Thursday, March 23, 2017

Business News


Apple found guilty of price-fixing in Russia

Apple has been found guilty of fixing prices of iPhones sold in Russia. In a ruling published on Tuesday, Russia’s anti-monopoly service said Apple’s Russian subsidiary instructed retailers in the country to fix their pricing on iPhone 5 and iPhone 6 models. At the time of investigation, Apple denied engaging ...

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UAE government spends AED 29.7 billion in first 9 months of 2016

The total federal government spending of the UAE reached AED 29.7 billion in the first nine months of 2016. According to Ministry of Finance’s latest report, the spending accounted for 61.2 per cent of the overall approved budget for the same year. About 35 per cent of the total spending ...

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Yahoo CEO Marissa Mayer set to step down after Verizon deal

Yahoo CEO Marissa Mayer will step down from her post as Yahoo CEO after the company’s $4.48 billion Verizon deal closes later this year. In a filing on Monday, Yahoo said Mayer would receive the $23 million “golden parachute” if her employment was terminated “without cause”. Thomas J McInerney is ...

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Kuwait calls for extension on OPEC output cuts

Kuwait has called for Organisation of Petroleum Exporting Countries (OPEC) to extend the current agreement on oil production cuts beyond the end of June. Kuwait’s Oil Minister Issam Almarzooq said an extension will ‘‘accelerate the rebalancing of the global oil market.” The minister’s comments come as oil struggles to stay ...

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Berlin airport workers to strike over pay

Workers at Berlin’s two airport have started a 25-hour strike on Monday to step up action in a pay dispute. The strike is expected to impact over 650 flights. Ground staff at Berlin’s airports have staged walk outs several times over the past week, with a similar strike on Friday ...

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