News

  Bloomberg Indian refiners that have benefited from the scrapping of fuel subsidies still have room to extend their world-beating surge on improving margins and cheap valuations, according to SBI Life Insurance Co. The rally still hasn’t caught up with fundamentals, said Gopikrishna Shenoy, chief investment officer at SBI Life, India’s second-biggest private insurer by assets under management. Indian Oil ...

  Brussels / AFP Eurozone economic activity edged higher in August with few signs that Brexit-linked dangers were yet hurting the European economy, a closely watched survey showed Tuesday. Data monitoring company Markit said the eurozone economy maintained its resilience despite Britain’s shock vote to leave the EU, with a strong showing from France as well as powerhouse Germany. Markit ...

  Bloomberg Brexit will hit the Scottish economy and cut the semi-autonomous government’s tax revenue by as much as 13 percent by 2030, First Minister Nicola Sturgeon’s administration said. Depending on the post-Brexit trading arrangement adopted by the U.K. government with the remaining 27 European Union nations, Scottish gross domestic product could be as much as 11.2 billion pounds ($14.8 ...

San Francisco / AFP Microsoft apps such as Office and Skype will be installed on Lenovo mobile devices powered by Android software under the terms of a collaboration announced late Monday. The US technology giant and the Chinese computer titan said they were “deepening their strategic relationship” with a move that could add to the ranks of people using Microsoft ...

  Bloomberg Cancer drugmaker Medivation gained nearly 20 percent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. The Dow Jones Industrial Average closed down 0.1 percent at 18,529.42 while the S&P 500 fell less than 0.1 percent to 2,182.64. The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 percent 5,244.60 Chris ...

  Frankfurt / AFP Volkswagen AG negotiated through the night to reach an agreement with a rebellious supplier, ending a six-day standoff that halted production of Golf and Passat cars after the parts maker refused to deliver seat and transmission components. Prevent Group will restart deliveries as soon as possible, and Volkswagen’s factories affected will gradually return to normal production, ...

  Bloomberg Oil extended its biggest loss in three weeks before the release of US crude inventory data on Wednesday, while Goldman Sachs Group Inc. cautioned that any OPEC deal to freeze output may only deepen the global oversupply. October futures fell as much as 1.7 percent in New York after declining for the first time in eight days on ...

  Emirates Business Advanced Construction and Technology Services (ACTS), a leading consulting organisation in the field of construction materials and geotechnical engineering, has announced this year’s international Future Concrete conference will focus on managing construction sites, in response to industry trends and feedback. The 8th Future Concrete Conference will be held on August 25 at the Hilton Beirut Habtoor Grand ...

  Emirates Business Doha has 41 projects and 11,722 rooms in its hotel construction pipeline, according to a new report. The Doha Hotel Construction Overview report by TOPHOTELPROJECTS prepared exclusively for The Hotel Show Dubai 2016, reveals that Doha is the 3rd busiest city in the Middle East and Africa for hotel construction, behind only Dubai (133 projects) and Riyadh ...

  DUBAI / WAM A new report from Arab Petroleum Investments Corporation (APICORP), owned by Organisation of Arab Petroleum Exporting Countries (OAPEC) says that the total committed and planned energy investments in the MENA region could reach US$ 900 billion over the next five years. The report reveals that planned MENA investments in the energy sector are estimated at US$ 11 ...