October, 2016

• 20 October

  Saudi starts paying contractors after delays

    Bloomberg Saudi Arabia is repaying debts to contractors after long delays that squeezed company finances and hurt investor sentiment. Finance Minister Ibrahim Al-Assaf said in a televised interview on MBC Wednesday that payments have been “regularized and will rise in the coming period.” While he didn’t offer details, three people familiar with the matter said the government has started ...

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• 20 October

  Exxon boss, Saudi minister differ on oil supply outlook

  

    Reuters Exxon Mobil’s boss Rex Tillerson and Saudi Arabia’s energy minister took opposing views on declining investment in the oil sector setting the stage for a possible major supply crunch. More than two years of downturn that saw oil prices halve to around $50 a barrel today after a boom in U.S. shale oil production have led to a ...

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• 20 October

  Japan GDP shake-up knocking world’s growth indicator

  

    AFP Japan is eyeing an overhaul of how it measures growth in its economy, and that is stirring fresh questions about the reliability of the world’s go-to indicator – gross domestic product — in the digital age. Researchers at Japan’s central bank crunched some numbers recently and concluded that the booming-economy-turned-perennial-laggard actually grew 2.4 percent in fiscal 2014 rather ...

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• 20 October

  China’s biggest coal miner digs on as national output slips

  

    Bloomberg China’s biggest coal miner has sprung into action as the government calls on major producers to ease supply tightness before winter. China Shenhua Energy Co. output jumped more than 14 percent in September from the same month last year, while national production was down more than 12 percent, company and government data on Wednesday showed. And as national ...

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• 20 October

  Reliance Industries profit up as Petchem earnings expand

  

    Bloomberg Reliance Industries Ltd.’s second-quarter profit rose 18 percent from a year earlier, buoyed by higher earnings from its petrochemicals business. Net income for the operator of the world’s biggest oil-refining complex rose to 77.04 billion rupees ($1.2 billion) in the three months ended Sept. 30, the Mumbai-based company said Thursday in a stock exchange filing. That compares with ...

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• 20 October

  Alibaba CEO eyes $4trn offline market by being middleman

  

    Bloomberg After taking control of China’s online shopping market, Alibaba Group Holding Ltd. wants to bring the business of instant feedback to a brick-and-mortar sector that’s 10 times bigger. The nation’s biggest e-commerce company is building a network that would allow physical stores — and the brands they sell — to monitor transactions as they happen, Chief Executive Officer ...

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• 20 October

  Aussie workforce sees dip in full-time jobs

    Bloomberg Australia’s job market is going casual. The nation saw its biggest monthly drop in full-time jobs in five years in September, a report showed Thursday, sending down the local dollar. The 162,800 part-time positions added in the year so far is the biggest gain on record, according to data going back to 1978. The 112,100 full-time jobs cut ...

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• 20 October

  Intel wins in battle over $1.17bn EU fine

  

    Bloomberg Intel Corp.’s fight to overturn a record 1.06 billion-euro ($1.17 billion) European Union antitrust fine received a boost from an adviser to the bloc’s top court in a case that could have ramifications for a growing list of disputes involving U.S. tech giants from Google to Apple Inc. Intel’s appeal should be totally re-examined by a lower court, ...

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• 20 October

  EU’s Tusk warns Canada trade deal ‘could be our last’

  

    Brussels / AFP European Union president Donald Tusk warned the bloc would be incapable of negotiating new trade deals if Belgium failed to approve the accord with Canada by Friday. The deal, known as CETA, “could be our last free trade agreement, if we are not able to convince people that we negotiate to protect their interests,” Tusk said ...

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• 20 October

  Verizon adds fewest subscribers in 6 years

  

    Bloomberg Verizon Communications Inc. suffered its worst quarter of subscriber growth in more than six years amid intensified price competition from smaller rivals, adding pressure on the company’s media and advertising ventures to take up the slack for a rapidly maturing wireless business. The nation’s largest wireless carrier signed up 442,000 total subscribers in the third quarter, falling far ...

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