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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.

Iran’s Trade Volume With Singapore Up 7.8%

Iran traded 2.48 million tons of non-oil commodities worth $948.72 million with Singapore during the last Iranian year (ended March 20, 2019), registering a 7.84% growth in tonnage and 4.5% decrease in value compared with the year before, latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to Singapore stood at 48,558 tons worth $37.61 ... Read More »

Iran inflation could reach 40pc this year as economy shrinks further: IMF

TEHRAN: Iran’s economy is expected to shrink for the second consecutive year and inflation could reach 40 per cent, an International Monetary Fund senior official said, as the country copes with the impact of tighter sanctions imposed by the United States. Washington, which re-imposed sanctions against Iran’s oil exports last November, this month demanded buyers of Iranian oil to stop ... Read More »

UAE, China eye closer ties to drive $70bn trade in 2020

The UAE and China are keen to expand economic collaboration with trade set to hit $70 billion next year. The trade boost was announced during a meeting between Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Chinese President Xi Jinping in Beijing. The meeting was held on the sidelines ... Read More »

China’s Belt and Road should only go where sustainable: Lagarde

BEIJING: China’s massive Belt and Road infrastructure programme should only go where it is needed and where the debt it generates can be sustained, International Monetary Fund (IMF) Managing Director Christine Lagarde said. In brief remarks to nearly 40 world leaders and other high-ranking officials at China’s second Belt and Road summit in Beijing, Lagarde said the program to build ... Read More »

US economic growth stronger than expected despite weak demand

US economic growth surged in the first three months of the year to 3.2% as the threat of a trade war with China forced businesses to stockpile at the fastest rate since 2015. Figures from the Department of Commerce showed that a jump in hoarding raw materials and finished goods and an increase in government investment overcame weak consumer spending, ... Read More »

Microsoft market cap touches $1tr, pulls above Apple

NEW YORK: Microsoft Corp’s market value vaulted above the $1 trillion mark for the first time in regular session trade on Thursday, pulling ahead of Apple Inc and making it the most valuable US publicly traded company after quarterly earnings and revenue beat Wall Street expectations. The stock, which pared gains as the morning wore on, was last up 3.9pc ... Read More »

China seeks to allay fears over Belt and Road debt risks

BEIJING: China aims to make the Belt and Road initiative sustainable and prevent debt risks, its finance minister said on Thursday, seeking to allay criticism that the infrastructure plan to boost trade and investment creates a heavy burden for some nations. The policy championed by Chinese President Xi Jinping has become mired in controversy, with some partner nations bemoaning the ... Read More »

Japan court grants $4.5m bail to Carlos Ghosn

TOKYO: A Japanese court granted Carlos Ghosn bail on Thursday, meaning the former Nissan boss could soon walk out of his Tokyo detention centre to prepare his defence against multiple charges of financial misconduct. The Tokyo District Court set bail at 500 million yen ($4.5 million) as the 65-year-old auto sector legend faces four charges ranging from concealing part of ... Read More »

Oil prices shoot to 2019 highs on Iran crackdown

LONDON: World oil prices struck fresh 2019 peaks on Tuesday, boosting energy shares prices. Crude futures extended Monday´s sharp rally, which was triggered by a US crackdown on Iranian oil exports. Brent North Sea crude reached $74.70 per barrel Tuesday, the highest point since early November. WTI hit a similar near six-month high at $66.19 per barrel. “UK markets have ... Read More »

US sanctions over Iran oil will ‘intensify Mideast turmoil’: China

BEIJING: China warned on Tuesday that the US decision to impose sanctions on buyers of Iranian oil will “intensify turmoil” in the Middle East and in the international energy market. The White House had announced on Monday it was calling an end to six-month waivers that had exempted several countries including major importer China from unilateral US sanctions on Iranian ... Read More »

Oil prices soar by about 3pc as US plans end to Iran sanction waivers

NEW YORK: Oil prices rallied by about 3 per cent on Monday to their highest since late 2018 as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions. Brent crude futures rose as much as 3.3 per cent to $74.31 a barrel, the highest since Nov 1, before easing ... Read More »

Trade, connectivity make millionaires flock to Dubai

DUBAI: To prioritise its residents’ and citizens’ happiness is part of the UAE’s policies, making it a global hub for businesses, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, sought to make Dubai and the UAE ... Read More »

Uber wins $1b investment from Toyota, SoftBank fund

  TOKYO: Japanese car giant Toyota and investment fund SoftBank Vision Fund on Friday unveiled an investment of $1 billion in US company Uber to drive forward the development of driverless ridesharing services. The latest cash injection, expected to close in the third quarter this year, came amid fevered anticipation of Uber’s public share offering which is expected to be ... Read More »

Abraaj founder’s extradition case adjourned, another former executive arrested

LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the United States on fraud charges, was adjourned until April 26, a court official said on Thursday. The official told Reuters that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing US extradition ... Read More »

Foreign companies queue up to sue cash-strapped Turkmenistan

ALMATY: A deal for Russia’s Gazprom to resume gas purchase from Turkmenistan came not a moment too soon for the Central Asian state because it is so short of foreign currency that a number of foreign companies have taken it to court over unpaid bills. Turkmenistan’s economy had boomed until 2015, supported by high energy prices and gas exports, and ... Read More »

EU targets $12b tariffs on US over Boeing subsidies

BRUSSELS: The EU on Wednesday unveiled a wide-ranging list of US-made goods, from beeswax to car parts, subject to tariffs in retaliation for subsidies to Boeing as a transatlantic trade war risked re-erupting. “European companies must be able to compete on fair and equal terms… We must continue to defend a level-playing field for our industry,” said EU Trade Commissioner ... Read More »

Oil slips to $71, hit by talk of higher OPEC+ output

LONDON: Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations of higher US inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts. Analysts, on average, expect US crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports was due at 2030 ... Read More »

Dubai Expo 2020 to give $33b boost to UAE economy

DUBAI: Dubai’s Expo 2020 global trade fair is expected to give the United Arab Emirates an economic boost of over $33 billion, consultants Ernst and Young said in a study released Tuesday. Next year’s mega-event would add 1.5pc to UAE’s gross domestic product per year over the period that started in 2013 and runs until 2031, said EY partner Matthew ... Read More »

Goldman Sachs reports lower profits as it eyes Main Street growth

NEW YORK: Goldman Sachs reported lower first-quarter earnings Monday on weakness in its traditional trading business as it emphasizes newer consumer-oriented ventures, including a credit card that will be launched with Apple. The financial giant saw net income plunge to $2.1 billion, a 20.3pc drop from the same period of last year. At the same time revenues fell 12.7pc to ... Read More »

EU tariffs to target €20b of US imports

BRUSSELS: The European Commission has drawn up a list of US imports worth around €20 billion ($22.6 billion) that it could hit with tariffs over a transatlantic aircraft subsidy dispute, EU diplomats said on Monday. President Donald Trump on Tuesday threatened to impose tariffs on $11 billion worth of European Union products over what Washington sees as unfair subsidies given ... Read More »