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Middle East

Oil looms large over Saudi king’s Asia tour

salman

King Salman’s massive entourage has been stealing the show on his tour of Asia, but oil, money and geopolitics are driving the Saudi leader’s month-long journey. Asia’s growing economies are a big deal for Saudi Arabia, which is trying to wean itself off a dependence on oil. “As Saudi looks to the future, Asia of course is front and center,” ...

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Ethiopian is 11th best airline in the world that keeps to time

Ethiopian Airlines another

Africa’s largest airline group, Ethiopian Airlines, has been ranked  the 11th airline company in the world to have been on time for its flights in the month of January 2017. This is according to FlightStats, the leading provider of real-time global flight data to companies and individuals across the travel ecosystem. Of the almost 8,000 flights operated by the airline ...

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Eni CEO Claudio Descalzi charged with international corruption

Eni CEO Claudio Descalzi

Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other people involved in the $1.3 bilion deal. Scaroni served as the Chief Executive Officer of Eni from June ...

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New Zealand central bank chief to retire, deputy to act as stand in

zeal

Reserve Bank of New Zealand Governor Graeme Wheeler announced on Tuesday he would not be seeking a second term at the helm of the central bank when his current five-year term ends on Sept. 26. The RBNZ will begin the process to pick a successor later in the year and Grant Spencer, deputy governor and head of financial stability, will ...

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IMF says Greece should meet lower fiscal surplus target

greece

The International Monetary Fund said on Monday that Greece‘s economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors. In its annual review of Greece’s economic policies, the IMF said most of its board directors favor a Greek ...

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Shell to sell North Sea assets to Chrysaor for $3.8 billion

shell

Royal Dutch Shell has agreed to sell a package of oil and gas fields to private equity-backed Chrysaor for $3.8 billion, giving the Anglo-Dutch group a major boost in its drive to reduce debt following the acquisition of BG Group. The deal, which accounts for more than half of Shell’s production in the North Sea, will breathe new life into ...

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Samsung blames batteries for Galaxy Note 7 fires

samsung

Samsung is blaming poorly designed and manufactured batteries for the overheating problems that caused some of its Galaxy Note 7 phones to catch fire. “Our investigation, as well as the investigations completed by three independent industry organizations, concluded that batteries were found to be the cause of the Note 7 incidents,” the world’s largest smartphone maker said Monday. The results ...

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Israel halts $6m to UN to protest UNSC settlements vote

idrael

Israel says it is cutting a substantial amount in its annual dues to the United Nations this year in protest of last month’s Security Council resolution condemning Israeli settlement activity on occupied Palestinian territories. The announcement made by Israel’s UN Mission on Friday stipulated that $6 million out of more than a regular $40 million allocated to “anti-Israel bodies” will ...

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Middle East: UAE to invest $163bn in renewable-energy projects

arab

The United Arab Emirates has announced plans to invest $163bn in projects in a bid to generate almost half the country’s power needs from renewable sources. The UAE is a top oil exporter, but has taken steps to reduce its dependency on fossil fuels to generate power, including building nuclear facilities. “Our aim is to balance our economic needs with ...

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Oil prices fall as Iran’s exports surge, U.S. adds more rigs

Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015.  REUTERS/Cooper Neill

Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th straight week. Brent crude futures LCOc1 were trading at $56.70 per barrel at 0745 GMT (2.45 a.m. ET), down 40 cents, or 0.7 percent, from their previous close. ...

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