WRAPUP-Oil slide slashes Q1 profit, not investment plans at Saudi's SABIC RIYADH, April 19- Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit. SABIC, one of the world's largest petrochemicals groups and Saudi Arabia's biggest listed...
| By: Marwa Rashad and Reem Shamseddine
INSIGHT-For short-sellers in U.S. stocks, the agony just piles on NEW YORK, April 19- In January 2014, veteran short-seller Bill Fleckenstein said he was readying a new fund to bet on falling stock prices. Despite lackluster U.S. economic data, a world grappling with slow growth, concern that Greece and Ukraine could default on their debts, the U.S. stock market has been more than resilient. "It all comes down to free money and that old...
| By: Jennifer Ablan and David Gaffen
Saudi's SABIC signs deal to use U.S. shale gas at British plant RIYADH, April 19- Saudi Basic Industries Corp has signed a deal to use shale gas from the United States at its Teesside petrochemical plant in Britain, acting chief executive Yousef Abdullah al-Benyan told Reuters on Sunday. Gulf in Britain, should be available by next quarter. Last year, the company said it planned to upgrade its Teesside cracker to capitalise on...
GLOBAL ECONOMY WEEKAHEAD-Another crunch week in Greek bailout saga LONDON, April 19- The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform programme to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat.
| By: Mike Peacock
Be nice! Airlines aim for more 'mindful' fliers With nerves of travelers and airline workers frayed, some carriers have redoubled their efforts to put the friendly back into flying the skies.
| By: Harriet Baskas, Special to CNBC
Bank of Canada decision pushed traders to catch up on C$ -Poloz WASHINGTON, April 18- The Bank of Canada's decision to hold interest rates steady last month, coming on the heels of rising oil prices, appears to have pushed hesitant foreign exchange traders to bid up the Canadian dollar, central bank Governor Stephen Poloz said. And the Canadian dollar usually responds and wasn't, "he told reporters late on Friday on the...
| By: Randall Palmer
LePage revokes South Portland's 'business friendly' status So far, 31 communities have been granted the "business friendly" designation, said Doug Ray, spokesman for the Maine Department of Economic and Community Development. "The real facts are on the ground," City Councilor Claude Morgan told the Portland Press Herald. South Portland was notified on Feb. 20 that the designation was being revoked, two weeks after the...
Source: The Associated Press