Business

JPMorgan Chase to pay $5.1bn to settle Fannie, Freddie claims 27 Oct 2013 - 01:17 am

NEW YORK CITY: JPMorgan Chase will pay $5.1bn to settle charges it overstated the quality of mortgages and mortgage-backed securities sold to Freddie...

Dubai refinery buys first Indian raw sugar cargoes in 2 years 27 Oct 2013 - 01:17 am

LONDON: Dubai’s Al Khaleej sugar refinery, one of the world’s largest, has bought the first cargoes of raw sugar from India in two...

$3bn loss for Pemex in Q3 27 Oct 2013 - 01:17 am

MEXICO CITY: Mexico’s state oil giant Pemex on Friday posted a massive $3bn third quarter loss, citing lower export volumes, falling fuel prices...

Italy eyes Eni stake sale in privatisation drive 27 Oct 2013 - 01:16 am

MILAN: The Italian government plans to start selling state-owned assets by the end of the year to reduce its debts, with a stake...

Asda’a Burson-Marsteller grabs 9 awards 27 Oct 2013 - 01:15 am

From left: Michael Gallagher, President and Founder of the Stevie Awards, with Sunil John, CEO, and Bashar Al Kadhi, Chief Operating Officer of...

UPS third quarter profits rise 27 Oct 2013 - 01:14 am

United Parcel Service (UPS) aircraft are being loaded with air containers bound for their final destination at the UPS Worldport All Points International...

Apple’s Russia push likely to fizzle on price 27 Oct 2013 - 01:14 am

MOSCOW: Apple.’s push to win users in Russia, one of the countries where the latest iPhones went on sale on Friday, may fall...

Mitsubishi Motors plans $2bn share offer as early as Jan 27 Oct 2013 - 01:14 am

TOKYO: Mitsubishi Motors Corp plans to raise around $2bn in a public share offering as early as January to pay back top shareholders...

Air Serbia names first plane after Djokovic 27 Oct 2013 - 01:13 am

BELGRADE: Serbia’s new national airline, Air Serbia, began flying yesterday with a plane named after favourite son Novak Djokovic, the men’s tennis world...

Oil market sinks; coffee futures fall to new low 27 Oct 2013 - 01:13 am

LONDON: World oil prices dived to multi-month lows this week, weighed down by abundant stockpiles in top consumer the United States, dealers said. ...

Tata-SIA airline to start flights by May 27 Oct 2013 - 01:13 am

New Delhi: The new passenger carrier of Tata Sons and Singapore Airlines should be operational by May next year, a top official of...

SEC proposes ‘crowd funding’ plan for start-ups 27 Oct 2013 - 01:13 am

WASHINGTON: Entrepreneurs could use the Internet to sell a stake in their businesses to anyone in the country under rules proposed by the...

British housing market to avoid price bubble, says official 27 Oct 2013 - 01:12 am

LONDON: Britain’s housing market will avoid a price bubble resulting from the government’s latest ‘Help to Buy’ scheme, because supply will catch up...

German business morale falls 26 Oct 2013 - 12:13 am

Huge van carriers transporting containers at the container terminal “Burchardkai” of the Hamburger Hafen und Logistik AG in the harbour of Hamburg. German...

Britain records fastest growth since 2010 26 Oct 2013 - 12:12 am

LONDON: Britain’s economy picked up more speed between July and September, growing at its fastest pace in more than three years and building...

Air Serbia dons new colours 26 Oct 2013 - 12:07 am

Air Serbia’s CEO Dane Kondic speaks during an interview in Belgrade yesterday. Air Serbia, country’s flag carrier unveiled its first aircraft in new...

Volvo, Electrolux slash 4,000 jobs 26 Oct 2013 - 12:07 am

STOCKHOLM: Swedish industrial heavyweights Volvo trucks and Electrolux announced a total of 4,000 job cuts around the world yesterday when they published disappointing...

Deal saves big refinery, plant in Scotland 26 Oct 2013 - 12:06 am

LONDON: Scotland dodged a heavy blow to its economy yesterday with a deal to rescue an oil refinery and petrochemical plant and safeguard...