Alibaba tells vendors to halt drug sales online

Chinese e-commerce firm Alibaba Group Holding Ltd has told vendors on its Tmall website to stop selling medicine, saying a local regulator has issued an "urgent" directive halting drug sales via third-party platforms.
30 May 2016, 18:00 PM

Indian fabric fair kicks off in Dhaka

A two-day exhibition of Indian man-made fibre textiles—Intexpo Bangladesh 2016—began at Pan Pacific Sonargaon Hotel in Dhaka yesterday.
30 May 2016, 18:00 PM

Oil prices dip as Iraq raises exports

Oil prices dipped to around $49 a barrel on Monday as Iraq raised its crude exports target ahead of an OPEC meeting while Canadian production was set to restart after huge wildfires.
30 May 2016, 18:00 PM

Shell to cut 2,200 more jobs in face of weak oil prices

Royal Dutch Shell will cut a further 2,200 jobs, taking its target for layoffs to 12,500 by the end of the year, the Anglo-Dutch oil firm said on Wednesday, as it cuts deeper in the face of weak oil prices.
25 May 2016, 18:00 PM

Microsoft to end smartphone manufacturing: union

Microsoft announced Wednesday it would let go up to 1,850 employees and a Finnish union called it the end of the company's smartphone manufacturing business, bought from Finnish telecom equipment maker Nokia.
25 May 2016, 18:00 PM

HP Enterprise plans $8.5b spinoff, merger

US technology group Hewlett Packard Enterprise said it plans to spin off and merge its corporate services business in a deal valued at $8.5 billion (7.6 billion euros).
25 May 2016, 18:00 PM

Oil nudges $50 a barrel as investors bet on shrinking overhang

Oil rose toward $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories.
25 May 2016, 18:00 PM

Banks still resisting rate cuts as liquidity row with RBI drags on

The Reserve Bank of India (RBI) has stepped up fund injections in the two months since Governor Raghuram Rajan pledged to gradually erase a cash deficit in the financial system, but commercial banks say it is still not enough for them to sharply lower interest rates.
25 May 2016, 18:00 PM

From hinterland to wonderland: China's 'teapot' refinery boomtowns

For Zheng Ruifeng, the 25-year-old son of a wheat farmer from eastern China, acceptance at a technical school specializing in petrochemical engineering was a life-changing event.
25 May 2016, 18:00 PM

Netflix, Amazon face quotas for European movies

US firms Netflix and Amazon face quotas for European movies and television shows under new EU proposals unveiled Wednesday that also aim to lift cross-border barriers for Internet shoppers.
25 May 2016, 18:00 PM

Strike-hit France dips into fuel reserves

FRANCE said Wednesday it has dipped into its strategic oil reserves due to blockades at refineries as power workers threatened to join gathering protests against a labour law reform.
25 May 2016, 18:00 PM

After benefits of cheap oil, India counts cost of reduced Gulf remittances

Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a state that has one of India's highest unemployment rates.
25 May 2016, 18:00 PM

US agency probes Alibaba on accounting

The US stock market regulator has opened an investigation into the accounting practices of Chinese online giant Alibaba, a company document showed.
25 May 2016, 18:00 PM

Austrian firm fires CEO after $56-million cyber scam

Austrian aircraft parts maker FACC said Wednesday that it has fired its chief executive of 17 years after cyber criminals stole some 50 million euros ($55.7 million) in a so-called "fake president" scam.
25 May 2016, 18:00 PM

India's wheat imports hit 500,000 tonnes as drought cuts supplies

Indian flour mills have signed deals to import about 500,000 tonnes of Australian and French wheat this year for shipment between July and September as drought reduces domestic supplies, two trade sources said on Wednesday.
25 May 2016, 18:00 PM

Euro zone business growth slows, but not in Germany, France

BUSINESS growth across the euro zone dipped to a 16-month low in May but stronger showings from Germany and France suggest it is the smaller member countries that may be struggling.
23 May 2016, 18:00 PM

Leaving EU is destructive to economy and jobs: British PM

Leaving the European Union would be economic self-destruction for Britain, shattering stability, Prime Minister David Cameron said on Monday, presenting a finance ministry report warning of recession, a tumble in the pound, and half a million job losses.
23 May 2016, 18:00 PM

Hackers probe defences of Middle East banks: FireEye

Hackers are probing the defences of banks in the Middle East, targeting employees with infected emails which gather information about the banks' network and user accounts, FireEye researchers said.
23 May 2016, 18:00 PM

BP's oil search strategy shrinks with budget cuts

The surprise departure of BP's exploration boss has turned the spotlight on an oil search strategy that, after years of spending cuts, is focusing mainly on expanding existing fields rather than venturing expensively into the unknown.
23 May 2016, 18:00 PM

To halt smartphone slide, Samsung rewrites playbook

From the way it chooses smartphone components to the models it brings to market, Samsung Electronics has undergone a painful process of breaking from its past to reverse a slide in its handset business.
23 May 2016, 18:00 PM