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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.

Transport for London rejects new licence for Uber

LONDON: London’s transport authority on Monday refused to renew an operating licence for the ride-hailing giant Uber because of safety and security concerns. “Transport for London (TfL) has concluded that it will not grant Uber London Limited (Uber) a new private hire operator’s licence in response to its latest application,” it said in a statement. The rejection is the latest ... Read More »

Oil kicks off week with gains on fresh hopes for US-China trade talks

SINGAPORE: Oil prices began the week on a brighter note on Monday, posting early gains as positive noises from Washington over the weekend rekindled optimism in global markets that the United States and China could soon sign a deal to end their bitter trade war. West Texas Intermediate (WTI) crude CLc1 rose 10 cents, or 0.17% to $57.87 a barrel ... Read More »

Oil holds near two-month high on OPEC+ extension expectations

LONDON: Oil prices held near two-month highs on Friday and were set for a third consecutive week of gains, boosted by expectations of an extension to OPEC+ production cuts although doubts over US and China trade talks capped gains. Brent crude futures dropped $0.06 to $63.91 a barrel by 0908 GMT, while West Texas Intermediate (WTI) crude futures fell $0.21 ... Read More »

Turkey: New company launches up 18% in October

The number of newly established companies in Turkey soared 18% year-on-year in October, a key business body said Friday. Last month, 8,352 new companies were established, up from 7,081 businesses that had started operating in October 2018, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a report. The top three fields of operation among new companies were ... Read More »

World markets slip as trade war fears resurge

LONDON: Stock markets slid on Thursday after US lawmakers passed a bill supporting civil rights in embattled Hong Kong, possibly jeopardising delicate Chinese-American trade talks. Investors, already nervous about the slow progress of the talks, became even more cautious after both houses of Congress overwhelmingly approved the bill and sent it to be signed by US President Donald Trump. “A ... Read More »

Asian shares recover from 3-week lows but trade deal worries limit gains

SHANGHAI: Asian equities posted a mild bounce on Friday from three-week lows hit the previous day, with persistent worries over the status of trade negotiations between China and the United States limiting the gains. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.12%, recovering from Thursday’s drop of as much as 1.4% that took it to its lowest ... Read More »

European stock markets extend losses at open

LONDON:European stock markets dropped at the open on Thursday following slides in Asia and on Wall Street overnight, with London’s benchmark FTSE 100 index down 0.5 percent at 7,225.65 points. In the eurozone, Frankfurt’s DAX 30 index slid 0.6 percent to 13,081.39 points compared with Wednesday’s close. The Paris CAC 40 lost 0.7 percent to 5,855.18 points, also extending the ... Read More »

Sales of grounded Boeing 737 MAX gather pace at Dubai Airshow

DUBAI: Boeing’s 737 MAX took centre stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March. Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30 Boeing 737 MAX 8 jets ... Read More »

Rather than decouple, US, China businesses look for ways to collaborate

GUANGZHOU, China — For some big companies, U.S.-China business ties are still holding up, despite worries that trade tensions will cause the two economies to decouple. The biggest change for Microsoft in the last year is having more opportunities than before in the Chinese market, particularly for Chinese companies wanting to go abroad, said Alan Crozier, chairman and CEO of ... Read More »

Huawei plays down impact of new US licence extension

WASHINGTON: Huawei Technologies has dismissed a new 90-day extension by the Trump administration allowing US firms to continue doing business with the Chinese company as making little difference, repeating that it was being unfairly treated. US regulators are crafting rules on telecommunications firms that pose national security risks. But after adding Huawei to an economic blacklist in May, the US ... Read More »

Asian shares hauled higher as China trims key repo rate

SYDNEY: Asian shares ticked higher on Monday after Beijing surprised markets by trimming a key interest rate for the first time since 2015, stirring speculation that further stimulus was on the way for the world’s second-largest economy. China’s central bank cut rates on seven-day reverse repurchase agreements by five basis points to 2.50%, a move that nudged the yuan higher ... Read More »

US to extend license for its companies to continue business with Huawei

NEW YORK: The Trump administration is set to issue a two-week extension of a license allowing US companies to continue doing business with China’s Huawei, two sources familiar with the deliberations said. The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized ... Read More »

Oil up 1pc on US crude stocks fall, OPEC comments on shale growth

LONDON: Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from OPEC about lower-than-expected US shale production in 2020 also provided some support. Prices were capped by mixed signs for oil demand in China, the world’s biggest crude importer. Industrial output rose more slowly than expected in October, but oil refinery throughput ... Read More »

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 »