AFP Candidates in Kuwait’s parliamentary elections have focused their campaigns on unpopular government austerity measures as the oil-dependent Gulf country faces financial stress due to low crude prices. Kuwait, which sits on around seven percent of the world’s proven crude reserves, has resorted to a series of measures to cut spending and boost non-oil revenues in a bid to ...

  AFP The International Monetary Fund approved a three-year, $12 billion loan for Egypt to help the country recover from its economic crisis amid soaring inflation and deficits. The IMF executive board said it would release $2.75 billion to Egypt immediately, while further disbursements will depend on the country’s economic performance and agreed milestones in implementing the reforms. The program ...

  Reuters Iran, which has said it’s exempt from OPEC’s accord to cut production, told the group it raised output by the most since international sanctions were lifted. Iraq, unwilling to curb its supplies, reported a higher level than OPEC’s estimates. Freed from curbs on its oil trade in January, Iran said it increased output by 210,000 barrels a day ...

  Bloomberg Oil dropped to the lowest in almost two months in New York on rising OPEC output after a volatile week driven by uncertainty about the group’s intentions and the surprise election of Donald Trump. Futures fell 2.8 percent Friday. Iran and Iraq, which want exemptions from an Organization of Petroleum Exporting Countries accord to cut production, told the ...

  Bloomberg Satisfying the sweet tooth of the world’s biggest sugar-consum- ing country is getting a lot more expensive. At a time when demand in India is the highest ever, domestic output will drop for the fourth year in five, creating the first deficit since 2010 as prices surge. SGS SA, a researcher hired by Bloomberg to survey farmers in ...

  Bloomberg Great Wall Motor Co. said it will introduce a new premium brand to target the high-end market, joining Zhejiang Geely Holding Group among Chinese automakers seeking to upgrade from offering cheap, utilitarian cars. The SUV maker led by billionaire Chairman Wei Jianjun plans to unveil its upscale WEY brand on Nov. 16, the same week as the opening ...

  Bloomberg Walt Disney Co. said its new $5.5 billion Shanghai theme park attracted four million visitors in its first four months and will be close to breaking even in its first full year of operation in 2017. About 50 percent of the park’s guests are from outside the Shanghai area, a “big surprise” as the Chinese city had been ...

  Bloomberg Malaysia’s economic expansion beat estimates as private consumption growth quickened, helping counter weak government spending. Malaysia’s consumers and companies are now the growth pillars of the economy after a collapse in global crude prices hurt exports and curtailed the government’s ability to spend. Donald Trump’s victory in the U.S. presidential election poses a risk to Asian economies should ...

  Bloomberg The Obama administration’s signature policy on technology was net neutrality. Rules passed by the Federal Communications Commission in 2015 prohibited internet service providers from treating web traffic differently depending on the service being used.To Obama’s FCC, the rules were a way to prevent broadband providers from inappropriately knee-capping companies like Netflix whose services competed with their own. Opponents ...

  Reuters Facebook Inc has said it would no longer allow certain advertisers to exclude racial or ethnic groups when placing ads on its service, following criticism that the practice was discriminatory. The move comes amid growing scrutiny of how the world’s largest online social media network’s policies and algorithms shape what content appears in a user’s news feed. The ...