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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.

African free trade zone expected from 2020

NIAMEY: A landmark African free trade zone due to be ceremonially launched at a summit in Niger this weekend is expected to take effect from July 2020, the African Union (AU) trade commissioner said Friday. “We have recommended to the summit that the actual date of trading should be the July 1, 2020,” Albert Muchanga, in charge of trade and ... Read More »

Samsung predicts 56pc drop in 2Q profit on weak chip market

SEOUL: Samsung Electronics Co. said Friday its operating profit for the last quarter likely fell more than 56 per cent from a year earlier amid a weak market for memory chips. The South Korean tech giant estimated an operating profit of 6.5 trillion won ($5.5 billion) for the April-June quarter, which would represent a 56.3pc drop from the same period ... Read More »

Oil prices rise after US crude stockpile drop

LONDON: Oil prices rebounded on Wednesday after a steep fall in the previous session when OPEC and its allies’ decision to extend output cuts was not enough to counter investors’ concerns about the slowing global economy. Prices were supported by a strong US stock market opening and widely watched data showing a larger-than-expected drawdown in US crude oil inventories, with ... Read More »

Christine Lagarde’s ECB nomination thrusts IMF into early succession race

WASHINGTON: The nomination of Christine Lagarde as European Central Bank (ECB) president on Tuesday has thrust the International Monetary Fund (IMF) into an early, unanticipated search for a new leader amid a raging trade war that has darkened the outlook for global growth. Lagarde in a brief announcement said she was “honoured” by the nomination and would temporarily relinquish her ... Read More »

UAE offers 100% foreign ownership in 122 economic activities

UAE made another historic announcement on Tuesday as it offered 100 per cent foreign ownership in 122 economic sectors. The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has approved the sectors and economic activities eligible for up to 100 per cent foreign ownership in ... Read More »

Oil firms as OPEC poised to extend supply cut

LONDON: Oil prices were up as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week. Brent crude futures for September delivery rose to as high as $66.75 a barrel and were up $1.89 at $66.63 a barrel by 0957 GMT. The August delivery contract ... Read More »

Australia’s banks warn of business impact if NZ raises capital ratio

WELLINGTON, July 1 (Reuters) – Australia’s top lenders said they would have to reduce their businesses in New Zealand or look at selling them off entirely if the country pushes ahead with plans to increase the amount of capital banks must hold. The warnings were among more than 160 submissions received by the Reserve Bank of New Zealand (RBNZ) for ... Read More »

Kansai manufacturers aim to solve global issues with homegrown tech

TOKYO: In the Kansai region, where the Group of 20 summit meeting will be held, there are a large number of manufacturing companies with unique technologies that can contribute to solving global issues. The combined gross regional product of Osaka Prefecture and seven nearby prefectures in the region is about ¥80 trillion (about $730 billion), comparable to the gross domestic ... Read More »

Abraaj founder Arif Naqvi says US charges ‘politically motivated’

LONDON: Abraaj founder and Pakistani businessman Arif Naqvi has told a court here that over a dozen charges brought against him and other Abraaj executives by the United States government in relation to the collapse of Abraaj are “politically motivated”. Before the Westminster Magistrate’s Court, Naqvi’s lawyer said his client believes the US case against him is politically motivated because ... Read More »

‘Back on track’: Trump, Xi agree to resume trade talks

OSAKA: US President Donald Trump said trade negotiations with China were “back on track” after “excellent” talks Saturday with his Chinese counterpart Xi Jinping in which Washington reportedly agreed to hold off on new tariffs. The crunch talks on the damaging trade war between the world’s top two economies came on the sidelines of a meeting of the G20 in ... Read More »

Bank of Ireland to sell its UK credit card business for £530m

Bank of Ireland has sold its British credit card portfolio to digital finance company Jaja Finance for around £530 million. The portfolio comprises existing Bank of Ireland UK, the AA and Post Office-branded credit cards. Bank of Ireland said the group had entered into a separate long-term agreement under which Jaja will become the issuer for the AA and Bank ... Read More »

Ford to cut 12,000 jobs in Europe by end of 2020

FRANKFURT: Ford said it will have to cut 12,000 jobs in Europe by the end of next year to try to return the business to profit, part of a wave of cost reductions in an auto industry facing stagnant demand and record-level investments to build low emission cars. The challenge of investing in electric, hybrid and autonomous vehicles while having ... Read More »

Optimism among Canadian small businesses rebounds after lull

Canada’s small businesses are more positive than they’ve been in almost a year, and they’re looking to spend. The Canadian Federation of Independent Business said Thursday its confidence index strengthened to 61.5 in June, the highest level since last August. The uptick follows a period of prolonged negativity that saw the measure fall to as low as 53.6 at the ... Read More »

Trump hits out at ‘unacceptable’ Indian tariffs ahead of G20

ABOARD AIR FORCE ONE: Donald Trump on Thursday lashed out at what he called ‘unacceptable’ tariffs imposed by India as the US president headed towards a high-stakes G20 summit likely to be dominated by trade tensions. “I look forward to speaking with Prime Minister (Narendra) Modi about the fact that India, for years having put very high Tariffs against the ... Read More »

US consumer confidence hits 21-month low as tariff fears bite

WASHINGTON: Anxieties jumped among American consumers this month as President Donald Trump’s trade wars dragged on, sending an index of consumer confidence to a 21-month low, survey data showed on Tuesday. Greater shares of the public now say jobs currently are hard to get and expect business conditions in the next six months to worsen, according to the Conference Board. ... Read More »

China’s Australian coking coal imports halve in May from April

BEIJING, June 25 (Reuters) – China’s imports of Australian coking coal in May plunged 49.3% from a month earlier, customs data showed on Tuesday, as buyers held off purchases because of uncertainty regarding government policy on Australian imports. Arrivals of Australian coking coal were at 1.38 million tonnes last month, down from 2.72 million tonnes in April, according to data ... Read More »

Trade tensions will benefit none: Christine Lagarde

KUALA LUMPUR: Trade tensions between the United States and China will not benefit any party over the long term, Managing Director of the International Monetary Fund (IMF) Christine Lagarde said on Tuesday. Speaking at a press conference at the Bank Negara Malaysia Museum and Art Gallery here, Lagarde said the climate of trade tension was not conducive to global trade, ... Read More »

Hong Kong teeters on edge of US sanctions

Hongkonger Hendrick Lui believes the United States should slap sanctions on those responsible for cracking down on recent mass protests against controversial legislation that aims to allow for criminal suspects to be extradited and tried in mainland China. Lui was among hundreds of mostly young demonstrators involved in a June 21 sit-in at the city’s Legislative Council (Legco) building and ... Read More »

Iran, Venezuela may complicate global oil deal talks:  Kazakhstan

ST PETERSBURG: Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said. The Organisation of the Petroleum Exporting Countries (OPEC) and other large oil producers, including Russia and Kazakhstan, will meet in ... Read More »

Exxon’s $53b Iraq deal hit by contract snags, Iran tensions

BASRA/BAGHDAD: Just weeks ago, US energy giant ExxonMobil looked poised to move ahead with a $53 billion project to boost Iraq’s oil output at its southern fields, a milestone in the company’s ambitions to expand in the country. But now a combination of contractual wrangling and security concerns, heightened by escalating tensions between Iraq’s bigger neighbor Iran and the United ... Read More »