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Top News: Business

Trump's planned sell-off of some oil reserves roils oil markets

Washington - The Trump plan to sell off half of the US strategic oil reserve was a surprise move and goes counter to OPEC's attempts to limit supply and boost prices.

As US mulls action on steel, foreign producers urge caution

Washington - Foreign steel producers on Wednesday called for prudence as the Trump administration considers possible actions to shield domestic companies from unfair imports on national security grounds.

Tech companies pleased with SCOTUS ruling against 'patent trolls'

Washington - In a unanimous decision, the Supreme Court of the United States handed down a ruling that will make it more difficult for so-called “patent trolls” to launch patent infringement lawsuits in jurisdictions that are extremely favourable to plaintiffs.

Moody's cuts China's rating on debt concerns

Bejing - Moody's ratings agency downgraded China's credit score on Wednesday, warning that economy-wide debt is expected to rise as potential economic growth slows over the coming years.

What do Google’s I/O 2017 announcements mean for SMBs?

Google showed at this year’s I/O conference that it has a radical vision of the future. Smartphones and search engines were the last thing on CEO Sundar Pichai’s mind as he gave his keynote speech.

China, Russia launch long-haul challenge to Boeing, Airbus

Shanghai - China and Russia on Monday launched an ambitious project to jointly develop a long-haul jet to challenge Boeing and Airbus, just two weeks after the successful test flight of the first made-in-China large passenger plane.

'Foreign invaders' threaten struggling Australian media

Sydney - Australia's role as a testing ground for global media giants such as the New York Times, Daily Mail and the Guardian could hasten the decline of embattled local players as they fight for eyeballs and advertising dollars, analysts warn.

Pacific Rim nations fight to save TPP trade pact

Hanoi - Asia-Pacific trade ministers agreed Sunday to attempt to resuscitate a massive free trade pact thrown into doubt by a Donald Trump-inspired US pullout, as fears rumble of a new global era of protectionism.

Blackstone, Saudi fund to invest $40 bln in US infrastructure

Washington - US asset management giant Blackstone and Saudi Arabia's main sovereign wealth fund announced Saturday they are launching a $40 billion investment vehicle to finance infrastructure renovation in the United States.

US, Saudi agree arms deals worth almost $110 billion: White House

Riyadh - Washington has agreed arms deals with Saudi Arabia worth almost $110 billion, a White House official said Saturday, the first day of President Donald Trump's visit to the traditional US ally.

World oil glut may force OPEC to prolong curbs until 2018

When OPEC announced its first oil production cut in eight years in January, oil traders around the world began emptying their storage tanks of millions of barrels of crude, flooding the market. But, the expected end to the world oil glut is not happening.

Global stocks rally at end of volatile week

New York - Global stock markets rebounded Friday, recovering some of the heavy losses sustained earlier this week on worries about President Donald Trump's growth agenda in the wake of burgeoning investigations of the White House.

Singapore car 'vending machine' dispenses with tradition

Singapore - A vending machine that dispenses luxury cars to well-heeled buyers is the latest space-saving innovation in land-starved Singapore -- just don't try to shake it if it gets stuck.

Trump sends letter to Congress on starting NAFTA negotiations

Washington - In a letter sent to Congressional leaders on Thursday, President Trump said his administration plans to start talks with Mexico and Canada over NAFTA "as soon as practicable." This means talks could start as early as August 16.

Alibaba quarterly profits almost double to $1.55 bn

Bejing - Chinese e-commerce giant Alibaba said Thursday its net profit almost doubled in the latest quarter on the back of soaring growth in online shopping.

Op-Ed: Will Apple's new stores model save dying retail space?

Cupertino - Apple are re-purposing their stores as learning centres, as well as retail outlets. If this approach can restart retail spaces, as retailers disappear, it might save a lot of money for commercial property investors.

Cisco Systems announces 1,100 more layoffs over declining revenue

The uncertainty surrounding President Trump's administration has been causing some sleepless nights at Cisco Systems, Inc. Even while reporting a modest gain in quarterly earnings on Wednesday, revenues for the third quarter that ended in April fell.

Tencent net profits up 58% in Q1 to beat estimates

Hong Kong - Chinese technology giant Tencent on Wednesday reported first quarter results which exceeded expectations, helped by robust revenues from its hit mobile games.Its overall revenue jumped 55 percent to 49.

Bitcoin: Hackers' 'anonymous' currency

Paris - The perpetrators of the global cyberattack that caused havoc in 150 countries demanded "ransom" money in bitcoins, but experts believe the anonymity that the virtual currency affords is not necessarily impenetrable.
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