Daily brief: oil firms after producers’ meeting, dollar slips over Trump
Oil prices rose on Monday after OPEC and other oil producers met and shows they have successfully implemented oil outputs. Here are the top seven business stories you need to know about today.
Dollar slips after Trump’s inauguration address
Markets opened to a lower dollar on Monday, after U.S. President Donald Trump struck a protectionist tone in his inauguration speech, offsetting optimism that he will follow through on promises of tax cuts and other stimulus.
Qatar Cinema & Film Distribution Co. net profit drops
Net profit reached 4.3 million riyals, compared to 14.3 million riyals a year ago. The board reportedly recommends the company cash dividend of one riyal per share.
U.S. SEC probing Yahoo over previously disclosed cyber breach
The U.S. Securities and Exchange Commission is investigating a previously disclosed data breach at Yahoo Inc, the company said in a filing. Yahoo said in a November 2016 quarterly filing that it was “cooperating with federal, state and foreign” agencies, including the SEC, that were seeking information and documents about a “security incident and related matters.”
Kuwait Oil Company announces state of emergency after oil leak
Kuwait Oil Company announced a state of emergency on Sunday after an oil leak in the country’s south west, according to a statement posted on the company’s official Twitter account.
Oil firms after producers’ meeting; concerns over high US output
Oil edged up on Monday on statements over the weekend from OPEC and other producers that they have been successfully implementing output cuts, but gains were limited by a surge in U.S. drilling.
Saudi finance ministry says no to fees on foreign workers’ remittances
The Saudi finance ministry said on Sunday there would be no fees applied on remittances out of the country, days after the kingdom’s advisory Shura Council said it was looking at a proposal to impose a 6 per cent levy on expatriate remittances.
Egypt’s military to enter pharmaceutical industry
Egypt’s military has received the licence required to form a pharmaceutical company, a decree by Prime Minister Sherif Ismail published on Sunday showed.