Oil edged higher above $102 a barrel on Monday with support from geopolitical tensions in Ukraine and Libya, although ample supply limited the rebound from last week’s 14-month low. Libyan exports have risen in the past few weeks although a further recovery looks uncertain, analysts say. Rockets hit an airport in eastern Libya on Monday, a day after fire destroyed the terminal at Tripoli’s main airport.
Updated 5 Years ago

A prototype of a high-tech loudspeaker designed by a group of college students may end the quarrels between square-dancing grannies and their neighbors who are irritated by loud music. At a design workshop at the Sony Explora Science Museum in Beijing at the end of July, Zhu Liya, a student from the School of Media and Design at Shanghai Jiao Tong University, stood next to a tripod-like device topped by a projector and explained how it came to be.
Updated 5 Years ago

Wine maker Australian Vintage has signed a distribution deal with China's largest food processor, the State-owned COFCO, local media reported on Monday. The company's core brand, McGuigan Wines, will soon become one of Australia's highest selling labels in China within a newly established International Wine division of COFCO.
Updated 5 Years ago

China is likely to introduce a nationwide property tax as early as next year following trials in Chongqing and Shanghai, an official at China's top legislative body said. The National People's Congress, the top legislature, is drafting a property tax law that is expected to wrap up later this year and be imposed in 2015, said the official from the NPC, who asked for anonymity due to the sensitivity of the issue.
Updated 5 Years ago

In 1873, Eu Kong left his hometown in southern China to seek his fortune in Malaysia. On arrival, he set up a shop that he named Yan Sang－which means caring for mankind in Chinese－supplying Chinese medicine and herbs. Eu passed the mantle of this small firm on to his only son, Eu Tong Sen, who continued to expand the business, adding the family name to the brand. Today, Eu Yan Sang International is a listed entity in Singapore and Hong Kong.
Updated 5 Years ago

Chile's government expects to have ready before year-end a list of the projects the country will pursue in terms of information security, Andrés Arellano, director of digital government in the legislative affairs ministry, told BNamericas. Speaking on the sidelines of the Segurinfo event in Santiago on Thursday, Arellano alluded to the recently created digital development ministers committee designed to coordinate initiatives related to innovation, infrastructure and modernization of state institutions with digital technology and IT security.
Updated 5 Years ago

The increasing pace at which capital is fleeing Argentina could herald a new devaluation, with damage to the economy growing as chances of a negotiated resolution to the default fade, according to a report from consultancy Capital Economics. Following an announcement by both the Argentine president and the economy minister of plans to launch a voluntary debt swap of bonds issued under foreign law into local law bonds, the chances of a speedy resolution to Argentina's default have receded.
Updated 5 Years ago

Russia’s Finance Ministry will invest 239 billion rubles ($6.6 billion) in preference shares of state-owned lenders VTB Group and Russian Agricultural Bank to bolster their capital, according to a government order. Russia’s National Wellbeing Fund will convert a 200 billion-ruble subordinated loan repaid by VTB into preference shares, according to the decree published on the government’s website today. Russian Agricultural Bank and other lenders received similar loans after the 2008 global financial crisis.
Updated 5 Years ago

Boeing Co. (BA) won an order for 82 jets from BOC Aviation Pte valued at $8.8 billion in list prices as Asian aircraft leasing companies boost their fleet amid a surge in travel demand across the continent. BOC Aviation ordered 50 737 Max 8 and 30 Next Generation 737-800 aircraft from Boeing, the lessor, a unit of Bank of China Ltd., said in an e-mailed statement today. The Singapore-based company also agreed to buy two 777 wide-body aircraft. The single-aisle planes are for delivery between 2016 and 2021, BOC said in the statement.
Updated 5 Years ago

A rare copy of Action Comics #1 – which features the first appearance of Superman – in near perfect condition, sold for a jaw-dropping $3.2 million oneBay Sunday, making it the most expensive comic in the world. The previous record was set in 2011 when another copy of Action Comics #1 sold for nearly $2.2 million.
Updated 5 Years ago