Davos: China's Xi says no one will win trade war

Davos: China's Xi says no one will win trade war Davos, Switzerland (AFP) Jan 17, 2017 - Chinese President Xi Jinping presented himself as a champion of globalisation Tuesday, lecturing the world elite in Davos on the dangers of protectionism and the futility of trade wars The leader of the world's second largest economy became the first Chinese president to address the World Economic Forum, where 3,000 well-heeled delegates from government, business, science and the arts have g ... more

Mystery remains as MH370 search called off Sydney (AFP) Jan 17, 2017 - The massive underwater search for missing Malaysia Airlines flight MH370 was called off Tuesday, leaving unsolved one of the most enduring mysteries of the aviation age. Nearly three years after the airliner vanished, distraught relatives refused to accept the idea that the 239 passengers and crew might now never be found after the failure of one of the most expensive undersea operations eve ... more

Distraught Davos finds globalisation saviour in China's Xi Davos, Switzerland (AFP) Jan 17, 2017 - With Donald Trump about to get the keys to the White House and the political winds blowing a populist gale through Europe, the world's elite have been in need of a new saviour. Enter stage left Chinese President Xi Jinping, who in an hour-long speech on Tuesday won over a crowd of ardent capitalists gathered at the World Economic Forum in Davos, Switzerland. "I've been coming to Davos f ... more

Mobile chipmaker Qualcomm hit with US antitrust suit Washington (AFP) Jan 17, 2017 - Mobile chip giant Qualcomm was hit Tuesday with a US antitrust suit alleging it abused its dominant position in the market for processors used in cell phones and other devices. The US Federal Trade Commission filed a lawsuit in federal court in California claiming Qualcomm's practices amount to "unlawful maintenance of a monopoly in baseband processors," which are devices that enable cellula ... more

Bikeshare cycles dumped en masse in China Beijing (AFP) Jan 17, 2017 - More than 500 bicycles from China's flourishing bike-sharing companies have been dumped in huge piles on the streets of the southern city of Shenzhen, reports said. Pictures showed jumbled stacks of vehicles nearly three metres high, with handlebars, baskets and other parts scattered on the ground. City streets around the country have seen an explosion of the colourful bikes that users ... more

So-so future for British North Sea London (UPI) Jan 17, 2017 - Oil and natural gas activity off the British coast should wax and wane in the short-term after one of the industry's worst years, Wood Mackenzie finds. Lower crude oil prices and an uncertain economic future in the wake of last year's vote to leave the European Union put the British offshore oil and gas industry in "full survival mode," according to a report from Wood Mackenzie. ... more

Russia hints at economic stimulus Moscow (UPI) Jan 17, 2017 - After hinting at a new tax policy on the oil industry, the Russian government said nearly $2 billion will be set aside to help the economy. Russia's currency lost considerable value at the start of last year and the broader economy faced dual strains from lower crude oil prices and economic sanctions imposed after the 2014 annexation of the Crimean Peninsula from Ukraine. Russian ... more

Face value for OPEC deal lifts oil prices New York (UPI) Jan 17, 2017 - The outlook for a sustained price point for crude oil prices in the mid-$50 range offset questions about OPEC commitments to send markets higher early Tuesday. Crude oil prices sank lower in trading Monday softened by a federal holiday in the United States. Saudi Arabia said it might not need to extend a production agreement deep into 2017 just as most of the parties to a November deal ... more

Tullow Oil plans more drilling in Kenya London (UPI) Jan 17, 2017 - Africa-focused Tullow Oil said it plans more drilling after it made an oil discovery inland Kenya that's likely tied into existing hydrocarbon finds. The company said it ran through a column of oil measuring a net 80 feet thick at its Erut-1 well in the northern part of Kenya. Tullow said that early data show the discovery extends the known limits of another discovery nearby, Etom. ... more

Norwegian oil and gas production up for the year Stavanger, Norway (UPI) Jan 17, 2017 - Total production of oil and gas in Norway dipped in December, though full-year output increased for the third year in a row, the government reported. The government reported total preliminary production of oil, natural gas liquids and an ultra-light form of product called condensate at close to 2.1 million barrels per day on average for December, a 3 percent decline from November's leve ... more