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World Business

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.

Google to offer bank accounts next year

NEW YORK: Alphabet Inc’s Google will offer personal checking accounts from sometime next year in partnership with Citigroup Inc and a small credit union at Stanford University, a person familiar with Google’s plans said. The details of the project, named Cache, were first reported by the Wall Street Journal and follow moves by tech heavyweights Apple Inc and Facebook Inc ... Read More »

Asia’s trade growth expected to decelerate further in 2019: ADB

TOKYO: Asia and the Pacific’s trade is expected to decelerate further in 2019 amid slowing global economic growth, said the Asian Development Bank (ADB) in its latest report on the region, titled ‘Asian Economic Integration Report 2019/2020 (AEIR): Demographic Change, Productivity, and the Role of Technology’. “In 2018, Asia’s trade (by volume) grew by 4.0%, slower than the 7.3% growth ... Read More »

Singapore Backs Launch Of CamelONE Trade Finance Platform

The Monetary Authority of Singapore is backing the launch of a new trade finance offering operated by trade facilitation platform provider vCargo Cloud (VCC), a press release said Monday (Nov. 11). MAS, along with several top financial institutions operating in the country, have supported the launch of CamelONE Trade Finance, operating on the Networked Trade Platform (NTP), a government-run platform ... Read More »

Asian markets mostly up as trade news awaited, Hong Kong rises

HONG KONG: Asian markets broadly rose Tuesday with investors keeping tabs on the latest developments in the China-US trade talks while Hong Kong saw a slight recovery after the previous day’s steep losses. The pound held gains after British Prime Minister Boris Johnson was given a boost by news the Brexit party would not run against his Conservatives in hundreds ... Read More »

Oil drops on concern over US-China trade talks progress, oversupply

NEW YORK: Oil prices fell on Monday amid renewed doubts over the prospects of a trade deal between the United States and China, while concerns over excess supplies also weighed on the market. Brent crude was down 55 cents, or 0.9 per cent, at $61.96 by 3:50am GMT. The contract rose 1.3pc last week. US crude was 47 cents, or ... Read More »

Oil slides as uncertainty about US-China trade deal returns

LONDON: Oil prices fell, weighed down by lingering uncertainty about how close the United States and China were to a trade deal and on rising US crude inventories. Benchmark Brent crude was down $0.92 at $61.37 a barrel by 1046 GMT after dropping more than $1 earlier in the session. Brent is on track to end the week 0.5% lower. ... Read More »

Honda first-half net profit slumps 19 pc, full-year forecast down

TOKYO: Japanese carmaker Honda said Friday its first-half net profit dropped 19 percent on negative currency exchange rates and falling motorcycle sales, slightly revising down profit forecasts for the full year. For the April-September period, Honda posted net profit of 368.85 billion yen ($3.38 billion), down 19 percent from a year earlier, as sales slipped 1.8 percent to 7.725 trillion ... Read More »

Asian  stocks frustrated as trade doubts resurface

SYDNEY: Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London’s FTSE futures rose 0.2%. ... Read More »

Asian countries agree on world’s biggest trade pact, India stays away

BANGKOK: Fifteen Asian countries agreed terms on Monday for what could be the world’s biggest trade pact, they said in a statement, but India delayed its decision on joining because of significant differences over tariffs and other issues. The Regional Comprehensive Economic Partnership (RCEP) is backed by China and also brings in the 10-member Association of Southeast Asian Nations (Asean), ... Read More »

Oil steadies after gains driven by trade optimism

TOKYO: Oil prices steadied on Tuesday as investors kept an eye on U.S. inventory data due later, following two days of gains on positive economic data and hopes for a Washington-Beijing trade deal. Brent crude futures were up 4 cents at $62.17 a barrel at 0330 GMT after gaining 0.7% in the previous session. U.S. crude futures were down 1 ... Read More »

UK red meat exports up and imports down

UK exports of beef and lamb rose significantly during the first two-thirds of 2019, with imports also falling, according to analysis by Quality Meat Scotland. Stuart Ashworth, QMS director of economic services, said despite the confusion generated by Brexit, it had been a positive period for the UK’s red meat exporters, which had successfully grown volumes. According to official statistics ... Read More »

Oil falls on caution ahead of economic data, offsets trade deal optimism

SINGAPORE: Oil prices eased on Monday as traders took profit ahead of fresh European and U.S. economic data, despite hopes for some resolution to the U.S.-China trade row that has hurt global economic growth and crimped energy demand. Prices jumped about $2 a barrel on Friday after the world’s top two economies said they had made progress on trade talks ... Read More »

WTO authorises Chinese tariffs on $3.6bn US goods

GENEVA: A World Trade Organisation arbitrator authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said. China had asked the WTO for permission to hit the US with more than $7bn in tariffs in the case. But the WTO ruling said it had determined ... Read More »

Nokia eyes Malaysian ports for 5G business as Huawei takes early lead

KUALA LUMPUR: Nokia (NOKIA.HE) is targeting Malaysian ports in a bid to get a share of the country’s fifth-generation (5G) technology market, as the Southeast Asian country prepares to launch the ultra-fast mobile internet service next year. The Finnish company worked with Germany’s Port of Hamburg last year to test the technology in traffic-lights management, data processing from mobile sensors ... Read More »

EU says further Brexit extension would be required for Labour to renegotiate deal

A further Brexit extension would be required for a Labour government to renegotiate the terms of Brexit, the European Commission said on Thursday. Labour plans to secure a softer agreement that keeps the UK inside a customs union and single market regulations – and then put the result of talks to a Final Say referendum with the option to remain. ... Read More »

Samsung flags smartphone profit fall, upbeat on chips

SEOUL: Samsung Electronics warned of a smaller mobile business profit on Thursday as its rival Apple gave a positive iPhone sales outlook, dampening hopes new models will help the world’s largest smartphone vendor finally get back on a growth track. Investors have pinned their hopes on a recovery in the mobile business that once made up over half of Samsung’s ... Read More »

Global leaders, tycoons to attend Saudi ‘Davos in desert’

DAVOS: Top finance moguls and political leaders are set to attend a Davos-style Saudi investment summit starting on Tuesday, in contrast to last year when outrage over critic Jamal Khashoggi’s murder sparked a mass boycott. Organisers say 300 speakers from 30 countries, including American officials and heads of global banks and major sovereign wealth funds, will attend the annual summit ... Read More »

Amazon’s gloomy holiday forecast misses estimates, shares fall 7pc

NEW YORK: forecast revenue and profit for the holiday quarter below expectations, as it faces fierce competition and rising costs from its plan to speed up delivery times globally. Shares fell 7%, as revenue growth for the company’s lucrative cloud computing business also slowed down in the third quarter, missing analysts’ estimates. Amazon beat expectations on overall third-quarter revenue, ... Read More »

Oil pares U.S. stock-draw gains on weak demand outlook

SINGAPORE: Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2% in the previous session on the back of a surprise draw in U.S. crude stocks. Brent crude futures LCOc1 fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5% on Wednesday to settle ... Read More »

Zuckerberg appears in Congress as Facebook faces scrutiny

NEW YORK: Facebook Chief Executive Officer Mark Zuckerberg is again appearing before Congress to face questions about his company’s massive market power, privacy lapses and tolerance of speech deemed false or hateful. Zuckerberg has been summoned to testify at a hearing on Wednesday by the House Financial Services Committee on Facebook’s plan to create a global digital currency, which has ... Read More »