The UN FAO reported low food price index - the lowest in six years. If the situation persists, the price drop will be welcomed by consumers globally, which is also beneficial for poor countries. But the plentiful supplies of these products may also have a negative impact for farmers with prices not enough to cover for production costs.
Tags: Middle East
Air France negotiation over pilot unions failed; 2,900 jobs at stake
Ater an unsuccessful negotiation with pilot unions, Air France announced it would cut 2900 jobs. Air France-KLM is about to cut 2900 jobs after pilot unions disagreed to compromise with the company's settlement. The board had a meeting on Thursday and ordered the management to minimize some of its operations on October 5, BBC reported.
Panasonic aims $2B revenues from smartphone biz
After exiting the smartphone business in 2005, Japanese electronics major Panasonic is making a comeback in this segment and has prepared business plans to bolster sales volume for reaching the target of $2-billion revenues in next three years.
Qatar plans $35B investment in US market
The Qatar Investment Authority (QIA), the Doha-based sovereign wealth fund of the world's richest nation by per capita income manages over $300 billion, has opened its office in New York and earmarked $35-billion investment over next five years in the US business opportunity.
John Sculley, former Apple CEO is releasing new Android phones named Obi SJ1.5 and Obi SF1
John Sculley is unveiling two new Android devices called Obi SJ1.5 and Obi SF1 in October. The two phones will offer interesting specs and features whch were manufactured by Obi Worldphone company.
Latest News
Media reports on Sunday reveal Iran's plans to buy up to 300 units of Boeing and Airbus planes to replace its antiquated fleet by purchasing at least 90 planes annually. An official of Iran's civil aviation agency projected that Iran would need between 400 and 500 planes in the next ten years.
Orange CEO Stephane Richard announced expansion plans in North Africa. The French mobile company has recently launched 4G service in Jordan while its representative expressed willingness to end ties with Israel.
Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.
Oil prices slipped on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.
Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country.
China overtook the United States as the world's top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching consequences for global oil and commodities markets.
The World Bank is seeking to finance development projects in areas in Iraq that the government has recaptured from Islamic State militants, its regional vice president said.
Crude prices rose as much as 6 percent on Thursday after Saudi Arabia and its allies launched air strikes on Yemen, pushing shares lower in Europe, the Middle East and Asia and lifting oil producers' currencies.
Brent crude fell towards $58 a barrel on Tuesday as the dollar scaled multi-year highs, but data showing a recovery in China's annual consumer inflation checked losses.
