Business

What does OPEC's tentative deal mean for oil?

After seeing the crash in oil prices force a cutback of USA domestic production of more than one million barrels a day, the tentative OPEC pact could deliver some relief to United States drillers. That's not even the highest price so far this year - and it's still way below the $100-plus range seen in previous years. The drug developer said an experimental schizophrenia treatment failed in a late-stage clinical trial, as the drug did not work any better than a placebo.

Business

Oil up 2 percent after third surprise weekly US crude draw

Prices dropped 7 cents, or 0.2 percent, to $45.88 on Tuesday. USA crude was up 88 cents, or about 2 percent , at $43.91 a barrel. Nearly two years after the Organization of Petroleum Exporting Countries set a strategy to eliminate the global oil glut by pressuring rivals with lower prices, markets continue to struggle with excess supply and crude remains capped below US$50 a barrel.

Business

Apple to create London HQ at Battersea Power station

A total of 42 acres is being developed with around half the area earmarked for shops, restaurants and hotels and half for housing, including some apartments which are on sale for several million pounds. The lease accounts for about 40 percent of the office space within the development, which is backed by Sime Darby Bhd, SP Setia Bhd Group and the Employees Provident Fund.

Business

SABMiller shareholders approve AB InBev deal

SABMiller inched up 0.09% to 4,469 pence in London, valuing the whole of its equity at £72.5 billion. AB InBev chief executive Carlos Brito welcomed the backing and confirmed the group will be called AB InBev following the merger. Previous year the beer maker brought in $9.22 billion in profit. A United Kingdom court last month ordered a split of SABMiller's shareholder base, separating Altria and the Santo Domingo family from the wider investors.

Business

Lufthansa Board Approves Brussels Airlines Takeover

But changes could be on the way for Brussels Air as it becomes fully owned by the Lufthansa Group, whose subsidiaries also include Eurowings, Swiss and Austrian Airlines. The approval paves the way for the German flagcarrier's full ownership of Brussels Airlines. Germany's Lufthansa says it is taking over Brussels Airlines, exercising its option to acquire the remaining 55 percent stake in its parent company, SN Airholding.

Business

U.S. consumer confidence jumped in September

Consumers' views about current economic conditions and expectations about future economic conditions both rose in the survey, a development which economists said should help boost consumer spending and the overall economy in coming months. Moreover, those expecting a drop in incomes to decreased to 10.3% from 11.0%. Lynn Franco, director of economic indicators at the Conference Board , said in a release that job market confidence influenced the increase.