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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.

Singapore, Malaysia among exporters most at risk from US-China trade war: Fitch Solutions

SINGAPORE – Asian export-reliant economies such as Singapore, Taiwan, South Korea, Vietnam and Malaysia will be the hardest hit by waning demand for Chinese-made products and supply chain disruptions amid escalating US-China trade tensions, Fitch Solutions Macro Research said on Tuesday (Aug 6). This is because many of these exporters are deeply integrated with China’s supply chains, supplying electronics, parts ... Read More »

Dubai property prices fall

DUBAI: Dubai prime residential property prices fell 1.9 per cent in the first half of the year due to the market being oversupplied, real estate company Savills said. The Middle East financial hub’s real estate market has steadily contracted since mid-2014 as foreign investor interest cooled. Prime market prices declined 19.8pc in the past five-years to $600 a square foot ... Read More »

Global markets sink; Chinese yuan tumbles

LONDON: World stock markets plunged Monday and the Chinese yuan fell sharply, days after US President Donald Trump vowed to impose fresh tariffs on Chinese goods in the latest trade war flare-up. Europe’s stocks dived about two per cent, mirroring heavy falls in Asia — where Hong Kong tumbled nearly three per cent as it was hurt also by ongoing ... Read More »

Indian shares plunge to fresh five-month lows as govt removes occupied Kashmir’s special status

NEW DELDHI: Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US trade war, while the government’s move to remove special status of the occupied Kashmir region also stoked worry. The Chinese yuan broke below the psychological 7-per-dollar threshold after US President Donald Trump ... Read More »

Chinese Yuan falls to 2019 low after Trump tariff threat

BEIJING: China’s Yuan fell to its lowest level this year against the dollar on Friday following United States President Donald Trump’s threat of new tariffs on Chinese goods, coming close to breaking the politically sensitive level of seven to the US currency. The Yuan tumbled to 6.9520 to the dollar, its lowest level since December, but recovered slightly by midday. ... Read More »

Turkey’s exports rise over 8.3% in July: Minister

Turkey’s exports surged 8.32% to reach $15.96 billionin July, said Trade Minister Ruhsar Pekcan on Aug. 2. The figure under the general trade system makes July 2019 the best-performing July in the country’s export history, she said. In the same month, Turkey’s imports amounted to $19.3 billion, down nearly 8% on an annual basis. “Despite global developments, Turkey continues to ... Read More »

Oil plummet cause fears of global slowdown in wake of US-China trade war

NEW YORK: Crude oil plunged on concerns the global economy would weaken further after President Donald Trump ended a tariff ceasefire with China. The president said additional tariffs of 10% on the remaining $300 billion in Chinese goods would be added in September. Brent crude futures LCOc1 slumped more than 7% on Thursday, their steepest drop in more than three ... Read More »

Chinese billionaire indicted in US for alleged $1.8bn aluminum tariff evasion

WASHINGTON/NEW YORK: A Chinese billionaire has been indicted by a grand jury on charges he schemed with the aluminum company he founded to evade $1.8 billion of tariffs by smuggling huge amounts of the metal into the United States, federal prosecutors said late Wednesday. Liu Zhongtian, 55, and China Zhongwang Holdings Ltd, where he served as chairman and president, were ... Read More »

Revolut launches free share trading in Europe

WARSAW: Digital finance business Revolut is launching a fee-free share-trading service in the UK and Europe on Thursday, seeking a slice of the brokerage-controlled market to continue the company’s rapid expansion. The UK-based fintech start-up has revolutionised currency exchange in Europe, offering cheap transactions to businesses and individual consumers. The company says it has 6 million customers in the UK ... Read More »

Dubai hits Abraaj Group’s affiliates with record fine

DUBAI: Dubai’s financial regulator said on Wednesday it had imposed a record fine of nearly $315 million on two affiliates of the collapsed Abraaj equity group for unauthorised activities and misusing investors’ funds. The Dubai Financial Services Authority (DFSA) said in a statement that it fined Abraaj Investment Management $299.3 million and Abraaj Capital Limited $15.3 million. The two companies ... Read More »

Oil prices rise ahead of expected US interest rate cut

TOKYO: Oil prices extended overnight gains on Tuesday amid widespread expectations the U.S. Federal Reserve will cut interest rates for the first time in more than a decade this week. Brent crude LCOc1 rose 30 cents, or 0.5%, to $64.01 a barrel by 0013 GMT, after gaining 0.4% the previous session. Crude futures are “well bid on the back of ... Read More »

China Feasts on Record Saudi Crude Imports After Sanctions Hit Iran

China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran. Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost ... Read More »

Turkey eyes to sign free trade agreement with Thailand

Turkey aims to sign a free trade agreement with Thailand, said the country’s foreign minister on July 28 as part of the 52nd Foreign Ministers’ Meeting of the Association of Southeast Asian Nations (ASEAN). “Met with Turkish business people who have investments in #Thailand. Aiming to sign the Free Trade Agreement between our countries as soon as possible to further ... Read More »

JPMorgan, UBS among banks facing $1b rigging suit

NEW YORK: JPMorgan Chase & Co. and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than 1 billion pounds ($1.2 billion). Barclays Plc, Citigroup Inc. and Royal Bank of Scotland Group Plc are the other three targets of the U.K. suit that will say pension funds, asset managers, ... Read More »

Oil on track for weekly gain as Mideast tensions support

LONDON: Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains. Brent crude futures were up $0.34 at $63.73 per barrel at 1117 GMT, equivalent to a weekly rise of 2%. They fell 6% last week. ... Read More »

US-Mexico-Canada trade deal will help stave off US recession

WASHINGTON: Approval and implementation of the US-Mexico-Canada (USMCA) trade agreement will provide a major boost to the US economy and help stave off a recession, Thomas Donohue, chief executive of the US Chamber of Commerce, said on Thursday. Donohue, whose organization is spearheading a major campaign to win passage of the trade agreement, said moving ahead with the USMCA would ... Read More »

Sterling edges lower after EU says Brexit deal only possible one

LONDON: The British pound edged lower on Friday, weighed down by European Commission President Jean-Claude Juncker telling new British Prime Boris Johnson that a deal agreed forged by his predecessor was the best and the only Brexit agreement. Juncker told Johnson on Thursday that the European Union (EU) would analyse any ideas put forward by Britain, provided they were compatible ... Read More »

Brussels assails EU states for money laundering failures

BRUSSELS: The EU said the bloc’s 28 member states held great responsibility for the wave of money-laundering scandals hitting the continent Wednesday, urging tighter and more centralised control of banking. “We have stringent anti-money laundering rules at EU level, but we need all member states to implement these rules on the ground,” said Vera Jourova. “We don’t want to see ... Read More »

Bearing brunt of trade war, Singapore chipmakers cut jobs

SINGAPORE: Caught between a CHina-US trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, chipmakers in Singapore have started slowing production and laying off hundreds of jobs, firms told Reuters. The slump in a sector that made up nearly a third of Singapore’s manufacturing output last year is reinforcing expectations that the export-driven economy could slide ... Read More »

BASF, Siemens, Henkel, Roche target of cyber attacks

FRANKFURT: German blue-chip companies BASF, Siemens, Henkel along with a host of others said on Wednesday they had been victims of cyber attacks, confirming a German media report which said the likely culprit was a state-backed Chinese group. Public broadcaster ARD said the hackers used a type of malware called Winnti, which allows attackers to remotely access a victim’s computer ... Read More »