Business  August 26, 2016
Global markets drift after Yellen speech
With an interest rate hike unlikely in the immediate future, the US dollar is struggling to gain traction in Asian tradeEuropean and US equities markets were split on Friday after US Fed chief Janet Yellen suggested interest rates could rise in the near-term.In words carefully parsed by market watchers, Yellen said recent months had seen conditions in the US economy increasingly favor an increase in interest rates but she did not give a clear signal of timing.The US...  Full Story
Amtrak awards Alstom $2.0 bn deal for high-speed trains
US rail operator Amtrak awarded a $1.8 billion deal to FranceUS rail operator Amtrak on Friday awarded a $2.0 billion (1.8 billion euros) deal to French manufacturer Alstom to supply new trains for its key Acela service between Washington, New York and Boston.The landmark deal for 28 new passenger trains will boost Amtrak's speed and capacity along its most heavily used and profitable route, with more than 3...  Full Story
Oil prices edge up but OPEC giants downplay output limits
But prices have taken a beating this week on concerns about prospects for success at the September meeting in AlgiersOil prices edged higher Friday but the market remained weak as OPEC's key producers cast doubt on the possibility of cutting output.Iranian Oil Minister Bijan Zanganeh on Friday said his country wanted its pre-sanctions share of the crude market, in comments that suggested Tehran might not be on board with efforts in the OPEC cartel to agree on an ...  Full Story
BeIN completes 'largest deal' to buy Digiturk
Paris Saint-Germain president and beIN Media Group chairman Nasser Al-Khelaifi (C), pictured on August 8, 2016, announced that the Quatari group bought Turkish satellite sports and entertainment company Digiturk, completing its "largest deal"Qatar's beIN Media Group announced on Friday that it had completed the "largest deal in its history" by buying Turkish satellite sports and entertainment company Digiturk."This acquisition represents the largest deal in the history of our group and a major milestone in our global expansion," said beIN chairman Nasser Al-Khelaifi.He added that the Q...  Full Story
Virgin boss injured in bike accident in Caribbean
British billionaire Richard Branson gives a thumbs up showing injuries after a biking accident on Virgin Gorda in the British Virgin Islands in the Caribbean on August 26, 2016 British billionaire Richard Branson said Friday he thought he was going to die in a biking accident in the British Virgin Islands earlier this week in which he injured his cheek and tore some ligaments.Virgin boss Branson, who has built a vast business empire and is known for his daredevil stunts, said the accident happened when he was cycling with...  Full Story
Case for rate hike strengthening, Yellen says
Janet Yellen said the case for an interest rate increase has strengthened in recent monthsJustifications for an interest rate increase in the United States have grown in recent months, US Fed chief Janet Yellen said Friday.In an address to a central banking symposium at Jackson Hole, Wyoming, Yellen took note of strong job growth, saying gradual increases in the Fed's benchmark rate in the coming years should be expected."In light of th...  Full Story
Tata Motors profits fall on weak Jaguar Land Rover sales
IndiaIndia's largest carmaker Tata Motors reported a 57 percent fall in quarterly profits Friday, slowed by weak sales of its luxury British unit Jaguar Land Rover and foreign exchange losses.Consolidated net profit for the three months to the end of August 2016 fell to 22.36 billion rupees ($337.11 million) compared with 52.31 billion rupees a year ago...  Full Story
British economy accelerates in second quarter: data
BritainBritain's economic growth picked up speed in the second quarter, official data confirmed Friday, but economists expressed concern about the longer-term impact of Brexit.Gross domestic product (GDP) grew 0.6 percent, the Office for National Statistics (ONS) said in a second estimate for April-June, which included the shock EU exit referendum towards...  Full Story