Business

Iran devalues official rial rate by more than half 07 Jul 2013 - 01:07 am

TEHRAN: Iran’s central bank yesterday drastically devalued the national currency’s fixed subsidised rate against the dollar, as the Islamic republic struggles to shore...

Chile annual inflation speeds up in June to 1.9pc 07 Jul 2013 - 01:07 am

SANTIAGO: Chile’s consumer price index rose 0.6 percent in June, the biggest increase in eight months and slightly above expectations as costs jumped...

Iran devalues official rial rate by more than half 07 Jul 2013 - 01:07 am

TEHRAN: Iran’s central bank yesterday drastically devalued the national currency’s fixed subsidised rate against the dollar, as the Islamic republic struggles to shore...

Brazil may cut import levies to fight currency depreciation 07 Jul 2013 - 01:06 am

Brasilia: Brazil may lower some import duties to help offset the impact of a sharp depreciation of its local currency on inflation, Finance...

Petronas seeks export of Canada LNG 07 Jul 2013 - 01:06 am

Toronto: The Canadian unit of Malaysia’s Petronas said it has asked regulators for a licence to export nearly 20 million tonnes of liquefied...

Weekly Commodity Update: Negative momentum slowing led by WTI crude 07 Jul 2013 - 01:05 am

By Ole Hansen (Head of Commodity Strategy, Saxo Bank) Solid gains have been seen across most commodities during these first few days of...

EU, China near solar panel deal 06 Jul 2013 - 05:03 am

A technician checking solar panels on the roof of a plant of German solar panel manufacturer Conergy in Frankfurt. Conergy filed for insolvency...

Indian rupee hits new low 06 Jul 2013 - 05:02 am

MUMBAI: India’s rupee fell to near its lifetime low yesterday prompting the central bank to intervene in currency markets to drag the ailing...

Brent crude trading above $107 a barrel on US data 06 Jul 2013 - 05:01 am

NEW YORK: Brent crude oil prices were trading above $107 per barrel for the first time in three months yesterday, underpinned by political...

Transatlantic monetary divide to accelerate dollar surge 06 Jul 2013 - 05:00 am

LONDON: US monetary policy is zigging while the rest of the world is zagging, and the world should brace for a protracted dollar...

Lebanon says Israel can tap its gas resources 06 Jul 2013 - 05:00 am

BEIRUT: Lebanon’s energy minister said yesterday that Israel has the technical ability to draw from Lebanese underwater gas fields, and called for an...

US jobs data spooks European markets 06 Jul 2013 - 04:57 am

People walk in front of an electronic board showing the closing figure of the Nikkei 225 Stock Average in Tokyo yesterday. Tokyo stocks...

Egypt’s finances in worse shape than estimated 06 Jul 2013 - 04:56 am

LONDON: Egypt’s crumbling public finances may be in even worse shape than previously estimated. While stock and bond markets have cheered the ouster...

French trade deficit in May deepens 06 Jul 2013 - 04:56 am

PARIS: The French trade deficit, a critical problem for the recession-hit economy, worsened sharply in May, official data showed yesterday. Although the data...

Banks vie for Lloyds, RBS share sell-off 06 Jul 2013 - 04:52 am

LONDON: More than a dozen top banks are finalising plans to run a £20bn ($30bn) share sale in part-nationalised Lloyds, one of the...

Egypt index surges 7.3 percent 05 Jul 2013 - 05:18 am

A general view of brokers working at the Egyptian stock exchange in Cairo. DUBAI: Egyptian shares posted their largest one-day percentage gain in...

BA takes delivery of first A380 05 Jul 2013 - 05:17 am

LONDON: British Airways welcomed its first Airbus A380 jet, the world’s biggest commercial aircraft, part of a $15bn upgrade to top-of-the-range planes that...

ECB, BoE soothe world markets in rate pledge 05 Jul 2013 - 05:17 am

FRANKFURT: Europe’s two most important central banks took unprecedented moves yesterday to reassure financial markets that interest rates on their side of the...