Iran's ambition to regain its full oil export capacity after the lifting of international sanctions is likely to take several years rather than months, a report said on Wednesday.
The Arab Petroleum Investment Corp (APICORP) said the Islamic republic is expected to add just 400,000 barrels per day by the end of next year and another 300,000 bpd by the end of 2017.Full Story
Maersk Line, the world's number one container shipping firm, said Wednesday it would cut 4,000 jobs by the end of 2017 and defer vessel investments to buoy up its dominant position in a falling market.
The maritime division of Danish conglomerate A.P. Moeller-Maersk has been battling price and demand falls and is cutting capacity and has warned that a fall in activity will hit annual results due for publication Friday.Full Story
Oil prices were down in Asia Wednesday as investors weighed U.S. petroleum industry data showing a build-up in crude stockpiles and news that shipments from a Libyan port were halted due to tensions.
U.S. benchmark West Texas Intermediate for delivery in December was down 15 cents at $47.75 and Brent crude for December was trading 14 cents lower at $50.40 at 0600 GMT.Full Story
The U.S. dollar fell against emerging market currencies in Asia on Wednesday as worries over China's economy faded and investors awaited fresh input from the Federal Reserve on its timeline for an interest rate hike.
The Malaysian ringgit and the Indonesian rupiah booked solid gains against the greenback as a commodity price recovery pushed equity markets into positive territory.Full Story
German top-of-the-range carmaker BMW said Tuesday it was on track to meet its full-year sales and profits targets, but that the slowing Chinese economy and the precarious state of the Russian market posed challenges for the future.
BMW "can look ahead confidently to the remainder of the current financial year and reaffirms its targets for the full year," the company said in a statement.Full Story
U.S. video game producer Activision Blizzard announced late Monday that it was buying King Digital Entertainment, best known for its "Candy Crush Saga" mobile game, for $5.9 billion.
Activision Blizzard, which produces such games as "Call of Duty," said in a statement the purchase "will create one of the largest global entertainment networks with over half a billion combined monthly active users in 196 countries."Full Story
Asia-focused British bank Standard Chartered said Tuesday it would axe 15,000 jobs and raise $5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around $3 billion, the bank said.Full Story
To understand why the world's biggest brewer, the Belgian giant AB InBev, is tying up with rival SAB Miller look no further than a modest craft brewery tucked away in a working class Brussels district.
Brasserie de la Senne was founded in 2003 and churns out only a fraction of the hundreds of beer brands owned by AB InBev, which is headquartered in the Flanders town of Louvain, 20 kilometers (14 miles) away.Full Story
TransCanada asked the United States on Monday to suspend its review of the proposed Keystone XL pipeline in a move that might delay a decision until the U.S. presidential election.
Environmentalists rushed to urge President Barack Obama to refuse the company's request and instead end once and for all the project to carry oil from Canada through the United States to the Gulf of Mexico.Full Story
The Volkswagen emissions-cheating scandal widened Monday when U.S. regulators said the German automaker also included illegal "defeat devices" on its larger 3.0 liter diesel engines during the past three years.
Volkswagen had already admitted including the software, which cheats pollution tests, in its smaller 2.0 liter diesels equipped in some 11 million 2009-2015 model year cars worldwide.Full Story