Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.
Industry
Japan approves 85,550 MW renewable energy project, bulk from solar power
Japan gave the go signal for the 2012 clean energy projects that could produce up to 85,550 megawatts of renewable power, the bulk of which is from solar energy.
South Korea environment ministry to Sue Audi Volkswagen Head over emission cheating scandal
South Korea’s Ministry of Environment will file criminal charges against Volkswagen AG’s Korean office head, citing that the car makers proposed plan falls short from the country’s legal requirements.
Mitsubishi Research Institute, UFJ Morgan Stanley to raise 50 billion yen fund to revive Japanese solar projects
Mitsubishi Research Institute and UFJ Morgan Stanley Securities plans to raise 50 billion yen to revive struggling Japanese megasolar power plants.
Chinese economy at slowest in 25 years
China grew 6.9 percent in 2015 indicating the slowest growth rate in 25 years. The growth rate was 6.8 for the fourth quarter of 2015. The world's second largest country recorded 7.3 percent growth rate in 2014. Investors are cautious about the impact of slowdown in China's economy. IMF forecasts China's economy growth rate at 6.3 percent in 2016 and six percent in 2017. Chinese government has set a target of seven percent growth for 2016.
Latest News
The Hyundai Elantra 2017 has been priced starting at $17,985, which is near $100 lesser than its previous model. The Elantra 2017 has the most advanced packages including Android Auto and Apple CarPlay.
WhatsApp ditched its $1 annual subscription fee and instead will look for other means of income to pay the service to contact consumers.
With the lifting of international sanctions from Tehran, India would be able to recommence its unobstructed oil import from the Persian Gulf country. Iran is anticipated to boost its oil export of 1.1 million barrels per day by 500,000, according to the Indian Oil Cooperation.
Chipotle has been reported to embattle with the series of epidemic outbreaks and adopt new food safety measures. The restaurant giant is facing a subpoena investigating a norovirus outbreak at one of its restaurants in California. Both share price and restaurant sales have been reduced following the epidemic outbreaks. To regain the customers back, the chain has adopted certain marketing policies including offering more food free to the customers.
Microsoft is probably going to bury the business with Lumia handsets and going to introduce the last smart phone by February, the Lumia 650. The Lumia 750 and 850 are still in line, but the tech giant intends to concentrate on surface phone. Burying the “Lumia” name, most likely means Microsoft has something else in mind for the near future.
Trader Joe’s recalled all its Raw Cashew Pieces in stores in 30 states on fears of one group may have Salmonella contamination.
Netflix global expansion faces a new threat. Video streaming providers around the world are starting a global alliance to hinder its further international expansion.
Researchers from King's College in London have successfully developed an app to predict risk of premature birth. The app has been tested in two studies and is now available at Apple's App Store.
UK-based Oil giant BP Plc plans to trim 4,000 jobs in its crude-oil production unit as crude oil price slump.
