October, 2016

• 24 October

  Chaos-ridden Libya’s economy on the brink

  

    AFP Political stalemate and the conflict rocking Libya are preventing the North African country from taking advantage of its vast oil resources and pushing the economy towards collapse, experts say. When the 2011 uprising toppled the regime of dictator Moamer Kadhafi, Libyans dreamt of transforming their country into another Dubai. Today, they have somewhat lower expectations. “To live in ...

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• 24 October

  Oil investors ease back as market steadies before OPEC talks

    Bloomberg Oil investors are playing it safe as OPEC hammers out the details of a deal to trim output. Money managers reduced bets on falling prices to the lowest since May as oil held above $50 a barrel, prolonging a rally that began when the Organization for Petroleum Exporting Countries announced a deal to cut production to between 32.5 ...

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• 24 October

  Short-term oil output cap can reduce market volatility: Russia

  

    Reuters A short-term cap in oil output would reduce market volatility, Russian Energy Minister Alexander Novak said on Monday at a meeting with OPEC Secretary-General Mohammed Barkindo, as both are looking at ways to stabilise prices. Russia is the world’s largest oil producer but not a member of the Organization of the Petroleum Exporting Countries and its budget has ...

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• 24 October

  Oman to cover budget gap with foreign borrowing

  

    Reuters Oman’s government is covering between 60 and 70 percent of this year’s budget deficit via international borrowing such as eurobond issues, direct placements of debt and other instruments, the central bank’s executive president said. The rest of the deficit will be financed locally by drawing down financial reserves, such as money held by the State General Reserve Fund, ...

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• 24 October

  Pavilion Gas, Shell among LNG importers for S’pore

  

    Bloomberg Singapore, which is vying to become a regional center for the trading of liquefied natural gas in Asia, picked Royal Dutch Shell Plc and Pavilion Gas Pte Ltd. as its next suppliers of the fuel. The companies will have exclusive rights to sell 1 million metric tons of LNG annually for up to 3 years, with imports beginning ...

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• 24 October

  Samsung Note 7 buyers in South Korea file class-action suit

  

    Bloomberg The number of Samsung Galaxy Note 7 owners demanding compensation for being inconvenienced by the smartphone’s troubles is starting to rise. In what may be the first Note 7 related class-action lawsuit filed in South Korea, 527 smartphone buyers are demanding Samsung Electronics Co. pay each plaintiff about 500,000 won (about $440) for time and effort lost when ...

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• 24 October

  Japan exports drop for 12th month in dismal tear for trade

    Bloomberg Japanese exports fell for a 12th consecutive month in September, rounding out a rough year for manufacturers struggling with a stronger yen and soft global demand. Yet the numbers were better than expected, and export volumes rose last month by the most in nearly two years, prompting some upbeat assessments by economists. “Today’s report confirmed that exports are ...

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• 24 October

  India’s Tata Sons replaces Cyrus Mistry as chairman

  

    AFP India’s Tata Sons dumped Cyrus Mistry as its chairman in a surprise announcement Monday, almost four years after his appointment as the first chief of the conglomerate from outside the Tata family. The decision comes as the steel arm of the sprawling $100 billion conglomerate struggles to offload its loss-making British assets while its carmaking business continues to ...

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• 24 October

  Now, robot pilots may fly planes

  

    MANASSAS / AP Think of it as the airborne cousin to the self-driving car: a robot in the cockpit to help human pilots fly passengers and cargo — and eventually even replace them. The government and industry are collaborating on a program that seeks to replace the second human pilot in two-person flight crews with a robot co-pilot that ...

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• 24 October

  China’s humanoids leapfrog rivals

  

    BEIJING / AP The Canbot can say its name, respond to voice commands, and “dance” as it plays Michael Jackson’s “Billie Jean.” Other robots China is displaying at the World Robot Conference can play badminton, sand cell phone cases and sort computer chips. China is showcasing its burgeoning robot industry at the five-day exhibition in Beijing, part of a ...

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