06302016Thu
Last update: Thu, 30 Jun 2016 01pm

Business & Finance - Banking & Finance

Russian finance minister sees 2017 pensions rising by 5.9pc MOSCOW: Russian finance ministry plans to increase pensions in 2017 by the rate of this year's inflation, which is forecast at 5.9 percent, Finance Minister Anton Siluanov told the upper house of Russia's parliament on Wednesday.Copyright Reuters, 2016


Business & Finance - Industries & Sectors

Oman oil firm raises $4bn loan for projects MUSCAT: State-owned Petroleum Development Oman, the country's top oil and gas exploration and production company, has obtained a $4 billion loan from international banks to help finance construction of new facilities, it said on Wednesday. The five-year loan, known as a pre-export facility, was priced at 160 basis points over the London interbank offered rate.Copyright Reuters, 2016

Business & Finance - Industries & Sectors

Toyota recalls 3.37mn cars over airbag, emissions control issues WASHINGTON/TOKYO: Japan's Toyota Motor Corp has recalled 3.37 million cars worldwide over possible defects involving airbags and emissions control units. The automaker on Wednesday said it was recalling 2.87 million cars over a possible fault in emissions control units. That followed an announcement late on Tuesday that 1.43 million cars needed repairs over a separate issue involving air bag inflators.Some of the automaker's gasoline-electric hybrid Prius models contain both of the potential defects, taking the ...

Business & Finance - Industries & Sectors

Japan's Mitsubishi Chem delays cracker restart due to equipment problem TOKYO: Japan's Mitsubishi Chemical Holdings Corp said on Wednesday it is delaying the restart of its 539,000 tonnes-per-year naphtha cracker at its Kashima plant for about two weeks from July 1 due to a problem with an important equipment. The cracker, which has been shut since May 9, was slated to end the planned maintenance on June 30 and restart on July 1, the company said in a statement. The company is currently making detailed ...

Business & Finance - Banking & Finance

Erste Bank eyes return to profit, solid growth in Hungary BUDAPEST: The Hungarian business of Erste Group Bank expects to return to the black this year and targets sustained profit over the medium-term, bolstered by growth in consumer and corporate lending, its chief executive told Reuters.Last week, Hungary's government and the European Bank for Reconstruction and Development sealed an agreement to each acquire a 15 percent stake in Erste's local unit for a combined 77.78 billion forints ($271.8 million).The bank, Hungary's sixth-largest lender by total ...

Business & Finance - Industries & Sectors

Abu Dhabi state funds to complete merger by end-2017 ABU DHABI: The merger of Abu Dhabi state funds Mubadala Development Co and International Petroleum Investment Co should be completed by the end of 2017, a source close to the discussions on the deal said on Wednesday. The committee overseeing the process will study the deal for the next six to 12 months. The deal is being approached as a merger of equals, the source said, declining to be identified because of the sensitivity of ...

Business & Finance - Industries & Sectors

Airbnb to be valued at $30bn after additional investment: report NEW YORK: Airbnb is in talks to secure a new round of investment that would value the company at around $30 billion, the New York Times reported on Wednesday. If it succeeds in securing the new funds, the short-term home rental company will have tripled its valuation in two years, the Times said citing anonymous sources.The daily reported that the San Francisco-based Airbnb plans to use the financing for additional growth, including plans to expand ...