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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.

Oil price falls on trade dispute despite drop in US inventories

SEOUL: Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles. Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 percent, from their previous settlement. U.S. West Texas Intermediate (WTI) crude futures were at $61.67 per ... Read More »

Global markets sink as trade tensions simmer before talks

LONDON: World stock markets sank again Thursday on heightened China-US tensions before make-or-break trade talks in Washington, dealers said. The Dollar and oil prices steadied. The two-day gathering has taken on huge significance after US President Donald Trump threatened to more than double punitive tariffs on $200 billion of imports Friday, arguing that Beijing “broke” their previously agreed commitments on ... Read More »

Oil steady near $70 as China demand offsets concerns about trade

LONDON: Brent oil held steady near $70 a barrel on Wednesday as record Chinese imports and tighter global supplies eased concerns about a deepening trade spat between the United States and China. US sanctions on crude exporters Iran and Venezuela as well as supply cuts by OPEC and Russia also supported prices. Brent crude futures were at $69.78 per barrel ... Read More »

Iraq plans $53b project with ExxonMobil, PetroChina

BAGHDAD: Iraq is planning a $53 billion mega project with global energy giants ExxonMobil and PetroChina to use seawater from the Persian Gulf to boost oil production, Prime Minister Adel Abdul-Mahdi announced on Tuesday. The 30-year project would boost output from Iraq’s southern oil fields, and includes designs to capture natural gas, which is lost to flaring under current practices, ... Read More »

Google unveils new Pixel handset starting at $399

NEW YORK: Google bucked the soaring smartphone price trend on Tuesday, unveiling a high-performance Pixel handset aimed at the middle of the market as part of a wide-ranging pitch to developers of its new hardware, software and privacy efforts. The Pixel 3a phone, which includes many of the artificial intelligence features of its flagship devices, is priced from $399, executives ... Read More »

US-China trade war ‘bad for the whole world’

WASHINGTON: Warren Buffett said that a trade war between the United States and China would be “bad for the whole world.” Buffett spoke after US President Donald Trump tweeted on Sunday that he will raise tariffs on $200 billion of Chinese imports to 25% from 10 percent beginning on Friday, and “shortly” slap a 25% tariff on $325 billion of ... Read More »

$4.5b in Iran’s Non-Oil Trade Surplus With ECO States

Iran recorded $4.57 billion in non-oil trade surplus with nine other members of Economic Cooperation Organization during the last fiscal year (ended March 20, 2019). Latest data released by the Islamic Republic of Iran Customs Administration show Iran traded 19.97 million tons of non-oil commodities worth $10.89 billion with ECO member states during the period to register a 26.31% and ... Read More »

US rejects Tesla bid for tariff exemption for autopilot ‘brain’

WASHINGTON. US trade officials rejected Tesla Inc’s bid for relief from President Donald Trump’s 25-per cent tariffs on the Chinese-made Autopilot “brain” of its Model 3 and other electric vehicles, one of more than 1,000 product denials linked to China’s industrial development plans. According to documents filed by the US Trade Representative’s office (USTR) and reviewed by Reuters, exclusion requests ... Read More »

Abraaj Capital founder gets record $20m bail

KARACHI: The founder of Dubai-based private equity fund Abraaj Capital, Arif Naqvi, was granted conditional bail of $20 million after a London judge dismissed prosecutors’ bid to keep him in custody while he fought extradition to the US, the Bloomberg reported on Friday. According to Mr Naqvi’s filings for the hiring as cited in the Bloomberg report, the bond amount ... Read More »

Currency Devaluation Causes 36% Decline In Iran Free Trade Zone Imports

Semi-official news agency ISNA on May 3 quoted the High Council of Free Trade Zones in Iran as saying that imports via free trade zones had a 36% decline during the last Iranian year (March 2018 – March 2019) compared to the previous year. Mohammad Reza Abdolrahimi told ISNA that last year’s total imports via Iran’s free trade zones was ... Read More »

Opec secy general says determined to avoid an ‘energy crisis’

VIENNA: Organization of the Petroleum Exporting Countries (Opec) is determined to avoid a global “energy crisis” as some of its members are facing international sanctions and others struggling with unrest, the cartel’s secretary-general said in Tehran on Thursday. “As an organisation, we will remain focused on our goal of avoiding an energy crisis that may affect the global economy,” Mohammed ... Read More »

 ‘Use of oil as weapon by nations threatens Opec’

  GENEVA: Any country using oil as a weapon could cause the collapse of oil producer group Opec, Iran’s Oil Minister Bijan Zanganeh said, according to SHANA, the news outlet of the oil ministry. Oil prices hit their highest since November in recent days after Washington said all waivers for those importing sanctions-hit Iranian oil would end this week, pressuring ... Read More »

WikiLeaks founder Julian Assange sentenced to 50 weeks in prison for bail breach

LONDON: Wikileaks co-founder Julian Assange has been sentenced to 50 weeks in jail for breaching his bail conditions. Assange was sentenced for breaching a British court order seven years ago when he took refuge in Ecuador´s London embassy to avoid extradition to Sweden Moreover, a request by the United States to extradite the WikiLeaks founder for one of the biggest ... Read More »

Apple optimistic as accessories, iPhone price cuts help China sales

NEW YORK: Apple Inc said sales in China were stabilising and touted how increasing demand for services and accessories such as Apple Music and the Apple Watch helped offset a record drop in iPhone revenue. Sales of iPhones, which account for more than half of all revenue, fell 17 per cent in the fiscal second quarter from a year earlier ... Read More »

Iran to continue oil exports despite US ban

GENEVA: Iran will continue to export oil despite US pressure aimed at reducing the country’s crude shipments to zero, Iranian President Hassan Rouhani said on Tuesday. “America’s decision that Iran’s oil exports must reach zero is a wrong and mistaken decision, and we won’t let this decision be executed and operational,” Rouhani said in a speech broadcast live on state ... Read More »

Iran to keep exporting crude oil despite US pressure: President Rouhani

TEHRAN: Iran will continue to export oil despite US pressure aimed at reducing the nation’s crude oil shipments to zero, Iranian President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday. “America’s decision that Iran’s oil exports must reach zero is a wrong and mistaken decision, and we won’t let this decision be executed and ... Read More »

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 »