02 August 2015

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Oil prices mixed in Asia, WTI stays below $50

Oil prices mixed in Asia, WTI stays below $50Singapore: Oil prices were mixed in Asia Thursday, with WTI stuck below $50 a barrel after a rise in US stockpiles added to concerns over a supply glut, analysts said.The US Department of Energy on Wednesday said the country´s commercial crude stockpiles rose 2.5 million barrels last week, while supplies at the closely watched Cushing, Oklahoma, hub were up 800,000 barrels.The report also showed US production staying at near-record levels of about 9.6 million barrels per day, bad news

Toshiba sells off stake in Finland’s Kone amid scandal

TOKYO: Toshiba has sold its stake in Finnish engineering giant Kone for almost $1.0 billion to bolster its balance sheet, the firm said Wednesday, after its president and a string of other executives quit over an accounting scandal.The vast Japanese conglomerate said its elevator unit sold about 24 million shares, or 4.6 percent of Kone's outstanding stock, for a total of 864.7 million euros ($945 million)."(Toshiba) decided to sell the shares in order to utilise the company's group assets and improve its balance sheet," it said.The

Gold slides towards 5-year low

Gold slides towards 5-year lowLONDON: Gold fell back towards five-year lows on Wednesday as investors continued to pull away from the precious metal, with a slide through key chart levels earlier this week setting prices up for further losses.A looming rise in US interest rates, the first in nearly a decade, has dented gold's investment appeal, encouraging more sellers in the market after Monday's 3 percent rout, its biggest one-day drop since September 2013.Holdings in top gold-backed exchange-traded fund (ETF)

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