Daily brief: Oil prices drop, Uber president quits
Oil prices fell on Monday as rising US drilling activity and steady supplies from OPEC countries. Here are the top seven business stories you need to know today.
Egyptian budget to assume exchange rate of 16 pounds/dollar
Egyptian Finance Minister Amr El Garhy said on Sunday that the 2017-18 government budget would assume an exchange rate of 16 Egyptian pounds per dollar.
Libya’s NOC says expects to regain Es Sider, Ras Lanuf oil ports
Libya’s National Oil Corporation (NOC) has been coordinating with military forces from eastern Libya and has “no reason to believe” it will not regain control of the Es Sider and Ras Lanuf oil ports, NOC’s chairman said.
Canadian teacher wins $1 million prize in Dubai
A Canadian teacher has won the Global Teacher Prize, worth one million dollars, during a celebration held in Dubai Sunday. Maggie MacDonnell, who was selected among 10 international finalists, received her prize from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Uber president quits, deepens turmoil
Ride services company Uber Technologies Inc has been thrust deeper into turmoil with the departure of company president Jeff Jones, a marketing expert hired to help soften its often abrasive image. Jones quit less than seven months after joining the San Francisco company, an Uber spokesman said on Sunday.
Vodafone to merge India operations with Idea Cellular
Britain’s Vodafone Group will merge its Indian subsidiary with local rival Idea Cellular within two years, Idea said on Monday, creating a new market leader better able to contest a brutal new price war.
IBM launches enterprise-ready blockchain service
International Business Machines Corp has launched a service that will allow businesses to build applications on its cloud using blockchain code from the Hyperledger Project, the cross-industry group led by the Linux Foundation.
Oil prices drop on rise in US drilling
Oil prices fell on Monday as rising US drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.