Business

GM, Daimler ramp up US electric car price war 11 Aug 2013 - 01:05 am

DETROIT: General Motors Co and Daimler AG ramped up the electric-car price war, announcing significant price cuts aimed at boosting demand in a...

Honda Civic leads in crash test 11 Aug 2013 - 01:04 am

WASHINGTON: Honda’s Civic won the top grade in a new crash test of small cars while Nissan’s Sentra and two Kia Motors models...

Chinese cargo ship opens new trade route to Europe 11 Aug 2013 - 01:04 am

BEIJING: A 19,000-tonne cargo vessel is making the first journey by a Chinese merchant ship to Europe via the Northeast Passage, a shortened...

US consumer comfort climbs to five-year high 11 Aug 2013 - 01:04 am

WASHINGTON: Consumer confidence advanced last week to the highest level in more than five years as Americans’ views on the economy, personal finances...

Commodity prices gain on Chinese data 11 Aug 2013 - 01:03 am

LONDON: Raw material prices won support this week from upbeat Chinese economic data, while cocoa futures hit 11-month high points on tight supply...

Fannie Mae to pay US Treasury $10.2bn 11 Aug 2013 - 01:03 am

WASHINGTON: Fannie Mae, the mortgage financier seized by US regulators in 2008, will pay the Treasury Department $10.2bn after reporting a sixth consecutive...

Iraqi Kurdistan opens official crude oil trade route via Iran 11 Aug 2013 - 01:03 am

ARBIL/DUBAI: Iraq’s Kurdistan region is exporting crude oil by truck to an Iranian port for shipping to Asia, industry sources say, using a...

ExxonMobil and Imperial to buy ConocoPhillips’ oil lease 11 Aug 2013 - 01:00 am

HOUSTON: ExxonMobil Corp and Imperial Oil Ltd have agreed to buy ConocoPhillips’ Clyden lease for about C$751m ($723m), expanding their holdings in the...

Did Bank of America defraud top lenders? 11 Aug 2013 - 12:59 am

by By Jonathan Weil The Justice Department accused Bank of America Corp this week of defrauding Wachovia Corp and the Federal Home Loan...

China industrial output growth jumps to five-month high 10 Aug 2013 - 02:04 am

A vendor counts Chinese yuan notes at a market in Beijing yesterday. BEIJING: Growth in China’s key industrial production accelerated to a five-month...

IEA trims outlook for oil demand; Opec squeezed 10 Aug 2013 - 02:04 am

PARIS: The International Energy Agency trimmed its outlook for oil demand over the next 18 months and highlighted threats to the dominance of...

Russia’s growth slows to 1.2pc 10 Aug 2013 - 02:04 am

MOSCOW: Russia’s economic growth was shown yesterday to have slowed sharply in the second quarter despite efforts by President Vladimir Putin to reverse...

Iran beefs up oil tanker fleet 10 Aug 2013 - 02:03 am

PARIS: Iran has beefed up its oil tanker fleet with vessels from China and is selling more crude to Beijing as Tehran struggles...

House prices in England, Wales hit all-time peak 10 Aug 2013 - 02:03 am

LONDON: House prices in England and Wales reached an all-time peak in July, driven by strong demand in London, though purchases by first-time...

Probe into JPMorgan Chase stepped up 10 Aug 2013 - 02:03 am

NEW YORK: The US Depar-tment of Justice has stepped up a probe in recent weeks into Bear Stearns mortgage dealings in the run-up...

America Movil launches mega bid for Dutch KPN 10 Aug 2013 - 02:02 am

THE HAGUE: Mexican telecom operator America Movil yesterday launched a bid for Dutch KPN, valuing it at ¤10.2bn ($13.6bn), putting KPN’s intended sale...

Japan’s national debt: One quadrillion yen...and counting 10 Aug 2013 - 02:02 am

TOKYO: Japan’s eye-watering national debt has topped one quadrillion yen, official data showed yesterday, a record figure that underlines Tokyo’s struggle to curb...

European stocks close higher 10 Aug 2013 - 02:01 am

LONDON: European markets closed higher yesterday, with mining stocks in particular receiving a boost from better-than-expected industrial output data from China, dealers said....