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29 Jul 2015   Oil market loses more ground 
 
(MENAFN - AFP) Oil prices slid Wednesday as investors awaited the US Federal Reserve's latest monetary policy meeting and a closely watched report on crude inventories in the world's biggest economy.

Worries over the Chinese economy after a recent rout in the country's stock market and global crude oversupply were also keeping buyers at bay, analysts said.

US benchmark ...

 
(MENAFN - AFP) Toshiba said Wednesday that 16 executives would take temporary pay cuts while another resigned in the wake of a billion dollar accounting scandal that has been blamed on management's overzealous pursuit of profit.

The company's new president Masashi Muromachi was taking the biggest hit -- agreeing to give up 90 percent of his pay for an unspecified period -- ...

 
(MENAFN - AFP) Belgian chemicals giant Solvay said Wednesday it will pay $5.5 billion for US firm Cytec, aiming to be a key player in the fast-moving air and space composite materials market.

"The proposed acquisition of Cytec marks a major step change in Solvay's portfolio upgrade," chief executive officer Jean-Pierre Clamadieu said in a statement.

"It is a decisive ...

 
(MENAFN - AFP) Russia's central bank announced Wednesday it had halted its purchases of foreign currency on the back of a recent slump by the ruble.

Over the past few months as the ruble stabilised, the bank has been buying up foreign currency to replenish reserves it spent trying to prop up the plunging currency last year.

But officials said they have now halted the ...

 
(MENAFN - AFP) Nissan on Wednesday said its three-month net profit jumped 36.3 percent to $1.3 billion on strong sales in North America, Europe and China, but observers warned that overall Chinese demand may be weakening.

The benefit of a sharply weaker yen also drove up the firm's performance, said Carlos Ghosn, president and chief executive officer.

"Nissan delivered ...

 
(MENAFN - AFP) Archaeologists have identified the remains of four men who were among the leaders of an early English settlement in Virginia's Jamestown.

It took years for scientists to identify the poorly preserved bones belonging to an Anglican priest and three military officials.

They were found in what is believed to be the oldest Protestant church in the modern-day ...

 
(MENAFN - AFP) Japan has been grappling with a severe butter shortage that critics say highlights a bigger problem with the country's protected agricultural sector, a key sticking point in high-profile trade talks this week in Hawaii.

The United States, Japan, and 10 other Pacific Rim countries are looking to finalise the most ambitious trade deal in decades, a vast free-trade ...

 
(MENAFN - AFP) Volkswagen, which recently pipped Toyota for the world's biggest automaker title, lowered its global sales forecast for 2015 Wednesday citing weaker demand from China and other key markets.

The group based in the northern German city of Wolfsburg with a stable of 12 brands said turnover would stagnate this year, revising an outlook for a "moderate" increase ...

 
(MENAFN - AFP) French oil giant Total on Wednesday announced a 4.0 percent slide in net profit in the second quarter while increased output, costs savings and improved refinery margins helped offset plunging oil prices.

The group said it would exceed its projected $1.2 billion (1.09 billion euros) in cost savings this year, adding that it sold off 20 percent of its Laggan-Tormore ...

 
(MENAFN - AFP) Japan's Hitachi said Wednesday its net profit surged 31.3 percent in the April-June quarter, aided by a sharp drop in the yen, cost cuts and strong results in its auto and railway divisions.

The vast conglomerate booked net income of 54.9 billion yen ($445 million) for the first quarter of the fiscal year, up from 41.8 billion yen a year earlier.

Sales ...

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