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Airbus scraps A380 superjumbo jet as sales slump

em

European aircraft manufacturer Airbus has pulled the plug on its struggling A380 superjumbo, which entered service just 12 years ago. Airbus said last deliveries of the world’s largest passenger aircraft, which cost about $25bn to develop, would be made in 2021. The decision comes after Emirates, the largest A380 customer, cut its order. The A380 faced fierce competition from smaller, ...

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EU adds Saudi Arabia to dirty-money blacklist, upsets UK, U.S

EU

The European Commission added Saudi Arabia, Panama and four U.S. territories to a blacklist of nations it considers a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown on money laundering after several scandals at EU banks, but it has been criticised by several EU ...

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Brexit: US ambassador to UK Johnson warns on trade deal

trump

Donald Trump’s offer of a “quick, massive, bilateral trade deal” will not be possible if Theresa May’s EU withdrawal agreement is approved, the US ambassador to the UK has warned. President Trump had previously said her Brexit proposal sounded like a “great deal for the EU”. Woody Johnson told the BBC the UK was “in need of leadership” over Brexit. ...

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Nigeria’s first gold refinery to triple capacity in 5 years

File Photo

Nigeria’s first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday. Nere Teriba, vice chairman of local firm Kian Smith Trade & Co, said the refinery would initially be able to produce three tonnes per month of gold and one tonne ...

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World Bank announces $200 billion for Climate Action

World-Bank-news

The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. The plan ...

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Will Saudi Aramco deliver world record profit for next year’s IPO?

saudi

When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE] Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure suggested by Saudi Crown Prince ...

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Oil markets mixed on Saudi supply cut, hurricane damage to refineries

oil

Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while U.S. crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico. Brent crude futures LCOc1 ...

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Qatar ‘files complaint’ with World Trade Organization

qatar

Qatar is reported to have filed an official complaint with the World Trade Organization (WTO), aimed at challenging an ongoing trade boycott by Saudi Arabia, Bahrain and United Arab Emirates. The formal step would mark the first step in the WTO’s dispute process. It means the countries would have to sit down with Qatar to negotiate. But if a settlement ...

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Qatar wants monetary compensation for Arab embargo

qatar

Qatar plans to help citizens and companies claim compensation for their losses from what the country calls a “blockade” by its neighbors. The small Gulf nation on Sunday announced the formation of a special committee with which individuals and firms can file claims for damages. The committee will help legally pursue the claims, according to Qatar’s justice ministry. “We are ...

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Pakistan orders Shell subsidiary to pay $2.4 million for tanker blast

A general view of the scene of an oil tanker explosion in Bahawalpur, Pakistan June 25, 2017. REUTERS/Stringer

Pakistan’s oil and gas regulator on Friday ordered a subsidiary of Royal Dutch Shell to pay about 257 million rupees ($2.4 million) in damages and compensation for a tanker explosion that killed more than 200 people. The Oil and Gas Regulatory Authority (OGRA) has held Shell Pakistan Ltd (SPL) responsible for the blast in Punjab province on June 25 after ...

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