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Bloomberg Kuwait Foreign Petroleum Exploration Co. reduced its output target for oil and natural gas due to the drop in crude prices that started in 2014, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Kufpec, a unit of state-run Kuwait Petroleum Corp., revised its production goal for 2020 to 150,000 barrels a day of oil equivalent from 200,000 barrels a ...

Bloomberg Iraqi Kurdistan-focussed Genel Energy expects oil and gas production to fall for a third year in 2018, it said, as it shifts its focus to two new gas fields. The decline in production is due to a continuing slide in output from the Taq Taq field, once considered Genel’s flagship field, after the well hit water in 2016. Genel’s ...

Bloomberg Google’s top executive said the search giant would welcome higher taxes. Uber Technologies Inc.’s new CEO said it must be more accommodating with regulators. Salesforce.com Inc.’s veteran leader Marc Benioff said Silicon Valley has been arrogant and compared Facebook to the tobacco industry. At the World Economic Forum in Davos this week, technology executives struck a conciliatory note in ...

Bloomberg Germany’s most powerful union IG Metall failed to reach a labour deal for some 3.9 million workers in Europe’s largest economy, setting the stage for potentially disruptive 24-hour strikes at industrial giants from Siemens AG to Daimler AG. Talks with IG Metall broke off with no deal after 16 hours of negotiations, employer organisation Suedwestmetall said. The union, which ...

Bloomberg Uber Technologies Inc., whose losses have piled up in the quest for growth around the world, will be profitable in three years as its ride-hailing business matures and the company reaps the rewards from investments in areas such as autonomous vehicles, said Chief Executive Officer Dara Khosrowshahi. Bending the company’s financial trajectory out of the red would be a ...

Bloomberg Starbucks Corp.’s US slowdown has gone global. The coffee chain posted disappointing sales growth in all its major regions, signalling that it now has bigger problems than an overly saturated US market. The results from the quarter that ended on December 31 sent shares down the most in six months. “Our holiday merchandise and limited-time offers did not perform ...

Bloomberg Ford Motor Co. has stepped onto the scale and found it’s out of shape. The automaker signalled it’s even more resolute in the diet prescribed by its new CEO after reporting another underwhelming profit. Ford hasn’t coped well with rising costs because of bloat within its product lineup and engineering budget. Ford “should still be performing at a higher ...

Bloomberg The world’s political and corporate elite gathered in the Swiss ski resort of Davos delivered a robust defense of globalisation as US President Donald Trump slapped tariffs on imported solar panels and washing machines in his first major trade action. The push-back also came as a group of 11 countries, including Japan and Canada, agreed to move forward on ...

Dubai / WAM Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, Vice Chairman of the Board of Trustees and Managing Director of the Dubai Future Foundation (DFF) and Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF) signed a Memorandum of Understanding (MoU) to establish a Fourth Industrial Revolution Centre in the ...

Dubai / WAM The Federal Tax Authority (FTA) reported a high level of responsiveness and cooperation from the shipping, customs clearance, logistics sectors with regulations surrounding the implementation of the Value Added Tax (VAT), which came into effect on January 1, 2018. The FTA made the announcement during an introductory workshop that tackled the anticipated effects of VAT on internal ...