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India lifts support price for rice

  • NEW DELHI: India hiked the base price it will pay farmers for rice this year well above current domestic levels, raising the prospects for a bumper harvest and exports from the world’s second-biggest producer. At the same time, it increased the floor price for soybeans to help the world’s top...

Russia tightens budget to reduce oil price risk

  • MOSCOW: Russia will keep a tight grip on budget spending to reduce an excessive reliance on oil and gas revenues, according to a draft three-year budget plan reviewed by the new government yesterday....

Xiamen Airlines orders 40 Boeing 737-800s for $3.5 bn

  • NEW YORK: US planemaker Boeing said Friday that Xiamen Airlines, a unit of China Southern Airlines, had agreed to purchase 40 next-generation 737-800s — an order valued at $3.5 billion at list prices.The deal requires Chinese regulatory approval, Boeing said in a statement, adding that it would...

Commodity investors should demand benchmark change

  • LONDON: For the last two decades, the diversified approach to commodity investing encapsulated by the Dow Jones-UBS Commodity Index has outperformed the more production-weighted system employed by the Standard and Poor’s Goldman Sachs Commodity Index. While the GSCI remains popular with asset...

Samsung sells 500 handsets a minute

  • SEOUL: Samsung Electronics, the world leader in mobiles and memory chips, said it likely earned a quarterly profit of $ 8.3 billion, as it sold close to 500 handsets a minute and as demand picked up for the flat screens it makes for mobile devices, including those for rival Apple Inc. products....

India auto industry cuts sales growth forecast

  • MUMBAI: India's auto industry yesterday lowered its annual growth forecast for car sales for the third time this fiscal year, as a slowing economy and costlier loans keep buyers away from showrooms.The Society of Indian Automobile Manufacturers (SIAM) now predicts sales of between zero and 1...

Kingdom booming market for executive jet makers

  • The Kingdom is a very specialized market, which offers great potential for corporate jet manufacturers, says a top Embraer official....

‘Helicopter money’ policies in spotlight

  • LONDON: Wednesday night may have marked the “emperor’s new clothes” moment of the Great Recession, in which the world suddenly realizes its rulers are suffering from a delusion that doesn’t have to be humored. That delusion today is economic fatalism: the idea that nothing...

Boeing plans to build world’s longest-range passenger jet

  • DUBAI: Boeing has shown airlines a blueprint for the world’s longest-range passenger jet, adding spice to a long-awaited revamp of its 777 wide-body jet, people familiar with the matter said.Boeing recently launched a race against Airbus for sales of the newest long-haul jets by announcing it had...

Airbus ‘more confident’ on A350 as earnings rise

  • PARIS: Airbus expressed growing optimism about the schedule for the keenly-awaited maiden flight of its A350, amid speculation that its first new jet in almost a decade could debut before next month’s Paris air show....