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Tuesday, 01 March 2011  |  Rabiʻ I 26, 1432  | Last updated at 04:07
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1 March 2011
Polysilicon Technology Co. Executive Director and CEO Ibrahim Al-Humaidan, center, with Hyundai Engineering Co. and KCC Engineering & Construction Corp. executives at the signing ceremony in Alkhobar on Sunday. (AN photo by Boutros Ayad)
ALKHOBAR: A contract to set up a polysilicon plant in Jubail to manufacture solar-energy cell material was signed on Sunday in Alkhobar. Polysilicon Technology Co. (PST) entered into an engineering, procurement and construction contract to cover Phase 1 of the plant with Hyundai Engineering Co. and KCC Engineering and Construction Corp. The lump-sum, turn-key agreement is valued at SR1.43 billion ($380 million).
JEDDAH: Peter Tyroller, member of Germany’s leading technology conglomerate Robert Bosch GmbH’s management board, visited E.A. Juffali & Brothers headquarters and Help Center along with a high-level delegation including Automotive Aftermarket Division President Robert Hanser, Senior Vice President Guercan Karakas and Sales Director Guido Gring.
CAIRO: Libya’s oil chief said on Monday that production had been cut by around 50 percent, and argued it was “safe” for foreign oil workers to return after a mass exodus sparked by Muammar Qaddafi’s violent campaign to retain control of the country.
RIYADH: Saudi Arabia reiterated Monday that it would do everything possible to stabilize the international oil market by increasing supply in consultation with producers inside and outside the Organization of Petroleum Exporting Countries.
JEDDAH: With demand in the Saudi residential sector still outpacing supply due in part to a growing population, John Harris, co-head of Jones Lang Lasalle, Saudi Arabia, has said that at least 150,000 to 200,000 housing units will need to be built over the next decade at an annual cost of SR80 billion to satisfy demand.
JEDDAH/DUBAI: Dubai’s index tumbled to a six-year low and Oman made its largest drop in two years on Monday as widening protests in the sultanate and a steep drop in Saudi stocks a day earlier sparked a sell-off on Gulf markets.
Corporate news
1 March 2011
KHC’s annual general meeting on March 27
RIYADH: Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced that the company’s Annual General Meeting (AGM) will be held at 3 p.m. in the Four Seasons Hotel, Riyadh, on March 27.
Private sector loan growth hit 19-month high in Kingdom
Private sector loan growth hit a 19-month high above 5 percent in January, backing evidence that Saudi Arabia's economic recovery is picking up pace as private sector firms take on a larger role. Money supply growth also accelerated quickly for the fourth month, climbing to 8.1 percent for broad money (M3), the fastest advance in a year. Still, while strong oil prices lifted the Kingdom's foreign assets to a record level in January, a sweeping SR135 billion state benefits scheme for citizens, unveiled this month, is likely to trim down this pace of growth as the year progresses. Regional turmoil could complicate the recovery process if private sector firms pull back.
Qatar to invest 300m euros in Spanish banks
DOHA: Qatar will invest 300 million euros in Spanish banks and has discussed other investments with Spain’s prime minister, Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al-Thani said.
UAE bank hires ex-RBS executive as COO
DUBAI: Abu Dhabi Commercial Bank has named Jerry Mollenkramer, formerly at UK lender RBS, as group chief operating officer, a new position at the bank, the lender said.
Qatar plans to invest in Glencore
LONDON/DOHA: Glencore is priming analysts with in-depth briefings on its business ahead of a possible mega-float which could involve Qatar taking a stake in the world’s largest commodities trader.
UAE issues new rules for bank loans
DUBAI: The UAE central bank has introduced new rules to limit loans to individuals and bank service charges, it said in a statement.
Honda, Subaru and Toyota ranked as 'top car makers'
WASHINGTON: Consumer Reports has named Japanese car makers Honda, Subaru and Toyota as the best all-around car makers for the third year in a row in its annual auto issue.
Building bust hits Keller profits
LONDON: Ground engineering company Keller Group said the downturn in global construction activity cut its annual profit by nearly half, with government cutbacks set to crimp any rebound in the short-term.
Aldar Properties gets nod for $1.5bn bond
ABU DHABI: Abu Dhabi’s Aldar Properties said it secured shareholder approval for a $1.5 billion bond, but a company executive said there were no immediate plans to issue it.
NBAD plans Islamic repo product
ABU DHABI: National Bank of Abu Dhabi (NBAD) will launch a Sharia-compliant repo product in March to encourage secondary market trading and is in talks with two unnamed counterparties for the same, an official said.
HSBC 2010 profit more than doubles to $13.2bn
LONDON: HSBC Holdings says its profit more than doubled last year to $13.2 billion as loan impairment charges dropped to the lowest level since 2006, but fell short of analysts’ forecasts.
Motorola Mobility sues TiVo over DVR patents
NEW YORK: Motorola Mobility is suing TiVo, alleging that TiVo’s signature digital video recorder set-top boxes use technology patented by Motorola.
Economists list US budget deficit as No 1 worry
WASHINGTON: The massive US budget deficit is the gravest threat facing the economy, topping high unemployment and the risk of inflation or deflation, according to a survey of forecasters released on Monday.
Key energy firms to fight over gas field
MOSCOW: Rosneft is set to take on Gazprom when Russia puts the Kovykta gas field on the block on Tuesday as the country’s top crude producer aims to muscle in on the gas export monopoly’s plans to supply China.
Google says it’s working to restore lost messages
NEW YORK: Google says it has restored e-mail service to some of the users who found all of their old messages deleted on Sunday.
Make money and do good is new corporate buzz
NEW YORK: Admitting you are making money by doing some good in the world is no longer a dirty little secret, it’s called “creating shared value” — the new catch phrase in corporate and philanthropic circles.
Regional turmoil brings TASI down 5%
JEDDAH: Saudi Arabia's Tadawul All-Share Index (TASI) slumped to a nine-month low on Sunday and most Gulf markets also slid due to fears unrest was spreading in the region.
Big 5 show targets Saudi construction sector
JEDDAH: The Middle East’s largest construction show, Big 5 Kingdom of Saudi Arabia, formally opened to the public in Jeddah on Sunday evening.
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ABB wins $30m Qatar order for underground substations
JEDDAH: ABB has won an order worth around $30 million from the Qatar General Electricity and Water Corporation (Kahramaa) to build two underground substations to help meet increasing demand for power in Doha.
German team boosts Saudi trade links
RIYADH: Germany is keen to boost its trade links with Saudi Arabia, visiting Berlin Mayor Klaus Wowereit said on Sunday.
Euromoney's honor to HSBC Amanah
RIYADH: HSBC Amanah, the global Islamic financial services business of the HSBC Group and affiliate of the Saudi British Bank (SABB), has been named for the second consecutive year Best International Islamic Bank by Euromoney magazine, in its Islamic Finance Awards 2011. The awards are widely considered to be the most high profile accolades in the Islamic finance industry and annually recognize outstanding performance, quality, service, and innovation in the sector.
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Learning new languages in quest for jobs
MADRID: Language teachers say the prospect of finding a job in Germany has boosted the numbers of Spaniards learning German.
Toys R Us mulls $800m IPO
CHICAGO: Toys R Us is looking to raise around $800 million in an initial public offering in April, though a final decision has not been reached, the New York Post said.
Banker pledges silence in tax case
GENEVA: An ex-Credit Suisse banker pledged on Sunday to keep the names of his former clients secret, days after he and three others were indicted in the United States on charges of conspiring to help American tax cheats.
Private investment expected to pick up in Kingdom
JEDDAH: Domestic financial markets have been unsettled by regional political turmoil, with sharp falls registered on the Saudi stock market and a surge in CDS spreads.
UAE replaces US as India's top trading ally
NEW DELHI: The US, which had been India's top trading ally until 2007-08, has since been relegated to the third position with the UAE and China assuming first and second positions in trade relations with Asia's third biggest economy, revealed a new survey.
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Fiat presents plan to build cars in Russia
MILAN: Italy's Fiat SpA presented a memorandum of understanding to the Russian Industry Ministry on Friday to build cars in Russia, a week after it was ousted from alliance plans.
Mercosur bank chiefs see increased economic risks
LIMA: Central bank chiefs from South American countries in the Mercosur customs union said on Friday there are heightened risks to the global economy in light of  higher food prices and turmoil in Middle East, but indicated a broad regional slowdown was unlikely.
IMF: Economic losses from oil prices limited
WASHINGTON: Higher oil prices should have a limited impact on the world economy if prices stay at current levels, the International Monetary Fund said on Friday.
International Energy Forum 2011: A sea change in sentiments!
As global energy leaders from around the globe gathered at the fabulously impressive King Abdulaziz International Conference Centre in Riyadh on Tuesday the message was clear: Times have changed and this is not 2008. A sea change in sentiments!
ECB must watch inflation threat: Draghi
VERONA, Italy: Monetary policy makers must closely watch emerging inflation tensions to head off any decline in expectations for price stability, European Central Bank Governing Council member Mario Draghi said on Saturday.
Iran sells more oil as Libyan exports dwindle
TEHRAN/LONDON: Iran is taking advantage of Libya’s turmoil and dwindling exports to sell more crude that it has found difficult to offload due to economic sanctions.
Toyota recalls 2.17 million vehicles in US
WASHINGTON: Toyota Motor Corp. recalled 2.17 million vehicles in the United States on Thursday to address accelerator pedals that could become entrapped in floor mats or jammed in driver’s side carpeting, prompting federal regulators to close its investigation into the embattled Japanese automaker.
Saudi, Syrian businessmen discuss joint investments
JEDDAH: Saudi and Syrian businessmen are exploring the possibility of launching joint investment projects in different sectors, the Syrian news agency SANA reported on Friday.
Google tweaks search to punish ‘low-quality’ sites
NEW YORK: Google says it has tweaked the formulas steering its Internet search engine to take the rubbish out of its results. The overhaul is designed to lower the rankings of what Google deems “low-quality” sites.
NEC cuts profit forecast by 40%
TOKYO: Japan’s NEC Corp on Friday slashed its full-year profit forecast by 40 percent to below market expectations, citing weak sales in its IT services and personal computer and mobile phone operations.
US fourth-quarter growth revised down
WASHINGTON: The US economy grew more slowly in the fourth quarter than initially estimated as government spending shrank more sharply and consumer spending was less robust, a government report showed on Friday.
Hyundai breaks ground on seventh overseas plant
SAO PAULO: South Korean automaker Hyundai has begun building its seventh overseas plant in southeastern Brazil.
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Volkswagen’s profit roars to $9.4 billion
BERLIN: Volkswagen AG says its 2010 net profit rose to €6.84 billion ($9.4 billion) from €960 million a year earlier as revenue climbed by more than 20 percent.
New Kenya law to boost Islamic finance
DUBAI: Kenya may pass legislation to eliminate tax barriers to Islamic bond issuance by the end of the year with the government looking to launch Islamic treasury bills and bonds, known as sukuk, bankers said.
Top Japan oil refiner’s output down
TOKYO: Japan’s top oil refiner JX Nippon Oil & Energy Corp plans to refine 6.32 million kiloliters (1.28 million barrels per day) of crude oil in March for domestic consumption, down 1 percent from a year earlier, a company executive said on Friday.
LUKOIL eyes Middle East to boost reserves
ST PETERSBURG, Russia: Russia’s LUKOIL is hoping to fully replace its reserves over the medium term and is looking to acquire new assets to achieve this, including in the Middle East, its head said on Friday.
Stock market listings hit record
LONDON: Global listings activity has been the highest on record so far this year, with firms raising a total of $24 billion from initial public offerings (IPOs), according to Thomson Reuters data on Friday.
BA parent group concerned over oil supplies
LONDON: International Airlines Group SA, formed last month by the merger of British Airways and Iberia SA, reported modest combined 2010 profits in its inaugural earnings on Friday despite higher fuel costs.
Inside Motorola’s Xoom: Plenty of horsepower
SEATTLE: Analysts say Motorola’s Xoom tablet computer is powerful enough to challenge Apple’s iPad.
Google to launch YouTube movie service: report
LONDON: Google’s YouTube plans to launch an unlimited subscription service for movies, similar to Netflix and Amazon’s offering, the New York Post said.
Lloyds posts 2010 net loss, warns on outlook
LONDON: Part-nationalized Lloyds Banking Group took a hit to its shares on Friday after warning that margins will slide this year as it posted a net loss in 2010 on the back of exposure to Ireland’s financial woes.
Huawei says it wants to ease US security fears
BEIJING: Chinese telecom equipment maker Huawei issued a public invitation Friday to US authorities to investigate the company to dispel what it says are mistaken fears that it is a threat to American national security.
Jeddah Economic Forum to kick off on March 19
JEDDAH: The chairman of the 11th Jeddah Economic Forum (JEF) has said current unrest in a number of Middle East countries will not have any impact on the event.
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Thuraya satellite telecom 'jammed by Libya'
DUBAI: Thuraya Satellite Telecommunications Co’s services are being jammed by Libya, the UAE-based firm’s chief executive said on Thursday, as a revolt continued against Libyan leader Muammar Qaddafi.
Corporate News
Friday 25 February 2011
Etisalat sees bank deal by next week
DUBAI: UAE telecoms firm Etisalat, bidding for a 46-percent stake in Kuwait’s Zain, sees a bank deal to finance the $12 billion offer done by the end of February, it said on Thursday.
US jobless claims fall, durable orders mixed
WASHINGTON: New US claims for jobless aid fell last week, hinting at an improvement in the labor market, but declines in new home sales and orders for a range of factory goods in January showed the economy still faced headwinds.
Bahrain to go forward with $1bn bond issue
MANAMA: Bahrain is facing its worst unrest since the 1990s and downgrades by rating agencies, but the Gulf Arab kingdom’s central bank governor said on Thursday he hopes to go forward with a planned $1 billion bond issue.
Indonesia likely to delay fuel subsidy cut
JAKARTA: Indonesia said on Thursday it is considering delaying a plan to limit the use of cheap subsidized fuels to next year as it seeks to avoid surging oil prices adding to inflation, despite a potential cost of over $600 million to the state budget.
ABC Islamic Bank posts $2.1m profit
MANAMA: ABC Islamic Bank on Thursday announced a net profit of $2.1 million for 2010 compared to $10.1 million for 2009. Total operating income was $15.9 million compared to $20.4 million for 2009, due to lower rates and de-risking of balance sheet asset size.
Gulfinvest asked to liquidate assets
KUWAIT: Gulfinvest International, dropped from the list of investment firms in Kuwait, was asked by the Ministry of Trade and Industry to liquidate its assets, a local paper said on Thursday citing sources.
More Saudi firms eyeing India for investments
NEW DELHI: More Saudi companies are turning to India for investments and joint ventures, according to Abdulrahman Al-Rabeeah, chairman of India-Saudi Arabia Joint Business Council.
Saudi Aramco: Manifa drilling team sets new record
JEDDAH: The Manifa Drilling Team set a new record recently when it finished drilling the longest well in Saudi Arabia to a total depth of 32,136 ft (± 9.8 km) and completed a horizontal power water injector across the Lower Ratawi reservoir.
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Kenya businesses say new law will cut uncertainty
NAIROBI: Kenya's new constitution will reduce investor uncertainty, but it needs to be implemented in good time to be effective and excessive tribalism driven by politicians needs to end, business executives said on Thursday.
Indonesia eyes delay to fuel subsidy cut
JAKARTA: Indonesia said on Thursday it is considering delaying a plan to limit the use of cheap subsidized fuels to next year as it seeks to avoid surging oil prices adding to inflation, despite a potential cost of over $600 million to the state budget. 
Gulfinvest asked to liquidate assets
KUWAIT: Gulfinvest International, dropped from the list of investment firms in Kuwait, was asked by the Ministry of Trade and Industry to liquidate its assets, a local paper said on Thursday citing sources.
Tunisia exploring funding options: Central bank chief
WASHINGTON: Tunisia is in talks with the International Monetary Fund, the World Bank and other agencies on funding options, although the country’s reserve levels are for now adequate to support the economy, Tunisia’s new central bank governor said on Wednesday,
Oil to push Ghana growth near 12 percent in 2011
ACCRA: The onset of oil production should push Ghana's economic growth to 12 percent this year, but inflation looks set to creep nearer double digits, a Reuters survey showed on Thursday.
China cuts diesel exports by 79%
BEIJING: China cut diesel exports in January by 79 percent from a year ago to keep more barrels in the domestic market as a supply crunch started to taper off.
VW’s Porsche merger knocked by probe
HAMBURG/FRANKFURT: Sports car maker Porsche dismayed investors by saying its planned merger with Volkswagen faced further delays because of a criminal investigation of its former CEO and finance head.
TNK-BP fully replaces reserves in 2010
MOSCOW: BP’s Russian venture, TNK-BP, said it had fully replaced its 2010 hydrocarbon reserves on the back of high oil prices, increased exploration activity and oil recovery methods at brownfields.
Apple's new laptops include new data and video port
NEW YORK: Apple says its new MacBook laptops include a new type of port for high-speed connections to both displays and external hard drives.
Libyan upheaval 'cuts 1.2m barrels from market'
ROME: Libya’s violent upheaval has taken 1.2 million barrels of oil off the global market as energy plants and ports are shut down, according to Italy’s Eni, the largest producer in Libya.
China suffers ‘large-scale’ economic losses in Libya
BEIJING : China has suffered severe economic losses as a result of the political turmoil in Libya, it said on Thursday.
GM reports first full-year profit since 2004
DETROIT: General Motors Co posted fourth-quarter earnings slightly above expectations and its first full-year profit since 2004.
Confidence over economic recovery improves
LONDON: The European Commission has found that confidence over Europe’s economic recovery improved further in February, another sign that the impact from the government debt crisis has abated, for now at least.
Call for more women on corporate boards
LONDON: Britain’s government may enforce quotas to make corporate boards include more women, the head of an inquiry into the issue was quoted as saying on Thursday.
Centrica sees lower gas storage profits
LONDON: British utility Centrica expects to make less profit from selling gas storage space this year as a shrinking gap between summer and winter wholesale prices makes storing the fuel less attractive, the company said.
Airline group expects 3.3bn travelers by 2014
SINGAPORE: Global airline travel will likely jump to 3.3 billion passengers by 2014 as Asia’s fast economic growth drives the industry’s expansion, the International Air Transport Association said.
Greek strike disrupts flights, cripples services
ATHENS, Greece: A general strike halted public transportation across Greece on Wednesday and led to the cancellation of more than 100 flights at Athens International Airport.
Corporate News
24 February 2011
Trader Mercuria sees oil above $150
LONDON: Oil could hit a new record above $150 per barrel if unrest were to spread further across the Middle East, the head of one of the world's biggest independent energy trading house said on Wednesday.
Selling pressure eases on Gulf bourses
JEDDAH/DUBAI: Middle East markets were mixed on Wednesday as selling pressure eased on most bourses following a sharp correction triggered by unprecedented political unrest in the region.
Etisalat board announces dividend
ABU DHABI: Etisalat’s board has confirmed the distribution of dividends at 35 percent par value of dividends profits for the second half of 2010.
Japan posts first trade deficit in 22 months
TOKYO: Japan’s exports grew at their weakest pace in more than a year in January, resulting in the country’s first trade deficit in 22 months.
Of commodities, currency and equity volatility
In an attempt to get our bearings on the status quo of the international markets, we found that it’s crucial to track a number of underlying assets at the same time. From the chart you can immediately get a feel for the money flow in the markets. At a quick glance you can determine the rises and falls of each facet of the market. If you need to track these particular commodities, currencies or equities on a daily basis you can refer to my website 24 hours a day 7 days a week http://www.kinconsortium.com
New warning on global imbalances
WASHINGTON: The White House on Wednesday warned of imbalances in the global economy, saying they were putting pressure on capital flows and exchange rates.
Brent climbs above $110 a barrel; world stocks decline
NEW YORK: World stocks slid further from recent 30-month highs on Wednesday as political violence in Libya drove up crude oil prices while fanning concerns about inflation and its impact on global economic growth.
UAE trade insurance costs may jump 20%
DUBAI: Trade insurance costs for UAE exporters may jump by up to 20 percent in the short term due to ongoing political turmoil in the Arab world, the country’s export credit agency said on Wednesday.
Apple shareholders nix CEO succession disclosure
CUPERTINO, California: Apple shareholders have rejected a plan requiring the company to disclose a succession plan for its chief executive.
Moody’s puts Bahrain ratings on review
CAIRO: Credit ratings agency Moody’s Investors Service placed Bahrain’s A3 government rating on review for possible downgrade on Wednesday as the tiny kingdom grapples with anti-government protests that have already toppled two entrenched leaders in other Arab countries.
Aramex acquires Irish freight firm Aquaship
DUBAI: Logistics company Aramex on Wednesday said it acquired Ireland-based liner agent and freight forwarder Aquaship Agencies to expand its freight capabilities in Europe.
Clean energy investments to rise in 2011
NAIROBI: Brazil, China and India are expected to fuel global investments in clean energy in 2011 that are expected to reach $240 billion, the head of a United Nation’s green economy initiative said on Wednesday.
Banks back UAE project
DUBAI: UAE banks Mashreq and First Gulf Bank, along with Deutsche Bank have jointly lend $403 million in a syndicated facility toward the expansion of Abu Dhabi-based plastics solutions company.
Libyan oil output down more than a quarter
VIENNA: More than a quarter of OPEC member Libya’s oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil firms to warn of production cuts in Africa’s third-largest producer.
Gold rises above $1,400/oz on Libya tensions
LONDON: Gold topped $1,400 an ounce on Wednesday as tensions in Libya increased interest in the metal as a haven from risk and the dollar fell, but gains were limited by concerns its run higher may have been overdone.
Schlumberger to resume Egypt, Tunisia operations
SAN FRANCISCO: Schlumberger CEO Andrew Gould said the company was shutting down in Libya due to the “disturbing” situation while the company was restarting operations in Egypt and Tunisia.
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Oman oil product shipments 'not hit by protests'
DUBAI : Shipments of refined crude from Oman’s port of Sohar are continuing, a port spokeswoman said on Monday after anti-government protests blocked roads leading to the key industrial area.
Rising fuel price casts shadow on auto show
GENEVA: The car industry, it seems, just can’t get a break. Just when automakers thought it safe to roll out new models in the wake of the devastating economic crisis — 170 premiers are advertised for the Geneva Auto Show opening this week — confidence is shaken by a spike in oil prices due to civil unrest in Libya and other energy-producing nations.
Businesses face uncertain future after quake
CHRISTCHURCH: Business is brisk for Steve Crosby, who is helping switch the lights back on in this ruined city by selling portable generators from a van parked in roadside rubble. But thousands of other businesses remain closed — perhaps indefinitely — by an earthquake that has become New Zealand’s most expensive natural disaster.
JPMorgan seeks minority stake in Twitter: report
NEW YORK: Published reports say JPMorgan Chase & Co’s new fund that invests in social media companies is in talks to buy a minority stake in Twitter.
Japan economy on track for recovery
TOKYO: Japanese factory output rose in January for a third straight month and manufacturers expect further gains in coming months, a sign that the economy is on track for a moderate export-driven recovery.

KHC signs deal for management of Fairmont
RIYADH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), attended the signing of Business Gate’s agreement for Fairmont to manage a new 287-room luxury hotel and 4,000 square meter convention center in Riyadh slated to open late 2012.
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China to cut energy, carbon intensity by 17% by 2015
BEIJING: China aims to cut the amount of energy and carbon dioxide emissions needed for every unit of economic growth by 16 to 17 percent from this year to the end of 2015, Chinese Premier Wen Jiabao said.
Egypt stock market reopens on March 1
CAIRO: Egypt’s prime minister says the country’s stock exchange will reopen for business on Tuesday.The announcement came in a statement by Egypt’s Cabinet.
SABIC and KAUST sign strategic deals
JEDDAH: Saudi Basic Industries Corp. (SABIC) signed four agreements with King Abdullah University of Science and Technology (KAUST) at the university campus in Thuwal on Saturday. The deals cover the development and localization of technology in Saudi Arabia.
Exodus from Libya may hit Egypt economy
CAIRO: Egypt’s economy - already beset by strikes, slumping tourism and political uncertainty - is in the process of being dealt another body blow as turmoil in Libya sparks a mass exodus of Egyptian guest workers back home.
Nintendo 3-D hand-held goes on sale
TOKYO: Nintendo’s latest game machine, offering glasses-free 3-D images, went on sale in Japan ahead of a global roll-out, and analysts say it promises to be the world’s first 3-D mass-market product.
Diesel from sun, water, CO2...
CAMBRIDGE, Massachusetts: A Massachusetts biotech company is claiming it can produce renewable diesel fuel using the same ingredients that make grass grow.
Obama calls for 'common ground' to prevent government shutdown
WASHINGTON: US President Barack Obama on Saturday urged Congress to find "common ground" to prevent a damaging government shutdown, as Republicans and Democrats edged toward a compromise to keep federal money flowing.
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Buffett eyes deals with $38bn in cash
NEW YORK: Warren Buffett is looking for acquisitions as an outlet to deploy his $38 billion cash pile, the legendary investor said in his annual letter to Berkshire Hathaway Inc shareholders on Saturday.
Exxon says spending to reach up to $37bn
HOUSTON: Exxon Mobil said its annual capital spending could rise to as much as $37 billion, evidence the world's largest publicly traded oil company is confident that crude demand is returning with economic growth.
CARTOON
Kingdom raises oil output amid Libyan crisis
DUBAI/PARIS: Saudi Arabia has raised oil output about eight percent to above nine million barrels per day (bpd) to make up for a near halt in Libyan exports, an industry source said, helping prices fall further from the highest since 2008.
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Oil price impact: Spain to lower speed limit
MADRID: Spain will lower highway speed limits, cut train ticket prices and use more biofuel under an emergency energy-saving initiative because of soaring oil prices brought on by unrest in Libya, an official said on Friday.
Apple takes wraps off new MacBook Pro lineup
SAN FRANCISCO: Apple released its new lineup of MacBook Pro notebook computers, featuring Intel’s peppy new processors and graphics chips made by Advanced Micro Devices, helping boost the smaller chipmaker’s stock more than five percent.
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Samsung launches ultra-slim notebook, targets Apple
SEOUL: South Korea’s Samsung Electronics Company has launched an ultra-slim notebook, seeking to bolster its presence in the high-end mobile computer segment dominated by Apple.
Oil jumps 7.5% to $119.79 a barrel
LONDON: Oil surged more than 7.5 percent to its highest since August 2008 on Thursday on concern that the uprising in Libya would affect crude stocks.
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Goldman fears 'severe oil market shortages'
Gas demand to rise on Africa unrest: Gazprom
BRUSSELS: Russia’s gas giant Gazprom says the unrest in northern Africa will likely boost European demand for its own supplies via the planned South Stream pipeline fromt he Black Sea.
Repsol’s Libya oil production at about 50%
MADRID: Spanish energy company Repsol says its production of oil in Libya is slightly above 50 percent of capacity amid violent protests against Muammar Qaddafi.
Higher oil prices may hamper global recovery
WASHINGTON: Just as the US and global economies are finally strengthening, they face a new danger: Rocketing oil prices, which topped $100 a barrel on Wednesday.
Yemeni tycoon shrugs off risk from unrest
SANAA: Accustomed to instability during five decades in international business, Yemeni businessman Abdulwasa Hayel Saeed shrugs off the unrest in his homeland as another chapter in Yemen’s turbulent history.
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RBS returns to profit in fourth quarter
LONDON: The Royal Bank of Scotland, Britain’s largest government-owned bank, reported on Thursday a smaller net loss for 2010 after returning to profit in the final quarter of the year and said its recovery from the crisis was ahead of schedule.
South Africa projects bigger-than-expected budget gap
CAPE TOWN: South Africa on Wednesday projected a much larger-than-expected budget deficit for next fiscal year, citing weak revenues as the economy emerged only only gradually from recession. The ruling African National Congress faces municipal elections in the second quarter of this year, and Finance Minister Pravin Gordhan faced political pressure to spend more on job creation and welfare.
Huawei wins injunction against Motorola
BEIJING: Chinese telecom equipment maker Huawei has won a preliminary injunction from a US court barring Motorola from transferring business secrets in a planned deal with Nokia Siemens Networks.
OMV posts Q4 profit drop, to reduce Libyan output
VIENNA: Austria’s oil and gas company OMV AG has posted an almost 15 percent drop in net profit for the fourth quarter as one-off charges offset a boost from higher oil prices, and says it Libyan production will likely drop due to the violent clashes there.
Saudi Aramco sets up unit to trade refined products
JEDDAH: Saudi Aramco has set up a wholly-owned subsidiary to maximize downstream integration and generate value by leveraging its growing global system.
Ford to recall F-150 pickups over air bags
WASHINGTON: Under government pressure, Ford Motor Co. said Wednesday it will recall nearly 150,000 F-150 pickup trucks to fix air bags that could deploy without warning. The recall covers trucks from the 2005-2006 model years in the United States and Canada for what the auto company calls a “relatively low risk” of the air bag deploying inadvertently.
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Google faces court showdown over Street View
GENEVA: Google’s data privacy chief says he’s confident Google Street View will be deemed legal in Switzerland ahead of a court hearing later this week.
Toyota to outline long-term management direction
TOKYO: Toyota Motor president Akio Toyoda will announce on March 9 management’s vision for where the world’s top automaker is headed over the next decade as it turns a corner on its worst ever safety crisis.
Telecom giant Huawei calls off US deal
BEIJING: A major Chinese telecoms equipment maker is scrapping its effort to acquire a US computer company after a security panel refused to approve the deal.
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