The US government said it had approved the sale to Pakistan of eight F-16 fighter jets built by Lockheed Martin Corp, radars and other equipment. The Pentagon's Defense Security Co-operation Agency said ...
US officials say the United States and Cuba will sign an agreement next week to restart commercial air traffic for the first time in five decades. US Transportation Secretary Anthony Foxx flies to Havana on Tuesday to cement the deal. There has been no commercial air traffic between the nations since shortly after Cuba's 1959 revolution.
Volkswagen group sales returned to growth in January thanks to demand in China, where core brand VW posted its best month ever despite the furore over the German carmaker's cheating of US diesel emissions tests. Deliveries at the 12-brand group, including luxury division Audi and sports-car maker Porsche, climbed 3.7 per cent to 847,800 in January, Volkswagen said on Friday. Volkswagen sales growth turned negative for the first time in at least four and a half years in April 2015, raising pressure on the automaker to fix trouble spots laid bare by the shock ousting of long-time Chairman Ferdinand Piech.
Apple Inc is on target to introduce its next iPhone and iPad models on March 15, and aims to start selling the devices in the same week, technology blog 9to5Mac reported, citing sources. Apple, which will introduce a new 4-inch iPhone, dubbed the "iPhone 5se", and a new iPad Air at a launch event, is unlikely to take pre-orders for the new devices, the blog reported. The technology giant has hit a trough in iPhone demand.
"This is madness, this is not the solution!" said Nataly Orta, 48, at the locked gate of the Lider mall in eastern Caracas. Authorities say the three-month restrictions will affect more than 250 shopping centers that must find other sources of power from 1:00 to 3:00 pm and again from 7:00 to 9:00 pm. Unable to generate their own electricity, most malls are shutting their doors during those hours.
Wall Street is hoping to reset the debate on US corporate governance following a wave of shareholder activism that has challenged many of the biggest companies. Since August, JPMorgan Chase chief executive Jamie Dimon has been working with leaders in finance and investing to hash out guidelines on best practices for corporate governance, according to people familiar with the talks. The initiative follows a rising wave of investor activism that has roiled numerous large companies, including JPMorgan, which has successfully beaten back shareholder efforts in recent years to split the chief executive and chairman roles.
The United States and Cuba will sign a bilateral agreement Tuesday to restore regular flights between the two countries after more than half a century, the State Department said. "While US law prohibits travel to Cuba for tourist activities, this arrangement will facilitate authorized travel," the State Department said Friday in a statement. The United States announced plans to resume the flights in December, on the one-year anniversary of the start of reconciliation between Washington and Havana.
Shares in Square leapt Friday after financial giant Visa revealed details of its stake in the mobile payments group led by Twitter co-founder Jack Dorsey. The stock held gains even after Visa noted that some early reports on its regulatory filing were erroneous. "Visa has not bought or sold Square shares since its original investment," the payments giant said in a statement to AFP.
The United States on Friday urged Ukraine to accelerate anti-graft reforms, after the International Monetary Fund threatened to cut aid to the cash-strapped country due to corruption concerns. Vice President Joe Biden made the comments during a call with Ukrainian President Petro Poroshenko, the White House said in a statement. It was his second call with Poroshenko in as many days.
US and European stocks rallied strongly Friday, ending a painful week on a positive note following solid US and German economic data and a surge in oil prices. London jumped 3.1 percent and Frankfurt and Paris gained 2.5 percent, brushing off another slump in Asia. US stocks followed up, with the Dow climbing 2.0 percent behind big gains in banking and energy equities.
Some 10,000 farmers joined by worker unionists gathered in the central Syntagma Square according to police, waving Greek flags and led by 20 tractors loudly blaring their horns. "We are determined to stay here 10 days, we've brought tents," said Stavros Haralas, a farmer from the northern region of Pieria. "We have come to demonstrate peacefully," said Christos Georgakopoulos, a 42-year-old raisin grower from Nemea in the Peloponnese.
Argentina's toughest "holdout" creditors have not accepted its repayment offer despite intense marathon negotiations this week, a US mediator said Friday. Daniel Pollack, the court-appointed mediator in the negotiations, said that although two of the six main hedge fund creditors had accepted the "landmark" $6.5 billion offer, the other four had yet to accept. "Intensive discussions between and among high-ranking Argentine government officials, principals of those four firms and me have continued through the week," Pollack said.
Oil prices soared Friday, with US crude rebounding from a 2003 low, on reports that OPEC was willing to organize output cuts that could ease the global oversupply. US benchmark West Texas Intermediate for March delivery shot up $3.23 (12.3 percent) to $29.44 a barrel on the New York Mercantile Exchange. A big catalyst was a Wall Street Journal report that United Arab Emirates oil minister Suhail Al Mazrouei had said the OPEC cartel was willing to cooperate with other producers on trimming crude output.
Google on Friday said it will be shuttering Picasa to shift its focus to the new Google Photos service launched less than a year ago. "We believe we can create a much better experience by focusing on one service that provides more functionality and works across mobile and desktop, rather than divide our efforts across two different products," Google Photos chief Anil Sabharwal said in a blog post. Pictures or videos in Picasa online albums will be automatically available in people's Google Photos accounts, according to Sabharwal.
Canada, Mexico and the United States signed a draft agreement Friday to curb greenhouse gas emissions while increasing their energy interdependence. The deal will see the three nations working together to better coordinate their energy resources as they move "towards a continental approach to energy," Canadian Resources Minister Jim Carr told a joint news conference with his US and Mexican counterparts in Winnipeg, Manitoba. The memorandum of understanding commits the North American Free Trade Agreement partners to share data on energy supplies and distribution, as well as new clean energy initiatives, accelerate development of technologies such as carbon capture and storage, and improve energy efficiency across the continent.
Administrators of Clive Palmer's troubled nickel business are facing a large and complicated task to determine whether its north Queensland refinery and hundreds of jobs can be saved. The enormity of the job became clearer in the Brisbane Supreme Court on Friday when FTI Consulting was given more time to investigate Queensland Nickel before convening a second creditors' meeting. The court heard the administrators need to sort through 11,000 boxes of company records, investigate claims of insolvent trading and probe political donations made to the Palmer United Party before deciding the best way forward.
Emirati Oil Minister Suhail al-Mazrouei said Friday he expects supply levels on world markets to "stabilise", easing pressure on crumbling prices. "The market will oblige all (producers) not to reduce but to stabilise their output levels," Mazrouei, whose country is a key OPEC producer, told satellite news channel Sky News Arabia. Oil surged Friday on world markets, following a report in the Wall Street Journal quoting Mazrouei as saying the Organization of the Petroleum Exporting Countries was willing to cooperate with other producers on trimming the global crude supply glut.
Commerzbank, Germany's second biggest bank, said Friday that its profits quadrupled in 2015, highlighting a remarkable comeback from the brink of disaster during the financial crisis. In a rare upbeat announcement amid the current gloom gripping the European banking sector, Commerzbank also said it would resume dividend payments as it expects to see further profit growth this year. Investors welcomed the strong 2015 showing by the lender which posted a net profit of 1.06 billion euros ($1.2 billion), compared with 266 million euros the year before.
German automaker Volkswagen said Friday global sales of all its brands rose by 3.7 percent in January compared to the same month last year, although they worsened in the United States which is at the centre of a pollution cheating scandal. The group sold 847,800 vehicles worldwide last month, with sales of VW vehicles alone climbing by 2.8 percent. "Developments on world markets at the beginning of the year are mixed," chief executive Matthias Mueller said in statement.
Solid growth in powerhouse Germany kept the eurozone economy steady in late 2015 despite the buffeting from global market turmoil and a sharp slowdown in China, data showed Friday, but the outlook is clouded. "The economic situation in Germany was characterised by solid and continuous growth in 2015," federal statistics office Destatis said.
The Paris appeal court on Friday upheld a ruling that Facebook can be sued under French and not Californian law. The ruling applies to a case in which a French teacher wants to sue the US social media giant over his claims that his page was censored when he posted a graphic painting of a woman's nude lower half by Gustave Courbet. The teacher, Frederic Durand-Baissas, won in the Paris high court last year after claiming that Facebook were wrong to suspend his account.
Renault said Friday net profit for 2015 was up nearly 50 percent to 2.96 billion euros ($3.3 billion) despite a hit from its Russian subsidiary which Renault said it may recapitalise and take over to save it from collapse. The French carmaker said it was in talks with the holding company of its Russian unit, Avtovaz, after it took a 620 million euro loss in Russia as the economy slowed drastically last year. Renault said in a statement the talks would examine the feasibility of "a recapitalisation which could lead to the consolidation of the company by Renault".
European stocks rebounded Friday on higher oil prices, solid German economic growth and rising US retail sales, regaining some ground lost this week on fears of a global recession. London jumped 3 percent higher and Frankfurt and Paris gained 2 percent, brushing off another slump in Asia, as investors welcomed news that the German economy grew by a solid 0.3 percent in the fourth quarter. Europe's main stock markets were buoyed also by bargain-hunting after another calamitous day on Thursday, when Frankfurt shed 2.9 percent, Paris slumped 4.1 percent and London dived 2.4 percent.
Market City has become the first asset sale announced by the West Australian government after a $135.5 million bid by Perth Markets. The industry consortium, led by the Chamber of Fruit and Vegetable Industries in WA, will take over the Canning Vale site on March 31 and it will continue to operate as WA's primary trading centre for fruit and vegetables. The sale of Market City, currently managed and owned by the Perth Market Authority, is the first under the state government's asset sales program in an attempt to ease WA's crippling debt.