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Bloomberg Siemens AG Chief Executive Officer Joe Kaeser said he’s plann- ing sweeping cuts at the German engineering company’s power-and-gas business, setting the stage for a turnaround plan aimed at tackling weak orders and a sharp drop in profit. The unit, which is suffering from a steady decline in demand for large turbines used in power plants, will be “reshaped ...

KHOBAR / Reuters Preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, the chief executive of the state oil company told Al Arabiya Television channel. “Preparations are proceeding to the fullest extent for listing in 2018,” Amin Nasser told the channel in an interview ...

CAIRO / Reuters Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said. The payment, still subject to IMF executive board approval, will bring total disbursements under the program to about $6 billion. Egypt is pushing through ambitious economic reforms under ...

Bloomberg Boosted by higher global prices, US coal miners are showing they can make money again. Now, for the hard part — winning back investors. Five of America’s largest coal producers — Alliance Resource Partners LP, Arch Coal Inc., Cloud Peak Energy Inc., Peabody Energy Corp. and Warrior Met Coal Inc. — reported a combined $801 million in third-quarter earnings ...

Bloomberg As the price of oil rises, an international rush is on for Mexico’s untapped deep-water riches. The who’s who of the oil world — led by Exxon Mobil Corp and Royal Dutch Shell Plc, the world’s two biggest drillers by market value — are lining up to bid in the country’s Jan. 31 deep-water auction. And the interest is ...

Bloomberg Northern Drilling Ltd., a company set up by billionaire John Fredriksen to buy offshore drilling rigs on the cheap, raised 2.03 billion kroner ($250 million) in a private placement to expand its fleet. The company said it sold 31.8 million new shares at 64 kroner apiece, equal to the stock’s closing price on the Oslo Axess market a day ...

Bloomberg South Korean President Moon Jae-in will visit China for a summit in December, his office said, with tensions over North Korea’s nuclear weapons programme high on the agenda. The agreement was disclosed as Moon and Chinese President Xi Jinping met on the sidelines of the Asia-Pacific Economic Cooperation summit in Danang, Vietnam. In a sign that tensions remain between ...

Bloomberg United Airlines temporarily suspended Newark-New Delhi flights due to poor air quality in India’s capital, and said some extra charges will be waived for passengers forced to reschedule. “We are monitoring advisories as the region remains under a public health emergency, and are coordinating with respective government agencies,” a United Airlines spokesperson said in response to a Bloomberg query. ...

Bloomberg India’s basmati rice exports may drop to a three-year low this year as the European Union tightens a fungicide rule and local prices strengthen. Exports may decline as much as 5 percent to 3.79 million metric tons in the year than began on April 1 from a year earlier, said Vijay Setia, president of All India Rice Exporters Association. ...

Bloomberg Huochebang and Yunmanman, the two biggest apps for Uber-like truck services in China, are in talks to merge, people familiar with the matter said. Wang Gang, a backer of Yunmanman and an angel investor in ride-hailing giant Didi Chuxing, is the top candidate to become chief executive officer if the companies merge, the people said, asking not to be ...