News

  TRIPOLI / Reuters Libya’s state oil company said it welcomed the “unconditional” reopening of blockaded oil ports following a deal between the U.N.-backed government and an armed force which controls key facilities, saying it would begin work to restart exports from the terminals. The agreement, signed on Thursday, could be a major step in reviving Libya’s crippled oil output. ...

  Bloomberg Qatar Airways Ltd. raised its stake in British Airways owner IAG SA to 20 percent, taking advantage of a drop in the company’s stock price since the Brexit vote last month. Qatar Airways, which increased the holding from 15.7 percent as of July 28, doesn’t plan to add to the stake, the company said Monday in a statement. ...

  Reuters Iran’s Oil Minister said on Monday the oil market was oversupplied but predicted balance between demand and supply will be restored, Iranian state television reported on Monday. “The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market,” Bijan Namdar Zanganeh was quoted as saying by Iran’s ...

  Bloomberg Egypt, the world’s largest wheat importer, will take another look at the risks of the ergot fungus, less than a month after the government said it would accept it in purchases of grain from overseas. The Agriculture Ministry formed a committee to assess if the fungus in imported wheat poses a threat to the local crop, Minister Essam ...

  Bloomberg Saudi Aramco, the world’s largest oil exporter, lowered the pricing terms for Arab Light crude sold to Asia by the most in 10 months, signaling Saudi Arabia has no plans to back down while OPEC rival Iran tries to regain market share amid a global oversupply. State-owned Saudi Arabian Oil Co. said Sunday it will sell cargoes of ...

  Bloomberg Iran is expected to approve a new model for oil contracts on Wednesday, paving the way for billions of dollars of foreign investment to help rebuild its energy industry. “We are awaiting government approval due to be out on Wednesday,” Oil Minister Bijan Namdar Zanganeh said at an energy conference in Tehran on Monday. “Our priorities will be ...

  Bloomberg Japan drove declines in Asian shares following Friday’s surge in the yen, while emerging-market currencies played catch-up as reduced bets on U.S. interest-rate increases weighed on the dollar. Oil swung to losses. Exporters led the Topix index down for the second time in three days as the yen, while pulling back somewhat, remained beyond 103 per dollar following ...

  AFP Didi Chuxing, the dominant ride-hailing service in China, said it will acquire Uber Technologies Inc.’s operations in the country, ending a battle that cost the two companies billions as they competed for customers and drivers. Didi will buy Uber’s brand, business and data in the country, the Chinese company said in a statement. Uber Technologies and Uber China’s ...

  AFP Leading Australian publisher Fairfax Media said it would post nearly Aus$1 billion in writedowns in the year to July, while it announced the creation of a new reporting segment for its lucrative online real estate division. Like its global peers, the group, which owns The Sydney Morning Herald and The Age newspapers, has had add to slash jobs ...

  Bloomberg Tokyo Gas Co., Japan’s second-biggest buyer of liquefied natural gas, is in talks with European companies to swap cargoes it owns from the U.S. with those in Asia to reduce shipping times and costs. The utility is offering cargoes from the Cove Point project on the U.S. East Coast, which is expected to start up late next year ...