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Russia ordered to pay $51.6bn in Yukos case

MOSCOW: The Hague's arbitration court yesterday ruled that Russia must pay a group of shareholders in oil giant Yukos $51.6 billion for expropriating its assets, a big hit for a country teetering on the brink of recession.

The arbitration panel in the Netherlands said it had awarded shareholder...ReadMore


PayTabs set to launch key online solutions

MANAMA: PayTabs, a payment processing solution company co-owned by Saudi Aramco Entrepreneurship Ventures (Wa'ed), is set to launch its online payment processing solutions in Bahrain, Saudi Arabia and the rest of the GCC.

Lloyds is fined $370m for rigging Libor rates

LONDON: Britain's Lloyds Banking Group has agreed to pay fines totalling $370 million to US and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a UK government lending scheme.

Airline files for IPO in key push

NEW YORK: Virgin America, the low-cost airline partly owned by Richard Branson, filed for an initial public offering (IPO) of shares as it looks to expand in the recovering US airline market.

IMF backs BoE over low interest rates plan

LONDON: The Bank of England (BoE) won backing from the International Monetary Fund yesterday for keeping interest rates low, even as the IMF welcomed signs that Britain's surprisingly strong economic recovery is broadening.

Nissan aims to boost US sales

YOKOHAMA: Nissan Motor aims to boost sales and profitability in the US, its biggest market, an executive said, after Japan's No 2 carmaker posted a 14 per cent rise in quarterly US sales, closing in on rival Honda Motor.

Commerzbank plans to cut more jobs

FRANKFURT: Commerzbank AG, Germany's second-biggest bank, is widening the scope of its cost-cutting programme and plans to shed more than 450 jobs on top of the 5,200 already announced, three sources said.

New Samsung phone delayed

SEOUL: Samsung Electronics yesterday said it would postpone the roll-out of its new smartphone based on Tizen, a home-grown operating system aimed at breaking away from Google's Android system.

Ryanair boost as profit hits $264.7 million

DUBLIN: Ryanair raised its full-year profit forecast yesterday as a campaign to improve service quality pulled more customers away from its struggling rivals.

US blow as pending home sales decline

WASHINGTON: US pending home sales slipped in June, the first decline after three months of gains, the National Association of Realtors (NAR) said yesterday.

UK eyes exploration push

LONDON: The British government took steps to speed up energy exploration including controversial hydraulic fracturing for shale gas yesterday with a new licensing round for companies looking for onshore oil and gas.

Sharjah picks banks for debut sukuk

LONDON: Sharjah has appointed HSBC, National Bank of Abu Dhabi and Standard Chartered to manage a debut sukuk transaction, according to two sources.


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