LONDON: British entrepreneur Mike Lynch artificially inflated revenue at his Autonomy software company before selling it to Hewlett Packard for $11 billion, the US firm’s lawyer told a London court on Monday. HP is suing Autonomy founder Lynch, once hailed as Britain’s answer to Bill Gates, along with his former
SINGAPORE: Singapore’s core inflation rate eased to a nine-month low in February, reinforcing expectations that the central bank will keep monetary policy unchanged when it meets next month. The core inflation rate was 1.5 percent on a year-on-year basis, data showed on Monday, its lowest since May 2018, and below
DUBAI/LONDON: Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though US shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded. Riyadh, Opec’s de facto leader, said it was
NEW YORK: As Wall Street braces for what may be the first US profit decline since 2016, investors say the first quarter may not mark the low point for 2019 earnings. In the immediate term, markets could be roiled depending on what or if any information is released from Special
ABU DHABI: Abu Dhabi will commit up to 1 billion dirhams ($272 million) to support technology start-ups, it said yesterday, in a dedicated hub as part of efforts to diversify its economy. US tech giant Microsoft will be a strategic partner, providing technology and cloud services to the businesses that
WASHINGTON: The US Federal Emergency Management Agency (Fema) exposed 2.3 million disaster survivors to possible identity theft and fraud by improperly sharing sensitive personal information with an outside company, according to an internal government watchdog. The US Department of Homeland Security’s Office of Inspector General (OIG) said Fema had shared
BANGKOK: Thai political parties geared up yesterday for their largest rallies yet, two days ahead of the country’s first election since a military coup nearly five years ago, but one that critics say will deny power to the most popular party. Supporters of a pro-army party that has nominated junta
TOKYO: Japan’s annual core consumer inflation slowed in February as gasoline costs fell for the first time in more than two years, keeping the central bank under pressure to maintain, or even ramp up, stimulus to accelerate price growth to its 2 percent target. The data adds to growing signs
KUALA LUMPUR: Murphy Oil Corp is exiting Malaysia with a $2.13 billion sale of its oil and gas assets there to Thailand’s PTTEP and said it will use the proceeds to pay down debt, buy back shares and fund potential deals in the United States. Besides the enterprise value of
FRANKFURT: Deutsche Bank paid its management board members their first bonuses in four years in 2018, with Christian Sewing’s 7 million euro ($8 million) total pay package making him one of the best paid chief executives in European banking. Deutsche Bank’s politically sensitive pay disclosures, which were revealed in its
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