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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.

World Bank’s Georgieva to be first IMF chief from emerging economy

NEW YORK/SOFIA : Bulgarian economist Kristalina Georgieva is expected to be confirmed on Wednesday as managing director of the International Monetary Fund, which would make her the first person from an emerging economy to head the global lender. A center-right politician who grew up in Bulgaria under communism, Georgieva has built a reputation during her time at the World Bank ... Read More »

Iraq to join China’s Belt and Road project

BEIJING: Iraq will join China´s signature “Belt and Road” infrastructure investment project, the country´s prime minister said Monday in Beijing. Adel Abdel Mahdi made the announcement in a meeting with Chinese President Xi Jinping during a state visit. “Iraq has gone through war and civil strife and is grateful to China for its valuable support,” said Mahdi, in comments broadcast ... Read More »

EU’s chief negotiator calls Johnson’s backstop solution ‘unacceptable’

Michel Barnier has described Boris Johnson’s solution for replacing the Irish backstop as “unacceptable” as the EU’s chief negotiator gave his most downbeat assessment yet of the chances of striking a Brexit deal by 31 October. Standing alongside the German foreign minister, Heiko Maas following a meeting in Berlin, Barnier said the UK government’s position had to change for there ... Read More »

Oil gains on Saudi supply disruption, Mideast tensions

NEW YORK: Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East. Brent crude futures LCOc1 increased to as much as $65.50 a barrel. The front-month contract was at $64.84, up 57 cents, or 0.9 per cent at 0224 GMT. US West Texas Intermediate ... Read More »

Trump lifts tariffs on hundreds of Chinese goods

NEW YORK: President Donald Trump on Friday temporarily lifted tariffs on hundreds of Chinese goods that he imposed last year, softening his stance in the trade conflict ahead of next month’s negotiations. The decision helped buoy stock markets looking for light at the end of the tunnel as the trade war drags into its second year. With high-level talks due ... Read More »

Economy hopes support shares, oil edges up on Mideast tensions

TOKYO: Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend’s attacks on Saudi Arabia’s oil facilities still pose supply risks. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.15% though it is on course to post its first weekly ... Read More »

Saudi Arabia’s Freddie Mac plans sukuk to raise $267m

Saudi Real Estate Refinance Co, the kingdom’s first mortgage-refinancing firm, plans to raise as much as SR1 billion ($267 million) in Islamic bonds by the end of the year. The sale by the state-run equivalent of Fannie Mae and Freddie Mac in the US would be its second this year and the company hasn’t decided whether it will be a ... Read More »

Oil prices edge up after turbulent week as Saudi Arabia reassures on output

NEW YORK: Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend. Brent crude futures LCOc1 rose 24 cents to $63.84 a barrel by 0634 GMT, while US West Texas Intermediate (WTI) crude ... Read More »

Oil slips after Saudi Arabia says to restore output but risks remain

NEW YORK: Oil prices slipped on Wednesday, extending losses from the previous session after Saudi Arabia’s energy minister said the kingdom will restore lost oil production by the end of the month. But investors remained cautious about Middle East tension after the United States said it believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern ... Read More »

Oil prices rocket on slashed Saudi output

LONDON: Brent crude surged by 20% the biggest gain since the 1991 Gulf War – after weekend drone attacks on two Saudi oil facilities halved output in the world’s top crude exporter, fuelling fresh geopolitical and growth fears. West Texas Intermediate (WTI) oil meanwhile soared 15% also after President Donald Trump warned that the US was “locked and loaded” to ... Read More »

Oil soars after attack on Saudi plants shuts in 5pc of global supply

SINGAPORE/SEOUL: Oil prices soared on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut about 5% of global supply. Brent crude futures, the international benchmark, rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day jump since Jan. 14, ... Read More »

Global economy ‘far’ from recession: IMF

WASHINGTON: Trade tensions are weighing on growth across the world, but the International Monetary Fund is “far” from forecasting a global recession, an IMF official told Reuters on Friday, as the fund prepares to release a new economic outlook next month. The IMF on Thursday said tariffs imposed or threatened by the United States and China could shave 0.8% off ... Read More »

Disney CEO Bob Iger resigns from Apple board

NEW YORK: Apple said on Friday that Walt Disney Chief Executive Officer Bob Iger had resigned from the company’s board of directors on Sept. 10 as the two companies prepare to compete head-to-head in the streaming television business. Iger departed Apple’s board the same day the company revealed new details about Apple TV+, a $4.99-per-month service that will launch on ... Read More »

Google will promote original reporting with algorithm change

SAN FRANCISCO: Original reporting will be highlighted in Google´s search results, the company said as it announced changes to its algorithm. The world´s largest search engine has come under increasing criticism from media outlets, mainly because of its algorithms — a set of instructions followed by computers — that newspapers have often blamed for plumenting online traffic and the industry´s ... Read More »

Oil prices gain after US inventories fall

LONDON: Oil prices rose after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained $0.65, or 1%, to $63.03 a barrel by 1253 GMT while US West Texas Intermediate rose $0.58, or 1%, to $57.98 a barrel. Oil prices have risen ... Read More »

US-China trade war: Beijing removes several products from tariffs list

BEIJING: China said Wednesday it would spare a number of US products from punitive tariffs in what is seen as an olive branch by Beijing in the protracted trade war ahead of high-level talks next month. However, the goods do not include big-ticket agricultural items that could be crucial to the ultimate success of any agreement between the two sides, ... Read More »

Alibaba’s Ma steps down as industry faces uncertainty

BEIJING: Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company on Tuesday at a time when its fast-changing industry faces uncertainty amid a US-Chinese tariff war. Ma, one of China’s wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession ... Read More »

U.S. wants ‘near term’ results from new China trade talks

WASHINGTON: The Trump administration wants to see “near term results” from U.S.-China trade talks in September and October, White House economic adviser Larry Kudlow said, but he declined to predict any outcomes or say if U.S. tariff delays were possible. Speaking on CNBC and Bloomberg TV, Kudlow confirmed that the top U.S. and Chinese trade negotiators would meet in early ... Read More »

BP aims to sell more US crude to Asia, boost LNG supplies in early 2020s

SINGAPORE:  Oil major BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region. The strategy, outlined in a Reuters interview with company executives, follows BP’s move to acquire giant miner BHP’s assets in the United States’ prolific Permian shale basin last year, expected to ... Read More »

EU demands Australia scrap taxes on European cars

A European Union trade negotiator claims Australia should remove automotive taxes during latest talks European-made cars could have their prices slashed by up to 38 percent under a new trade deal with Australia if EU trade negotiators get their way. Slashing the 5 percent duty on imported luxury cars and the 33 percent Luxury Car Tax (LCT) on the more ... Read More »