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Oil price edges up on US Gulf shutdowns, outlook weak

LONDON, Oct 27 (Reuters): Oil rose on Tuesday towards $41 a barrel as oil companies shut down some US Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.Companies including BP, Chevron and Equinor ASA evacuated rigs, and so far producers...

Pak food imports grow amid wheat, sugar shortages

KARACHI, Oct 27 (The Dawn): Increasing wheat imports along with those of tea, palm oil, spices and sugar caused a whopping jump of 56 per cent in the country's food import bill in the first quarter of 2020-21. It amounted to $1.71 billion in the three-month period. In 2019-20, the...

Gold eases as buoyant dollar, US aid doubts offset virus risks

BENGALURU, Oct 27 (Reuters): Gold edged lower on Tuesday as a buoyant dollar and lack of progress on a US stimulus package overshadowed fears of a second coronavirus wave and uncertainty about the US presidential elections.Spot gold fell 0.1 per cent to $1,900.40 per ounce by 0942 GMT. US gold...

Norway's oil, gas exploration drops sharply, regulator says

OSLO, Oct 27 (Reuters): Oil firms are now expected to drill just 30 exploration wells off the cost of Norway in 2020, down from 57 last year and sharply lagging original projections of around 50 wells, the Norwegian Petroleum Directorate (NPD) said on Tuesday."The decline in demand for oil and...

Australian hard rock lithium producer Altura enters admn

MELBOURNE, Oct 27 (Reuters): Australian lithium producer Altura Mining Ltd has entered receivership, administrator KordaMentha said, hit by a prolonged period of low prices for battery materials that has been exacerbated by the COVID-19 pandemic.KordaMentha was appointed as administrator on Oct. 26 by Altura's security agent, BNY Trust Company of...

ANA predicts record $4.87b net loss

TOKYO, Oct 27 (AFP): Japan's biggest airline ANA Holdings on Tuesday forecast a record $4.87 billion net loss for this financial year and announced a major restructuring as the pandemic hammers the global aviation industry.The company said its first-half net loss came to 188.4 billion yen ($1.8 billion) -- a...

Soybean futures slip on muted demand

NEW DELHI, Oct 27 (The Economic Times): Soybean prices on Tuesday fell by Rs 35 to Rs 4,355 per quintal in futures market as participants cut down their positions on weak spot demand. On the National Commodity and Derivatives Exchange, soybean contracts for October delivery eased by Rs 35, or...

Spain's Banco Santander returns to profit

MADRID, Oct 27 (AFP): Spanish banking giant Banco Santander said Tuesday it had returned to profit in the third quarter after massive losses in the second of 11 billion euros due to the coronavirus pandemic.Third quarter net profit of 1.75 billion euros was also better than analyst estimates for 1.0...

AMD to buy chip peer Xilinx for $35b in data centre push

LAS VEGAS, Oct 27 (Reuters): Semiconductor designer Advanced Micro Devices Inc (AMD) said on Tuesday it would buy Xilinx Inc in a $35 billion all-stock deal, intensifying its battle with Intel Corp in the data centre chip market.The deal, which AMD expects to close at the end of 2021, will...

Dana Gas sells onshore Egyptian assets for $236m

CAIRO, Oct 27 (Arab News): Dana Gas PJSC has entered into a binding agreement with IPR Wastani Petroleum Ltd. for the sale of its onshore Egyptian oil and gas assets for up to $236 million, including contingent payments.As part of the transaction, Dana Gas is selling its full operative shares...

Merck raises annual profit outlook

NEW JERSEY, Oct 27 (Reuters): Merck & Co Inc posted a quarterly profit that beat estimates on Tuesday and raised its adjusted earnings forecast for the full year, as it expects a majority of the blow from the ongoing Covid-19 pandemic to now be behind it.The upbeat results showed Merck...