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Oil rallies on U.S. rig count drop; dollar up seventh month

NEW YORK - Oil prices rallied on Friday following the sharpest weekly drop in U.S. oil rig count in nearly 30 years, while the dollar index ended January with its longest run of gains since the greenback was floated in 1971. | Video

Recent Business News

JPMorgan to pay $99.5 million to resolve currency rigging lawsuit

NEW YORK - JPMorgan Chase & Co , the largest U.S. bank, agreed to pay $99.5 million (66 million pounds) to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion (4 trillion pounds)-a-day foreign exchange market.

4:39pm GMT

McDonald's to slow Russia expansion due to fall in rouble

MOSCOW - McDonald's Corp. will open fewer new restaurants in Russia this year than last because a fall in the rouble has increased expansion costs and is hurting consumers, its Russian chief executive Khamzat Khasbulatov told Reuters.

5:40pm GMT

BMW, Bosch join Deutsche Bahn in airline cartel damages claim

FRANKFURT - German carmaker BMW and car supplier Bosch said on Saturday they would join Deutsche Bahn in two claims for about 2.1 billion euros (2 billion pounds) in damages from air freight carriers who were involved in a cartel.

Lavish freebies from Saudi king to buoy economy, markets

DUBAI - A lavish payout to public employees ordered by Saudi Arabia's new King Salman will help to sustain the kingdom's consumer boom and reassure financial markets that the government is not slashing expenditure in the face of low oil prices.

Middle East 2:10pm GMT

Austrians rue starting fashion for Swiss franc mortgages

VIENNA - The surging Swiss franc has dealt a double blow to homeowners in Austria, home of the trend for borrowing in the Swiss currency that has devastated mortgage holders across eastern Europe.

8:11am GMT
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