Why Saudi Arabia surprised the skeptics with an OPEC deal

Saudi Arabia wrangled OPEC ministers into a tougher-than-expected oil production deal — a maneuver critical for its own long-term plans. Wednesday’s deal comes as Saudi Arabia is trying to remake its oil-dependent economy into one that is more diversified, under a plan it calls Vision 2030. A higher oil price would help boost revenues at […]

Samsung May Split Itself In Two

Pressure on Samsung has been mounting since the storm that surrounded its Galaxy Note 7, and the company on Tuesday finally bowed to calls from investors to consider restructuring itself. Samsung says it will bring in “external advisors to conduct a through review of the optimal corporate structure,” adding that the review itself doesn’t reflect […]

Apple may shift iPhone production from China to U.S., but move may prove difficult, costly

President-elect Donald Trump really wants Apple to move its iPhone production to the U.S. And he may be happy to learn that Apple is considering it, according to a published report. In June, Apple asked two of its chief iPhone manufacturers, Foxconn Technology Group and Pegatron, to explore shifting their iPhone production to the U.S., […]

Massive cyberattack hits five top Russian banks: REPORT

Moscow – A massive cyberattack has hit at least five of Russia’s largest banks, Moscow-based internet security giant Kaspersky said Thursday. The country’s largest lender, state-controlled Sberbank, said it had been hacked into on Tuesday but managed to neutralise the attack automatically without disturbing its operations. Kaspersky said in a statement that the distribution of […]

What Trump’s Presidency May Mean for Investors

After a historic, hard-fought campaign, businessman and real estate investor Donald Trump is set to become the 45th president of the United States. Given pre-election expectations, a Trump victory may not have been fully reflected in market prices, which could lead to a degree of near-term volatility as investors digest the news. In the end, […]

What the U.S. election means for the markets

What will happen to financial markets after the election? More so than usual, we have a decent idea. That’s because there has been a clear and identifiable swing in a variety of asset prices — especially the stock market and currencies — at inflection points in the presidential race. A stock market rally on Monday […]

Galaxy Note 7 Recall Sinks Samsung Profit

SEOUL, Korea – Samsung Electronics reported a sharp fall in its quarterly earnings Thursday as the unprecedented recall and discontinuation of the Galaxy Note 7 smartphones wiped out its mobile profit. Samsung’s July-September net income was 4.4 trillion won ($3.9 billion), down 17 per cent from 5.3 trillion won a year earlier. The company’s profit […]