Oil producers considered cutting production to try to stem a rising global surplus

New Delhi: Oil prices fell to their lowest in more than a year on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus. Oil supply, led by US producers, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting planned for December 6.

But this has done little so far to prop up prices. The value of a barrel of oil has dropped by around 20 percent so far in November, in a seven-week streak of losses.

Benchmark Brent crude oil fell $2.31 a barrel, or 3.7 percent, to $60.29, its lowest since early November 2017. By 1245 GMT, Brent was trading around $61.00, down $1.60.


Nissan Motor Co.’s Board Votes Unanimously To Remove Carlos Ghosn As Chairman

New Delhi: The NHK reported that Nissan Motor Co.’s board voted unanimously to remove Carlos Ghosn as chairman as directors moved to contain the damage from the iconic executive’s shock arrest.

The national Japanese broadcaster reported the outcome after the board met Thursday to vote on the dismissal. Ghosn, who has been detained by Japanese authorities since Monday, is set to officially remain a director, since a shareholder vote is needed to remove him from the board completely. A Nissan spokesman declined to comment.

“It’s a coup,” said Tatsuo Yoshida, an analyst at Sawakami Asset Management, who used to work at Nissan. “Ghosn’s era is over.”


Passengers Flying Out Of Delhi Airport To Shell Out More Per Ticket From December 1

New Delhi: With regulator AERA approving revision in service charges, Passengers flying out of Delhi airport will have to pay more by shelling out Rs 77 per ticket from December 1. Currently, Rs 10 is levied on domestic tickets and Rs 45 on international tickets by the airport operator DIAL as passenger service fee.

Besides, there are revisions to certain aeronautical charges, according to an order issued by the Airports Economic Regulatory Authority (AERA). The revised charges would be applicable from December 1.

The hike in charges is expected to have a minimal impact on average domestic fares, experts opined.


Uber Gears Up To Tell Investors That Growth Will Come From Food Delivery, Self-Driving Cars And Scooters

New Delhi: Christoph Weigler looks every bit the part of a Silicon Valley start up executive sitting in his glass-walled office in Berlin with an open suit jacket, casually tieless. But the Uber general manager for Germany isn’t talking about dominance or disruption. Weigler instead prefers discussing rules and regulations: “Companies in general need to abide by them.”As for Uber’s famously brash tactics, he said, “It was very obvious that was not the way we could succeed here.”

As the ride-hailing giant prepares for an initial public offering next year, Uber is gearing up to tell investors that much of its growth will come from food delivery, self-driving cars and scooters. Uber Technologies Inc.’s core business of moving passengers in people’s carshas largely plateaued. In most major markets around the world, it has eitherwon or retreated. But thanks to a more diplomatic approach pioneered by Uber Chief Executive Officer Dara Khosrowshahi, there are a few markets that hold newly tantalizing possibilities.


Nissan Chairman Arrested In Tokyo Over A Suspected Breach Of Japanese Financial Laws

New Delhi: Carlos Ghosn, a towering figure in the industry who saved Nissan from collapse and brought it together with Renault SA and Mitsubishi Motors Corp, has been arrested in Tokyo over a suspected breach of Japanese financial laws. He and Director Greg Kelly have been under investigation at Nissan for several months, and the company is seeking to oust them both.

The arrest of Nissan Motor Co. Chairman Carlos Ghosn has thrown the auto industry’s largest global alliance into turmoil, with the Japanese carmaker saying it will seek to remove him.