July 29, 2014
BP sees profits rise but warns of Russia sanctions risk
BP has warned that further sanctions against Russia could affect its business as it posted a rise in second quarter profits. BP said that sanctions imposed over the Ukraine crisis have not affected the oil giant so far, but could do so in the…
July 29, 2014
Kurdish oil tanker in US seizure
A tanker carrying $100m (£59m) of Iraqi Kurdish oil is set to be seized by US marshals on Tuesday. The tanker – carrying an estimated one million barrels of oil – arrived off the coast of Texas on Saturday but had yet to be unloaded. A US judge…
July 24, 2014
Facebook profit jumps to US$791m, ad revenues US$2.68b
Facebook stock jumped to record highs Thursday as strong earnings from the leading social network sparked fresh buying. The shares were up 5.6 percent at $75.30 in late morning trade, well above the record of $72.03 hit on March 10. Facebook said…
July 22, 2014
Barbados can’t avoid the IMF, says Mascoll
The Barbados Government will soon have to sit down and talk with the International Monetary Fund (IMF) for access to cheaper capital. That’s the view of economist and advisor on economic matters for the Barbados Labour Party (BLP), Dr Clyde…
July 22, 2014
Saudi Arabian stock market to open to foreign investors
Saudi Arabia's stock market will open up to foreign investors for the first time, the country has announced. The move, which should happen in the first half of 2015, sparked a 3% rise in the Tadawul index in early trading. The Saudi market is the…
July 17, 2014
Digicel acquires Telstar Cable
Digicel said it has reached an agreement with Telstar Cable Limited to acquire its cable and fibre network in Jamaica. Telstar provides cable television, broadband and telephony services. On completion, which is subject to approval by the…
July 14, 2014
Citigroup pays $7bn in settlement
Banking giant Citigroup will pay $7bn (£4bn) to US authorities to settle an investigation into risky sub-prime mortgages. Citigroup will pay $4bn (£bn) to the Department of Justice and $2.5bn for “consumer relief”. Consumer relief includes…
July 8, 2014
Vatican bank clean-up wipes out profit for 2013
The Vatican bank has seen its 2013 profit almost wiped out largely due to a clean-up process which has seen it end relationships with 3,000 customers. The bank, known officially as the Institute for Religious Works, reported a 2.9m euro (£2.3m)…
July 8, 2014
Dubai to build world’s biggest shopping centre
The shopping-loving city that is home to one of the world's largest shopping malls wants to build one even bigger. Dubai ruler Sheik Mohammed bin Rashid Al Maktoum has laid out plans for a sprawling real-estate project known as Mall of the World…
July 8, 2014
Samsung forecasts 25% drop in profit
Samsung Electronics has forecast a 25% drop in profit for the second quarter due to a slowdown in the smartphone market and a strong Korean currency. It expects to make an operating profit of 7.2 trillion won ($7.1bn; £4.2bn) in the April-to-June…