OPEC sees steeper oil demand drop as virus remains challenging
LONDON, Sept 14 (Reuters): World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.World oil demand will tumble...
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Thai Airways gets court nod for restructuring
BANGKOK, Sept 14 (Arab News): A Thailand court on Monday approved the restructuring of Thai Airways, which is billions of dollars in debt and struggling to survive the coronavirus tourism crash.The global aviation sector was plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground...
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Gold miners wary of production ramp-up despite price surge
JOHANNESBURG, Sept 14 (Reuters): The world's top gold miners are retrenching after Covid-19 related shutdowns despite record prices for the yellow metal, with cost-conscious executives prioritising investor returns over production growth.Gold prices have jumped 30 per cent this year to roughly $2,000 an ounce as central banks dial up stimulus...
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Nvidia's Arm deal sparks quick backlash in chip industry
SAN FRANCISCO, Sept 14 (Reuters): Nvidia Corp's $40 billion agreement to acquire Arm Ltd from SoftBank Group Corp is likely to meet strong opposition from Nvidia's chip industry rivals, analysts say, with murmurs of protest emerging in South Korea and China within hours of the deal's announcement.Arm has unparalleled reach...
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San Francisco exodus as tech giants lean in to remote work
SAN FRANCISCO, Sept 14 (Arab News): Real estate agent Kilby Stenkamp sees moving vans on San Francisco streets where she used to see building cranes and tech company hipsters.A work-from-home trend kicked into overdrive by the pandemic is disrupting a city long a mecca for tech talent."People are leaving San...
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McDonald's to open restaurants in Russia
MOSCOW, Sept 14 (Reuters): Global fast food giant McDonald's Corp plans to expand in Russia's far east in December, opening restaurants in cities such as Khabarovsk and Vladivostok for the first time, the company said on Monday.McDonald's did not specify how many new restaurants would open in the region, but...
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