Business

Volkswagen Faces Billions in Fines for Environmental Violations

By Julia Edwards and Georgina Prodhan WASHINGTON/FRANKFURT, Jan 5 – The U.S. Justice Department has sued Volkswagen for up to $90 billion for allegedly violating environmental laws – five times regulators’ initial estimate and a reminder of the carmaker’s problems nearly four months after its emissions scandal broke. Although such U.S. lawsuits are typically settled

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Global Markets: Asia Shares, Currencies Tumble; Oil Jumps

By Hideyuki Sano TOKYO, Jan 4  – Asian shares and currencies tumbled on Monday on the first day of trading in 2016 after China factory activity contracted and its central bank guided the yuan lower, while oil prices jumped as much as 3 percent on rising tensions in the Middle East. Leading the losses, mainland

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Big Oil to Cut Investment Again in 2016

By Karolin Schaps and Ron Bousso LONDON, Jan 3  – With crude prices at 11-year lows, the world’s biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors. At around $37 a barrel, crude prices are well

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Dubai Says Its Non-oil Foreign Trade Worth $263 bn During Jan-Sept 2015

DUBAI Dec. 30 – Dubai has managed to contain the impact of the instability of the global economic environment, marked by a decline in commodity prices and currency rates, to maintain a strong economic performance in 2015 writes the Government of Dubai’s Media Office. Despite the adverse impact of the recent downturn in oil and

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Saudi Economic Shake-up Shows It is Planning for Cheap Oil

By Rania El Gamal DUBAI, Dec 29 – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it

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Saudi Plans Spending Cuts, Reforms to Shrink Budget Deficit

By Angus McDowall and Andrew Torchia RIYADH/DUBAI, Dec 29 – Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the Finance Ministry on Monday,

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Asia Stocks Slip But Japan Bucks Trend on Oil Bounce; Dollar Wobbles

By Shinichi Saoshiro TOKYO, Dec 28 – Asian stocks dipped on Monday amid a lack of immediate directional cues in light year-end trade, although Japanese shares managed to rise following a rebound in crude oil prices from multiple-year lows. Investors across asset markets were without some of the usual leads as most global markets were

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Turkish Central Bank Holds Interest Rates in Surprise Move

ISTANBUL, Dec 22 – Turkey’s central bank left its main one-week repo interest rate unchanged at 7.5 percent on Tuesday, a surprise move likely to heighten concern about threats to its independence and heap more pressure on a struggling lira currency. Analysts and investors have repeatedly called for a rate hike to rein in inflation

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