News in Brief(14-03-2018)

FE Team | Published: March 14, 2018 00:38:41

Qatar Petroleum announces deal with Abu Dhabi
DOHA, Mar 13: State-owned Qatar Petroleum announced Tuesday it has signed a deal with Abu Dhabi to operate the shared Al- Bunduq offshore oil field, despite a bitter diplomatic rift. "We are delighted to sign this concession agreement, which will ensure the continued development and operation of the Al-Bunduq oil field for many years to come," Qatar Petroleum's president and CEO, Saad Sherida Al-Kaabi said in a statement. The small oil field is located on the maritime border between Qatar and Abu Dhabi and is developed by a Japanese oil consortium. — AFP

Sterling falls ahead of economic update
LONDON, Mar 13: Sterling slipped on Tuesday as traders shied away from taking out big positions ahead of U.S. inflation data and a half-yearly update on the public finances from the British finance minister. Philip Hammond is expected to announce an improvement in the country's slow economic growth outlook in the run-up to Brexit while stressing that his priority remains to ease the pounds in public debt. "The spring statement will burden of Britain's 1.7 trillion be the focus today. In terms of the implications for the pound, it will be limited," said Lee Hardman, an analyst at MUFG, while adding that an upgrade to economic growth could "at the margins be supportive" for sterling. With Britain stuck in negotiations with the European Union to try to agree the terms of a transition deal to cover the period after it leaves the bloc, Brexit continues to overshadow other influences on the pound. — Reuters

Shanghai govt says Tesla talks on track
SHANGHAI, Mar 13: Talks between Telsa Inc and Shanghai authorities over building a local manufacturing plant remain on track, the city government said on Tuesday, easing concerns of a breakdown in negotiations after the electric carmaker's chief criticised Chinese trade rules last week. Tesla's Chief Executive Elon Musk had fired off a series of posts on Twitter railing against an unequal playing field in China, which limits foreign ownership of Chinese ventures and imposes steep tariffs on imported cars. The outburst raised questions over whether Tesla's ongoing talks to build a manufacturing facility in China, the world's largest auto market, had been shelved amid growing trade tensions between the United States and China. The Shanghai government, however, said communication with Tesla had always been positive and the two sides "had a shared goal" to propel the development of China's new-energy vehicle market, referring to full-electric and plug-in hybrid cars. "Both sides will keep looking thoroughly at plans in China. — Reuters

MoneyGram extends promotion
MoneyGram, a global provider of money transfer services, announced recently the extension of the promotion that gives customers a chance to double the received amount. Every customer who receives a MoneyGram transaction until June 30, 2018, will be eligible to take part in the lucky draw. MoneyGram will double the transacted amount for 32customers with two winners being announced each week. "With this promotion, we wanted to celebrate the unique connection between families living apart and double the efforts of customers sending money to their loved ones in Bangladesh. With the upcoming New Year's celebrations, we're giving another reason to stay financially connected," said Sheshagiri Malliah, MoneyGram's head of India and subcontinent. — Press release

US steel import curbs could derail Delhi's ambitions
NEW DELHI, Mar 13: India's ambition to become a major steel exporter could be disrupted by U.S. import curbs, Steel Minister Chaudhary Birender Singh said, underscoring the need for free trade. "Our exports have increased substantially, about 40 percent growth during January to December (2017)," Singh told Reuters in an interview on Tuesday. "What I foresee is that our exports are going to grow. In that case, these kind of disturbances should not take place." Last week, U.S. President Donald Trump set import tariffs of 25 percent on steel and 10 percent on aluminium, to come into force in 15 days, a disputed move that threatens to spiral into a trade war. — Reuters