takeover defences tough to breach

Corporate takeovers can be tricky in the Netherlands, as US food giant Kraft Heinz found out before performing a sudden U-turn in its surprise move ...

Milan laughs while Rome cries

While rays of sun warm the elegant marble monuments on Rome's skyline, Milan lies under grey crowds heavy with pollution. But beyond the blue skies ...

Dow hits fresh record as S&P 500, Nasdaq retreat

A strong run for world equities since President Donald Trump's election slowed Wednesday, although the Dow ended at another record. The S&P 500 and Nasdaq ...

'Lego Batman' spanks 'Fifty Shades Darker' at box office

"The Lego Batman Movie" dominated the North American box office over the Presidents' Day weekend, industry data showed Tuesday, almost matching the combined haul of ...

US Treasury's Mnuchin tells IMF to monitor currencies

US Treasury Secretary Steven Mnuchin on Tuesday called on the International Monetary Fund to provide "candid analysis" of exchange-rate policies in member countries. Mnuchin spoke ...

Russian and Libyan state oil giants sign deal

Russia's Rosneft oil giant has paved the way for investment in Libya's oil sector by signing a Cooperation Framework Agreement with the National Oil Corporation ...

Burger King's parent buys Popeyes chicken

Restaurant Brands International, the parent company of Burger King and Canada's Tim Hortons donut shops, said Tuesday it has reached a deal to buy American ...

Paris visitor numbers hit in 2016 after attacks

Paris saw a drop of 1.5 million tourists in 2016 as fears linked to terror attacks scared off visitors, especially from China and Japan, figures ...

EU agrees new rules to close tax loopholes for multinationals

EU finance ministers agreed Tuesday to close loopholes that multinational firms exploit to pay low or no taxes by shopping for better deals outside the ...

US stocks again close at new records; Dow up 0.6 percent

US stocks jumped Tuesday with retailers and energy firms among the winners as positive sentiment about President Donald Trump's economic agenda again lifted the market ...

China delays nuclear reactor start again

Two nuclear reactors being built in the southern Chinese city of Taishan will come onstream months later than planned, said China General Nuclear Power (CGN), ...

French carmaker PSA eyes tie-up with Malaysia's Proton

French carmaker PSA Peugeot Citroen hopes to become a strategic partner for struggling Malaysian group Proton, a company spokesman told AFP on Tuesday. "We've made ...

Yahoo price slashed as Verizon proceeds with buy

Aprice cut had Verizon on track Tuesday to go ahead with the purchase of Yahoo's internet business, and share the costs from a pair of ...

Italy taxis stop strike over 'Uber' benefits

Taxi drivers in Italy striking over delays to legislation regulating Uber and car-hire services stopped their protests late Tuesday after reaching a deal with the ...

Bayer ups dividend ahead of annual results

German chemicals and pharmaceuticals giant Bayer said Tuesday it will pay out an increased dividend for 2016, pointing to a "very successful" year ahead of ...

Wal-Mart scores solid US sales; earnings dip

Wal-Mart Stores benefited from increased sales in US stores and online during the critical holiday shopping quarter, although earnings fell on higher expenses, according to ...

Peugeot in 'fruitful' talks with Merkel over Opel merger

French carmaker PSA on Tuesday said its chief executive Carlos Tavares had held a "fruitful discussion" with German Chancellor Angela Merkel over his firm's planned ...

Duck cull hits French foie gras production

The French government on Tuesday ordered the slaughter of 360,000 ducks in a bird flu-hit southwest region at the forefront of the foie gras industry. ...

Telefonica sells Telxius stake to KKR

Heavily indebted Spanish telecoms giant Telefonica said Tuesday it has agreed to sell up to 40 percent of its infrastructure unit Telxius to US investment ...

Britain's Brexit bill to be 'very hefty', EU's Juncker

Britain will have to pay a "very hefty" bill to leave the European Union and negotiating a new relationship with the bloc will take years, ...

World stocks mostly grind higher, but HSBC weighs

World stocks regained momentum on Tuesday, lifted by rising oil prices and strong eurozone economic data, but a massive earnings drop at banking giant HSBC ...

Miners back in profit on recovering metals prices

Two of the world's top mining firms returned to profit with a bang on recovering iron ore and coal prices, higher output, cost cutting and ...

Eurozone growth at highest pace in six years: survey

The eurozone economy grew at its fastest pace in six years in February, as all signs pointed to the recovery maintaining "strong momentum," a closely ...

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