Business

Saudi Arabia has cut oil and gas production following drone attacks on two major oil facilities run by state-owned company Aramco. Energy Minister Prince Abdulaziz bin Salman said the strikes had reduced crude oil production by 5.7m barrels a day – about half the kingdom’s output, reports BBC.A Yemeni Houthi rebel spokesman said it had deployed 10 drones in the ...

The US government is fining Japan Airlines $300,000 for delays that trapped passengers on two grounded planes for hours. Under an agreement with the Transportation Department, the airline gets credit for $60,000 spent compensating passengers, and $120,000 will be waived if the airline avoids similar incidents for one year, reports AP.The department says that after bad weather forced a January ...

The pound has hit its highest level against the dollar since July amid hopes a no-deal Brexit can be avoided. Sterling jumped more than 1% on Friday to over $1.24 against the dollar, its highest level in seven weeks, reports BBC.The pound was boosted after a report in the Times said the DUP, Northern Ireland’s largest political party, was prepared ...

A daylong fair on Jamdani, Muslin and other handloom sarees, an embodiment of the pride of Bangladesh, has delighted a large number of saree lovers, creating soothing effects on them to make them ponder over the revival of these rare wears. The creations of Mantasha Ahmed and Nasreen Jahan, the owners of two popular fashion houses in Dhaka, the spectacular ...

US President Donald Trump will delay a planned tariff hike on $250bn (£202.8bn) of Chinese goods as a “gesture of good will”. In a tweet, Mr Trump said a 5% increase to duties scheduled for 1 October will be postponed for two weeks.He said the delay had been requested by China, and also follows a move by Beijing to scrap ...

Huawei released the “5G Applications Position Paper” in Hungary’s Budapest on Tuesday at a forum on the sideline of the International Telecommunication Union (ITU) Telecom World 2019, looking forward to 5G application scenarios in the areas of enhancing broadband, media and entertainment, industrial manufacturing, and intelligent transportation, reports AP. It also called on global industry organizations and regulators to actively ...

The World Trade Organisation on Tuesday largely faulted South Korea in a final ruling over anti-dumping duties slapped on imports of industrial pneumatic valves imported from Japan. The WTO’s Appellate Body mostly upheld a previous ruling finding that Seoul’s anti-dumping duties on Japanese pneumatic valves violated some international trade rules. It requested that South Korea “bring its measures found … ...

Photo: In this May 15, 2019, file photo, founder of Alibaba group Jack Ma arrives for the Tech for Good summit in Paris. Beijing, Sep 10 : Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company Tuesday at a time when its fast-changing industry faces uncertainty amid ...

British Airways pilots have begun a two-day strike in an ongoing dispute over pay and conditions. Tens of thousands of passengers have been told not to go to airports, with the airline cancelling some 1,700 flights due to the disruption. The pilots’ union Balpa said BA management’s cost-cuts and “dumbing down” of the brand had eroded confidence in the airline. ...

A group of Chinese companies on Tuesday showed interest in investing in different sectors in Bangladesh. They expressed the interest at a seminar on China-Bangladesh Investment Facilities organised by multinational professional services network, PricewaterhouseCoopers (PwC) at a hotel in the capital. William Yuan, Partner of Global China Business Network, said they are looking for investment opportunities in Bangladesh.“There’re a lot ...