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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.

Oil drops below $60 as China virus drives demand concern

LONDON: Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China’s coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand. Brent crude LCOc1 fell by $1.79 a barrel, or 2.95%, to $58.90 by 0903 GMT, its lowest since late October. ... Read More »

Shares hold ground as China virus fears persist; euro hits seven-week low after ECB

TOKYO: Asian shares held their ground on Friday as trade slowed for the Lunar New Year, despite investors fears that a new coronavirus in China could spread faster as millions of people would be travelling over the week-long holiday. Markets had steadied overnight, as investors took some solace from the World Health Organisation labelling the outbreak an emergency for China, ... Read More »

Global deal over digital tax eludes France, U.S. in Davos talks

DAVOS: France and the United States failed on Wednesday to agree how to push forward a global rewrite of decades-old cross-border tax rules though they agreed to set aside a bilateral row on digital taxation, France’s finance minister said. Governments from nearly 140 countries aim to give their backing to pursue what would be the biggest overhaul of international tax ... Read More »

U.K. Tax Agency Offers a $130,000 Bounty on Privacy Coin Traceability

The U.K.’s taxman is looking to crack down on private transactions. HM Revenue and Customs (HMRC), the tax authority for the U.K., has granted a bounty of $130,000 (£100,000) for anyone that can effectively track and identify crypto criminals. But what does this mean for privacy coins and financial anonymity? HMRC is looking for an autonomous way to analyze seven ... Read More »

Saudi Arabia issues $5bn bonds to help plug budget gap

Saudi Arabia sold its first Eurobond of the year on Tuesday as tension in the Middle East eased over the US assassination of a top Iranian general. The kingdom issued $5 billion of debt, taking advantage of low borrowing costs globally. It’s seeking to plug part of its growing budget deficit by selling about $32 billion of local currency and ... Read More »

Central banks join forces to look at future digital currencies

LONDON/FRANKFURT: Major central banks are looking at the case for issuing their own digital currencies, the Bank of England and European Central Bank said on Tuesday, amid a growing debate over the future of money and who controls it. The central banks of Britain, the euro zone, Japan, Sweden and Switzerland will share experiences in a new group headed by ... Read More »

No turning point in sight as IMF predicts sluggish global growth

WASHINGTON: The global growth appears to have bottomed out but there is no rebound in sight and risks ranging from trade tensions to climate shocks makes the outlook uncertain, a top International Monetary Fund (IMF) official said. For 2020 and 2021, the IMF trimmed back its global growth forecasts, mostly due to a sharper-than-expected slowdown in India and other emerging ... Read More »

China will increase imports from US according to ‘market principles’

BEIJING: China will negotiate with American companies and increase imports of U.S. goods and products according to market principles, an official with its state planner said. The United States has high quality supply in the fields of energy, manufactured goods, agricultural products, medical care and financial services, said Meng Wei, spokesperson for China’s National Development and Reform Commission (NDRC), at ... Read More »

Boris Johnson needs my Brexit battle plan to triumph in trade talks with the EU

hen the UK signs up to the Withdrawal Agreement at the end of January it will commit to paying the EU tens of billions of pounds for nothing in return, relinquish its representation in the EU’s various institutions, effectively commit Northern Ireland to remaining in the EU’s Single Market as well as being in the UK’s customs union and the ... Read More »

‘Lessons to be learned from Facebook’s WhatsApp deal’

PARIS: Facebook’s $22 billion buyout of WhatsApp six years ago should have been blocked, the boss of France’s antitrust watchdog, which is set to help review EU rules, has told Reuters. “Clearly, deals such as the Facebook/WhatsApp merger should probably not have been allowed,” Isabelle de Silva said in an interview. “One of the things we see more clearly now ... Read More »

Global stocks get major boost as US, China sign ‘momentous’ trade deal

WASHINGTON: The United States and China signed a truce in their trade war on Wednesday after nearly two years of tensions, bringing relief to markets but largely leaving massive tariffs in place. The “phase one” deal is also a boon for Donald Trump as he faces an impeachment trial and a tough re-election fight this year, with the US president ... Read More »

Asian markets retreat as US, China prepare to sign trade pact

HONG KONG: Asian markets fell Wednesday as investors took their foot off the pedal following weeks of gains, with focus on the signing later in the day of the China-US trade deal. While the mood on trading floors was broadly upbeat as tensions between the economic superpowers ease, analysts warned there will not likely be much more progress on the ... Read More »

Using Huawei in UK 5G network ‘madness’, says US

The US has warned the British government it “would be madness” to use Huawei technology in the UK’s 5G network. A US delegation presented the UK with new evidence claiming to show security risks posed by using the Chinese firm. US President Donald Trump has sought to pressure Prime Minister Boris Johnson on the issue. A decision is expected this ... Read More »

Visa to pay $5.3b to buy fintech startup Plaid

NEW YORK: Visa Inc said it agreed to buy privately held software startup Plaid Inc in a $5.3 billion deal that will boost the payments giant’s access to the booming financial technology space. The transaction highlights how traditional financial firms are willing to pay top dollar to acquire businesses which have established strong positions servicing the digital and cashless economy. ... Read More »

Asian markets mostly up as focus moves to China-US pact

HONG KONG: Asian markets mostly rose Monday as investor attention turned from the Middle East to the global economic outlook and this week’s planned signing of the China-US trade pact. While the optimism that characterised the end of 2019 is returning to trading floors, dealers were left a little disappointed by a below-par jobs report out of Washington, which also ... Read More »

Oil slips towards $65

LONDON: Oil slipped further towards $65 a barrel on Friday as tensions in the Middle East over Iran eased for now and investors focused on rising US inventories and other signs of ample supply. Iran responded to a US drone strike that killed a top Iranian general on Jan 3 with a missile attack on Iraqi air bases hosting US ... Read More »

Oil prices fall further as threat of Middle East war recedes

TOKYO: Oil prices dropped on Friday extending days of losses as the threat of war in the Middle East receded and investors switched attention to economic growth prospects and the rise in U.S. crude oil and product inventories. Brent crude LCOc1 fell 20 cents, or 0.3%, at $65.17 by 0240 GMT, and is heading for its first decline in six ... Read More »

China sweeps past Japan and US as Australia’s largest export beef

CHINA’S recent dominance as the world’s largest beef customer has been underlined by 2019 Australian calendar year export statistics released this week, which have seen the Asian giant sweep past traditional customers Japan and the US as our largest beef export destination. The historic milestone breaks a 50-year sequence where either Japan or the US stood as Australia’s biggest beef ... Read More »

Asian stocks, oil prices rebound as Iran anxiety eases

TOKYO: Asian stock markets rebounded Thursday as anxiety over potential US-Iranian conflict eased. Tokyo’s benchmark gained more than 2 per cent. Shanghai, Hong Kong and Southeast Asia markets also advanced. Markets sank after Tehran retaliated for the US killing of an Iranian general by launching missiles at American bases in Iraq. But anxiety subsided after reports indicated no Americans were ... Read More »

Oil prices jump in international markets amid US-Iran tensions

TOKYO: Oil prices jumped to its highest since September 2019 on Wednesday after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the specter of a spiraling conflict and disrupted oil supplies. However, prices cooled a fraction after the early heat as analysts said market tension could ease as ... Read More »