Business

Ivory Coast seeks to double palm oil output 16 Jun 2013 - 06:08 am

A woman dries palm seeds in Dabou, Abidjan. Ivory Coast is seeking to double palm oil production to around 600,000 tonnes by 2020.

Egypt verifying reform plan with the IMF 16 Jun 2013 - 06:08 am

ABU DHABI: Egypt’s government is in the late stages of verifying its economic reform programme with the International Monetary Fund before obtaining a...

Troubled Detroit defaults on debt 16 Jun 2013 - 06:08 am

CHICAGO: The troubled US city of Detroit defaulted on its debt payments on Friday as it threatened to become the country’s largest-ever municipal...

Tax raid tarnishes India’s gold industry: Association 16 Jun 2013 - 06:07 am

MUMBAI: A raid by dozens of tax inspectors on one of India’s biggest gold traders this week has tarnished the reputation of an...

Mitsui on rocks after Kawasaki calls off merger 16 Jun 2013 - 06:07 am

TOKYO: Mitsui Engineering & Shipbuilding Co faces an urgent need to consider measures for survival after the cancellation of a planned merger with...

Yen’s slump fails to stem exodus of factories from Japan 16 Jun 2013 - 06:06 am

TOKYO: Japanese Prime Minister Shinzo Abe promises that Abenomics will revive the nation’s industrial might. For Takumi Tanaka at auto-parts maker Uchida Co,...

Commodities: Oil prices spike; gold shines 16 Jun 2013 - 06:05 am

LONDON: World oil prices finished on a high note on geopolitical worries in Syria, having begun the week on the back foot following...

Bank of England’s Tucker to stand down this year 16 Jun 2013 - 06:05 am

LONDON: Bank of England Deputy Governor Paul Tucker, beaten to the central bank’s top job by Mark Carney, will stand down later this...

Oslo to okay Arctic oil drilling near sea ice despite risks 16 Jun 2013 - 06:04 am

OSLO: Norway is set to permit offshore oil and gas exploration in Arctic waters vulnerable to sea ice, angering some opposition politicians and...

Swiss panel for exchange of bank data with the EU 16 Jun 2013 - 06:04 am

ZURICH: Switzerland should be ready to share data on foreign depositors with the European Union even before a global standard is established, a...

A350 completes maiden flight 15 Jun 2013 - 03:32 am

TOULOUSE: Europe’s newest jetliner, the Airbus A350, successfully completed its maiden flight yesterday, stepping up the battle with arch-rival Boeing for sales of...

Ooredoo withdraws bid for Vivendi stake in Maroc Telecom 15 Jun 2013 - 03:31 am

PARIS: Qatar-backed telecom group Ooredoo has withdrawn its bid for Vivendi’s 53 percent stake in Maroc Telecom, leaving rival Gulf operator Etisalat as...

IMF cuts US growth forecast 15 Jun 2013 - 03:30 am

WASHINGTON: The IMF cut its US growth forecast for 2014 to 2.7 percent yesterday, saying the economy is being held back by “excessively...

Moody’s puts Bahrain debt on watch 15 Jun 2013 - 03:30 am

PARIS: Moody’s credit rating agency put debt issued by Bahrain on watch yesterday, warning of a possible downgrade because the country could face...

India delays clearance of Jet-Etihad tie-up 15 Jun 2013 - 03:28 am

NEW DELHI: Indian authorities yesterday delayed approval of a plan by Abu Dhabi-based airline Etihad to acquire a stake in Jet Airways, as...

US crude hits nine-month high 15 Jun 2013 - 03:27 am

NEW YORK/LONDON: Brent crude rose and US oil struck a nine-month high yesterday after news that the United States had authorised sending US...

European stocks eke out gains 15 Jun 2013 - 03:26 am

Traders work at their desks in front of the DAX board at the Frankfurt Stock Exchange yesterday. LONDON: Europe’s top stock markets managed...

Tablets and smartphones steal the scene at Tokyo toy show 15 Jun 2013 - 03:25 am

TOKYO: A toy helicopter created from cannibalised smartphones was among the main attractions at a huge toy show in Tokyo yesterday, where producers...