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(MENAFN - AFP) British parcel delivery company City Link has gone into administration and temporarily suspended all operations, with 2,727 jobs at risk, administrators said on Thursday.

Hunter Kelly, an administrator from Ernst & Young, said undelivered parcels could be picked up at its depots from Monday and "substantial redundancies" were expected.

"This is the ...

(MENAFN - AFP) Saudi Arabia announced a 2015 budget with a huge deficit Thursday as the world's largest crude exporter begins to feel the impact of its own decision not to shore up oil prices.

The government announced the $38.6 billion deficit on state-run television, saying it would nonetheless boost projected spending by tapping its vast financial reserves.

The lead ...

(MENAFN - AFP) Saudi Arabia, the world's largest crude exporter, on Thursday announced a 2015 budget with a huge $38.6 billion deficit due to the sharp decline in oil prices but still raised spending.

A statement read on state-run television after a cabinet session said spending for 2015 is projected at 860 billion riyals ($229.3 billion) and revenues at 715 billion riyals ...

(MENAFN - AFP) Citigroup said on Thursday it was selling its century-old Japanese retail banking operations to major lender Sumitomo Mitsui as part of an effort to shrink its consumer business globally.

Financial details were not released, but Japanese news reports estimated the deal to be worth about 40 billion yen ($333 million).

Under the agreement, Sumitomo unit ...

(MENAFN - AFP) The plunge of the ruble hasn't left only Russians shell shocked -- foreign workers from traders to maids are considering bailing out as Moscow turns from an El Dorado into a financial black hole.

The phenomenon is not quantifiable nor is there anything to indicate an exodus of expatriates is under way, but many admit to considering whether it is time to leave ...

(MENAFN - AFP) Saudi Arabia has given a "final warning" to avoid delays on an $8.2 billion high-speed rail project which Spanish and Saudi firms are helping to build.

The Haramain High Speed Rail system is to transport Muslim pilgrims, as well as regular travellers, 450 kilometres (280 miles) between the holy cities of Mecca and Medina via the Red Sea port of Jeddah.

Saudi ...

(MENAFN - AFP) Kuwait has commissioned a new natural gas plant that will raise the energy-rich state's production capacity to more than 2 billion cubic feet a day, officials said on Wednesday.

The new Liquefied Petroleum Gas plant will be capable of processing 805 million cubic feet (22.8 million cubic meters) of gas and 106,000 barrels of other gas products daily, the deputy ...

(MENAFN - AFP) Facebook said Thursday it had teamed with the National Football League to show ad-sponsored video clips at the leading social network.

The move comes as Facebook tries to tackle a multi-billion-dollar television advertising realm seen as ripe for disruption by Internet technology.

"This is a small video sponsorship test, and we will be evaluating how ...

(MENAFN - AFP) Before her husband died, Katia Abreu was a housewife who didn't know a cow from a bull.

Today, she is a powerful rancher and senator who was named Brazil's next agriculture minister, a choice that has infuriated small farmers, environmentalists and indigenous groups who call her the "queen of deforestation."

The post is a high-profile job in Brazil, the ...

(MENAFN - AFP) World oil prices Wednesday resumed their downward trajectory after data showed a large increase in US oil supplies.

US benchmark West Texas Intermediate for February delivery dropped $1.28 to $55.84 a barrel on the New York Mercantile Exchange.

Near 1900 GMT, European benchmark Brent oil for February delivery fell $1.70 to $59.99 a barrel in London.

Wednesday's ...

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