News

Bloomberg Iraqi Oil Minister Jabar al-Luaibi said he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. Global oil inventories have decreased to an acceptable level and there were positive signs that oil market prices would improve significantly in 2018, Luaibi told journalists. A slight ...

Bloomberg Three years after causing an oil-price crash, the shale boom may not be enough to meet rising global demand because the industry has cut back so sharply on higher-risk mega-projects. Discoveries of new reserves were the fewest on record and replaced just 11 percent of what was produced, according to a Dec. 21 report by consultant Rystad Energy. While ...

Bloomberg Hyundai Heavy Industries Co., the world’s second-biggest shipbuilder, fell by a record following its plan to raise about $1.2 billion selling new shares for working capital. Hyundai Heavy intends to sell 12.5 million new shares before the end of March at an estimated price of 103,000 won each, a discount of about 24 percent to the closing level. The ...

Bloomberg Prosecutors asked a South Korean court to extend the prison term for Samsung Electronics heir-apparent Lee Jae-yong to 12 years, in an appeal of his five-year sentence for allegedly bribing his way to greater control of the country’s biggest company. Lee, 49, is the highest-profile business figure to be embroiled in an influence-peddling scandal that led to the ouster ...

Bloomberg From mobile phones to furniture, Vietnam’s export boom shows no signs of losing steam, defying a gloomy outlook at the beginning of the year when US President Donald Trump persisted with his trade threats. Furniture maker Xuan Hoa Viet Nam Co. is planning for a 20 percent increase in export orders next year by investing $3 million on equipment ...

Bloomberg Huawei Technologies Co., China’s biggest maker of smartphones, said the head of sales for its domestic consumer business has been detained in a corruption investigation. Police have taken immediate action on Teng Hongfei on “suspicion of taking bribes,” the Shenzhen-based company said. Teng ran Chinese consumer sales for the company, which over the past year rose to No 1 ...

Bloomberg Global investors are snapping up small-cap stocks in South Korea as they rotate out of big companies listed on the main Kospi index after 2017’s 20 percent rally and amid optimism about the government’s plan to stimulate the tech-savvy market next year. Foreigners bought $88 million of shares in the Kosdaq gauge, helping push up the index 3.9 percent. ...

DUBAI / WAM Dr Hanif Hassan Al Qasim, Chairman of the Geneva Centre for Human Rights Advancement and Global Dialogue, has said that the UAE’s international success in occupying the first position as the world’s largest foreign aid donor in 2016, according to the Organisation of Economic Cooperation and Development (OECD) is a practical realisation of the vision of an ...

Bloomberg Saudi Arabia expects oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade, according to people with knowledge of the matter. Under a six-year program to balance the budget, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) ...

DUBAI / Emirates Business Danube Properties, a major Dubai-based property developer, has awarded five construction-related contracts with a combined value exceeding AED381 million in 2017 — a year it started delivering homes — part of the AED2.84 billion portfolio. These construction contracts include an AED221-million main construction contract awarded to Naresco Contracting LLC to deliver Miraclz Tower near Miracle Gardens ...