Business

Saudi Aramco finalizes IPO options and plans global expansion

Saudi Arabia’s state-owned oil giant is finalizing options for its partial privatisation and will present them to its Supreme Council soon, its chief executive said about the centerpiece of the kingdom’s efforts to overhaul its economy. The company has a huge team working on the proposals for the initial public offering (IPO) of less than 5 percent of the company’s ... Read More »

SWIFT rejects Bangladeshi claims in cyber heist, police stand firm

SWIFT has rejected allegations by officials in Bangladesh that technicians with the global messaging system made the nation’s central bank more vulnerable to hacking before an $81 million cyber heist in February. The comments were in response to a Reuters story that cited Bangladeshi police and a central bank official as saying that SWIFT technicians introduced security holes into the ... Read More »

Exclusive: U.S. investigates market-making operations of Citadel, KCG

Federal authorities are investigating the market-making arms of Citadel LLC and KCG Holdings Inc, looking into the possibility that the two giants of electronic trading are giving small investors a poor deal when executing stock transactions on their behalf. The Justice Department has subpoenaed information from Citadel and KCG (KCG.N) related to the firms’ execution of stock trades on behalf ... Read More »

Wall Street opens higher as oil prices boost energy shares

Wall Street opened higher on Tuesday, tracking global equities, as investors’ appetite for risk increased and as oil prices rose, boosting energy shares. Oil was up about 1.5 percent, driven by supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production and overshadowed fears of oversupply. World stock markets also rose, helped by solid ... Read More »

Tata Steel says seven firms in frame to bid for rest of UK operations

Seven firms are weighing up bids for Tata Steel’s entire UK business, the company has revealed, raising hopes of a rescue deal that could save up to 12,000 jobs. Indian conglomerate Tata has been seeking a buyer since it said in March that a turnaround plan for its Port Talbot steelworks was “unaffordable”. Tata Steel UK received letters of intent ... Read More »

Government grants infrastructure status to shipyard industry

Cochin Shipyard dock where India’s first indigenous aircraft carrier INS Vikrant is seen being built.  NEW DELHI: The government has granted infrastructure status to the shipyard industry, a move that will help the sectoral players get long-term financing at cheaper rates. A gazette notification issued by department of economic affairs in the ministry of finance last month issued an updated ... Read More »

Amazon tops list of the best paying tech firms for graduates

Amazon has beaten tech rivals Google, Apple and Microsoft to be named best paying tech firm for junior employees in the UK. An entry level position recruit at Amazon can expect to receive a £75,000 salary with a £15,000 bonus, according to a research from Emolument.com, a salary benchmarking site. Apple junior employees typically get a salary of £72,000 with ... Read More »

ExxonMobil and Chevron profits slide on low oil prices

ExxonMobil reported a 63% slide in first quarter profits following low crude oil prices and weak refining margins. It reported a profit of $1.8bn (£1.24bn), a sharp decline from $4.94bn for the same period last year and its lowest quarterly profit since 1999. Revenue dropped 28% to $48.7bn, but it had strong results from its petrochemicals division. Rival Chevron faired ... Read More »

Nissan to recall 3.53 million vehicles: air bags may not deploy

Nissan Motor Co Ltd (7201.T) said on Friday it will recall 3.53 million vehicles, most in the United States, citing passenger-side air bags that may not work properly because vehicle sensors may malfunction. The Japanese automaker said this is the fourth recall since 2013 to address problems with occupant classification systems that may fail to properly identify adult front seat ... Read More »

Gold, silver extend gains on global cues, jewellers buying

CHENNAI: India’s foreign exchange reserves increased marginally to $361.60 billion as on April 22, 2016, the Reserve Bank of India (RBI) said. According to RBI’s forex data the reserves stood at $361.60 billion as on April 22 against $360.25 billion for the week ended April 15, 2016. As on April 22, foreign currency assets stood at $337.53 billion, gold $20.11 ... Read More »