Photos: Aftermath of Aramco attacks in Saudi Arabia; “We are coming back stronger”

KHURAIS, Saudi Arabia: The dramatic weekend assault on two Saudi oil facilities saw one of the targets struck four times sparking fires that took five hours to extinguish, the national oil company said Friday. At the Khurais plant in eastern Saudi Arabia, a charred web of pipes and supports was flanked by cranes as staff […]

US existing-home sales rise to highest in more than a year

Washington: Sales of previously owned US homes rose in August to the highest in more than a year amid lower borrowing costs and sustained income gains, adding to signs the housing market is breaking out of a slump. Contract closings rose 1.3% from the prior month to a 5.49 million annual rate, the fastest pace […]

Don’t bank on a global recession just yet, BIS Chief says

New York: The world economy isn’t yet on the cusp of a global recession, according to the head of the Bank for International Settlements, often referred to as the central bankers’ central bank. “It has certainly slowed down. It has slowed down markedly,” BIS General Manager Agustin Carstens told Bloomberg Television on Wednesday. “There are […]

Philippine central bank chief says rates may get cut again next week

Manila. The Philippine central bank could deliver its third rate cut of the year next week as Governor Benjamin Diokno expects inflation to ease to a three-year low this month. With inflation seen slowing to 1.4 per cent in September, Bangko Sentral ng Pilipinas may cut interest rates by 25 basis points at its Sept. […]

US Steel becomes third in industry to miss earnings estimates

Pittsburgh: US Steel Corp said it expects to report a wider loss than analysts were expecting, the third American steelmaker in three days to warn on their outlook. The shares fell. The Pittsburgh-based company cited a December fire at its Clairton coke-making facility and restructuring charges. It expects a loss of 35 cents a shares […]