North Korea fires several short-range missiles days after UN Security Council condemned ballistic missile tests and US introduced new sanctions March 21, 2016 North Korea fired five unidentified short-range missiles off its east coast on Monday, according to South Korean officials. The missiles were launched from the northeasten city of Hamhung, South Hamgyong province, into the East Sea at around 3.19pm (6.49am GMT) local time and covering a distance of 200km, according to the joint chiefs of staff of South Korea's [...]
Shell and Saudi Aramco break up 20 year US refinery joint venture March 17, 2016 Shell and Saudi Aramco have announced the end of their 20-year US refinery joint venture and divided up a number of US assets between themselves. The Motiva joint venture, formed in 1998, had operated as a 50/50 refining and marketing joint venture between the London-listed oil giant and Saudi Arabian national oil company. "Motiva's performance [...]
People in Venezuela have been told not to turn up for work next week because of an electricity crisis March 16, 2016 Venezuela has decided to extend its Easter celebrations by three days next week due to massive electricity shortages hitting the country. The country's president Nicolas Maduro has given everyone, both private and public sector employees, an extra three day off work. State employees were told last weekend they should stay home for the week. Venezuela is currently [...]
President Obama rejects plans for offshore oil drilling on Atlantic coast of the US March 15, 2016 The US government has decided to abandon plans to allow new offshore oil drilling on the south east coast of the US, citing local opposition, current market dynamics, and conflicts with competing commercial and military ocean uses. The US Interior Department said in a statement today that it had "heard from many corners that now [...]
Chipotle share price loses its spice as company reports dip in sales due to food-safety issues March 15, 2016 Shares in Chipotle Mexican Grill have fallen by over three per cent in after hours trading, after the company revealed a 26.1 per cent decline in sales at established restaurants in February. The group, which owns hundreds of restaurants throughout the US, and also several locations in the UK, said it expects to report a loss [...]
US marijuana industry could be worth $44bn by 2020 if legalisation and business trends continue March 15, 2016 The US marijuana industry could be adding as much as $44bn (£35bn) to the country's economy by 2020, according to a new study from Marijuana Business Daily. Figures in the 2016 Marijuana Business Factbook show that the cannabis industry's value could more than triple from 2016 projections of $14-$17bn, if current business and legalisation trends [...]
Fitch: European Central Bank’s cheap lending will offer limited relief to Eurozone banks March 14, 2016 Ratings agency Fitch has said Eurozone bank profits will continue to come under pressure despite a new wave of cheap lending from the central bank. The European Central Bank (ECB) offered a new round of so-called targeted longer-term refinancing operations last week – cheap loans to banks that are available so long as banks lend more to the real economy. [...]
Meal delivery service Marley Spoon plans US expansion with €15m Series B funding March 14, 2016 Meal delivery service Marley Spoon has raised €15m (£11.6m) in its Series B funding round, which it aims to use for the launch of its west coast US fulfilment operations. The company, which provides customers with recipes and seasonal ingredients, in exact quantities, to cook at home, has also secured up to €40m in media [...]
Angela Merkel’s Christian Democratic Union suffers setback in state elections, as anti-immigration party Alternative for Germany gains a number of seats March 13, 2016 German Chancellor Angela Merkel and her Christian Democratic Union (CDU) party were left disappointed this evening, after the anti-immigration Alternative for Germany (AfD) party gained a surge of new voters in the state elections. Based on exit polls, AfD managed to obtain seats in all three of the state assemblies – Saxony-Anhalt, Rhineland-Palatinate and Baden-Wurttemberg – holding an election [...]
Chinese investments into Europe and United States reach record high in 2015 – but UK levels dip 35 per cent March 10, 2016 Chinese investment into Europe hit record levels last year – but dipped in the UK, according to a new report. Foreign direct investment (FDI) from China totalled $23bn (£16bn) in Europe in 2015, according to Baker & McKenzie research. On the other side of the Atlantic, last year marked a record for Chinese FDI into [...]