News

Bloomberg An extended shutdown of a Ford production facility in Turkey is due to a supply shortage of a transmission produced in Bordeaux, according to people with direct knowledge of the matter, who asked not to be named because the issue hasn’t been publicly announced. The Ford Otosan plant in Yenikoy, Kocaeli province, a joint venture between Ford Motor Co. ...

Bloomberg Caution lights are flashing for the oil industry. Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. The budget cuts won’t necessarily mean less oil or natural gas on the ...

Bloomberg Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on August 7-8 to discuss why some of them are falling behind in their pledges to cut production, according to an OPEC statement. The meeting, co-chaired by Kuwait and Russia, will examine reasons why some countries aren’t fully implementing their cuts, it said. Some nations will argue ...

Bloomberg Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut. Kuwait Petroleum Corp. has agreed with customers in the US to reduce contractual sales volumes of oil for 2017, state-run KPC said. The announcement came after UAE Minister of ...

Bloomberg A wave of next-generation upstarts is hitting America’s oil patch, offering high-tech solutions aimed at an industry in flux following the worst crude-market crash in a generation. At a time when the five biggest oilfield servicers — still smarting from the price rout — have cut almost $1 billion from their research budgets, companies such as Ambyint Inc. are ...

Bloomberg Starbucks Corp. suffered its biggest stock decline in almost two years after cutting its forecast, renewing fears about sputtering growth at the world’s largest coffee chain. The shares dropped as much as 8.2 percent to $54.63 in New York, the biggest intraday plunge since August 2015. Slowing growth in the US forced Starbucks to cut its profit forecast for ...

Bloomberg HNA Commercial REIT is seeking to add arrangers to its planned Singapore initial public offering as Bank of America Corp. walks away from the deal, people with knowledge of the matter said. The property trust, backed by embattled Chinese conglomerate HNA Group Co., has been reaching out to investment banks to gauge their interest in taking a senior role ...

Bloomberg Western Digital Corp. said it will move forward with arbitration to get a say over Toshiba Corp.’s sale of its chip unit after the Japanese company agreed to provide notice before closing. The companies announced they’d reached an agreement providing for two weeks’ advance notice. The two manufacturers, which are in a joint venture to produce memory chips, submitted ...

ABU DHABI / WAM The total trading value of foreign investments in Abu Dhabi Securities Exchange (ADX) hit AED26.9 billion during H1, 2017, accounting for 47.3 percent of ADX total trading during the same period, which amounted to around AED56.5 billion, reflecting foreign investors’ growing confidence in the country’s economy. Foreign non-Arab investors topped the list with AED15.9 billion of ...

ABU DHABI / Agencies First Abu Dhabi Bank (FAB), created by a merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) on Wednesday reported a net profit of AED2.56 billion for the second quarter. This is the first combined results of Abu Dhabi’s two biggest banks, FGB and NBAD, after their merger in April to create ...