Business

Oil rose by more than 3% to above $63 a barrel on Thursday after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington. Expectations that the U.S. Federal Reserve could cut interest rates at its next meeting, stimulating growth in the world’s …

Oil futures jumped on Thursday after suspected attacks on two tankers off the coast of Iran, while U.S. Treasury yields edged lower as economic data seemed to strengthen the case for the Federal Reserve to cut interest rates this year. Wall Street’s major stock indexes climbed after falling for two …

Iraq’s Oil Minister Thamer Ghadhban told Reuters his country supported a rollover of a current deal between OPEC and its allies to curb oil output, adding that more serious measures should be taken in light of recent market developments. Ghadhban said the current deal to reduce output by 1.2 million …

US President Donald Trump threatened to hit China with tariffs on “at least” another $300 billion worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their trade disputes with the United States. Tensions between the world’s two largest economies have risen sharply …

Brent oil price fell below $60 per barrel on Wednesday for the first time since the beginning of the year. The slump comes as the US Department of Energy has published a weekly report on the country’s oil reserves. According to the report, the reserves have increased by 6,77 million …

US private employers added 27,000 jobs in May, well below economists’ expectations and the smallest monthly gain in more than nine years, a report by a payrolls processor showed on Wednesday. Economists surveyed had forecast the ADP National Employment Report would show a gain of 180,000 jobs, with estimates ranging …

Fiat Chrysler has proposed a merger with Renault that would create the third biggest carmaker in the world behind Volkswagen and Toyota. The tie-up is aimed at saving billions of dollars for both companies as the car industry moves towards electric and autonomous vehicles. In a statement on Monday, Italian-American …

British Airways will resume flights to Pakistan next week a decade after it suspended operations following a major hotel bombing, becoming the first Western airline to restart flights to the South Asian country. BA halted service to Pakistan in the wake of the 2008 Marriott Hotel bombing in the capital …

Energy company Exxon Mobil’s evacuation of its foreign staff from a major Iraqi oil field is “unacceptable and unjustified,” Iraqi Oil Minister Thamir Ghadhban said on Sunday. On Saturday, the US-based firm evacuated 50 US employees from Iraq and flew them to Dubai in the United Arab Emirates amid escalating …

Germany spent a record 23 billion euros ($25.65 billion) last year on helping to integrate more than one million refugees and fighting the root causes of migration abroad, a government document showed on Monday. That marks an increase of nearly 11 percent on the 20.8 billion euros that Germany spent …

Oil edged higher to $73 a barrel on Friday, supported by a host of supply cuts and concern of further disruption to Middle East shipments as tensions rise, and was heading for a weekly gain. Brent crude was up 43 cents to $73.05 a barrel. The global benchmark is up …

Chinese e-commerce giant Alibaba Group Holding Ltd beat fourth-quarter revenue forecasts on Wednesday, thanks to growth in its core business and its diversification into cloud computing and other services. Alibaba has invested in new business lines such as cloud computing as a boom in its core e-commerce has peaked and …

Amazon.com Inc is rolling out machines to automate a job held by thousands of its workers: boxing up customer orders. The company started adding technology to a handful of warehouses in recent years, which scans goods coming down a conveyor belt and envelopes them seconds later in boxes custom-built for …

US President Donald Trump’s businesses reported losses of $1.17 billion from 1985 to 1994, The New York Times reported Tuesday, citing information from tax documents from those years. It appears Trump lost more money than nearly any other individual US taxpayer year after year, the Times reports, according to the …

This week, fresh statistics from the World Gold Council revealed that net gold purchases by central banks around the world reached their highest levels since 2013, increasing by a whopping 68 percent to 145.5 tonnes over the past year. Estonia’s Central Bank has just one 11 kg gold ingot left …

Iraq’s oil exports rose to 3.466 million barrels per day (bpd) in April from 3.377 million bpd the previous month, a statement from the oil ministry said. Exports from the southern Basra oilfields rose to 3.354 million bpd from 3.254 million bpd in March, it said. Exports had fallen in …

The foreign minister of Qatar said on Wednesday that Washington’s decision not to extend sanction waivers on Iranian oil exports would harm countries that rely on the supplies. The United States has demanded that buyers of Iranian oil stop purchases by May 1 or face the prospect of sanctions, ending …

US President Donald Trump, three of his children, and the Trump Organization filed a federal lawsuit against Deutsche Bank and Capital One to block them from complying with federal subpoenas investigating his financial dealings. The federal lawsuit was filed in the US District Court’s Southern District of New York. It …

Snack giant PepsiCo’s Indian subsidiary is suing nine farmers in the state of Gujarat, telling them to lay-off growing a type of spud used in its popular brand of potato chips. Advocacy groups, meanwhile, have vowed to bite back. The potato farmers, who tend plots averaging 3-4 acres in size, …

U.S. economic growth accelerated in the first quarter, but the burst in growth was driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, temporary boosters that are seen weighing on the economy later this year. The surge in growth reported by the Commerce Department …