07022016Sat
Last update: Sat, 02 Jul 2016 05am

Business & Finance - Banking & Finance

What the Bank of England can do to cushion Brexit hit for UK LONDON: Bank of England Governor Mark Carney has said he expects the central bank will need to do more to help Britain's economy after it was hit by the shock of last week's referendum vote to leave the European Union. Carney said on Thursday that the BoE had "a wide range of instruments" it could use to cushion the Brexit blow. Following is a summary of measures the Bank could take. CUT INTEREST RATES The BoE chopped its key Bank Rate to 0.5 percent during the depths of the global financial crisis in 2009 and it has remained there since. That is a record low but it still gives the BoE more room for manoeuvre than the European Central Bank and the Bank of Japan, both of which have slashed their key lending rates to below zero. Carney said on Thursday that cutting rates too low could hurt banks, repeating ...


Business & Finance - Industries & Sectors

BMW to develop driverless car technology with Intel, Mobileye FRANKFURT: BMW is teaming up with Intel and Mobileye to develop new technology for the auto industry that could put self-driving cars on the road by around 2021.Carmakers and technology firms are increasingly working together as they race against Silicon Valley companies such as Google, Tesla and Apple to develop driverless vehicles. "Together with Intel and Mobileye, the BMW Group will develop the necessary solutions and innovative systems for highly and fully automated driving to ...

Business & Finance - Industries & Sectors

Deutsche Telekom to launch divestment of German mobile towers FRANKFURT: Deutsche Telekom is preparing the sale of its German wireless towers in a potential 5 billion euro ($5.5 billion) deal as it seeks to free up cash for investments to upgrade its European broadband network, sources close to the matter said.The German company has mandated Goldman Sachs and Morgan Stanley to prepare an auction of its German towers, which it plans to launch in the autumn and which it hopes will value the asset ...

Business & Finance - Industries & Sectors

BP to go ahead with $8bn Indonesia LNG project expansion TOKYO/JAKARTA: BP gained final investment approval to an $8 billion expansion of the Tangguh liquefied natural gas (LNG) project in Indonesia on Friday, clearing the way for a third train to start operations in 2020. BP is going forward with expansion of Tangguh despite announcing it would rein back on spending this year due to weak oil prices. It also approved investment on an Egyptian gas field last week.The investment will boost annual LNG production ...

Business & Finance - Industries & Sectors

India to step up efforts to extend air travel boom to smaller cities NEW DELHI: India will push to get 90 new airports up and running over the next 12 months, under a government plan to service smaller cities that have missed out on the country's air travel boom, officials said on Friday.Prime Minister Narendra Modi wants to accelerate growth in the world's fastest expanding aviation market while encouraging airlines like IndiGo, SpiceJet and Jet Airways to fly more people to and from smaller, often poorer cities.Scores of ...

Business & Finance - Industries & Sectors

Japan's Mitsui aims to triple profit from energy, metals to $2bn TOKYO: Japan's Mitsui & Co plans to invest in natural resource assets, taking advantage of weak commodity prices, with an aim to more than triple its annual profit from the energy and metals segments to around $2 billion by 2020, its chief executive said. Mitsui's move is in contrast to that of rival Mitsubishi Corp's, which has said it will freeze growth in its natural resources assets on a net basis for the next three ...

Business & Finance - Banking & Finance

JPMorgan wins approval to open three new branches in India MUMBAI: JPMorgan Chase & Co said on Friday it has won approval from India's central bank to open three more branches in the country even as most foreign banks are scaling back their operations in India. JPMorgan obtained approval from the Reserve Bank of India to open branches in the capital New Delhi, and in the southern cities of Bengaluru and Chennai, it said in a release.The branches are expected to be operational in the ...