AFP, WASHINGTON:  The US economy gathered speed in the second quarter, more than doubling the growth of the first three months of the year as consumer and defense spending accelerated, according to data released Friday. Gross domestic product (GDP) increased 2.6 per cent in the April-June period,…

AFP, FREMONT:  Tesla began delivering on a dream to make an electric car for the masses, rolling out its “Model 3,” aiming to disrupt…

Zimbabwe is benefitting from lucrative business deals with China, with the Asian giant becoming the biggest injector of foreign direct investment (FDI) in this southern African country, reports Xinhua. The Zimbabwe Investment Authority approved 929 million US. dollars of FDI in 2015 with more than half…

The government is to import 4,000 Million Cubic Feet (mmcfd) gas per day for the national grid over the next few years keeping in view ensuring energy…

Oil prices climbed for a consecutive fifth session on Friday amid signs of an easing global oversupply, reports Xinhua. Government data showed US crude inventories fell more than expected last week. US crude stocks fell sharply by 7.2 million barrels last week to 483.4 million, more than the expected…

AFP, COLOMBO: Sri Lanka yesterday sealed a billion-dollar deal to let a Chinese state firm take over a loss-making port in a move that has been opposed by unions and worries the island’s neighbours. The long-delayed sale $1.1 billion sale of a 70 per cent stake in Hambantota port, which straddles…

AE Abdul Muhaimen has been appointed as the new managing director of United Commercial Bank Limited (UCB), the bank said in a press statement yesterday. Prior to the new appointment, he was the additional managing director of UCB. He started his career with ANZ Grindlays Bank as management trainee in…

Xinhua, BEIJING: The China Securities Regulatory Commission (CSRC), the country’s top securities regulator, has approved the IPO applications for nine companies. They will raise up to 4.3 billion yuan (638 million US dollars), the CSRC said. Five of the companies will be listed on the Shanghai…

AFP, MOSCOW: Russia’s central bank hit the pause button on rate cuts Friday, deciding to hold off following three consecutive reductions amid a slight uptick in inflation. The bank insisted “short-term and mid-term inflation risks persist” as it announced in a statement that it was…