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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.

French business delegation expresses interest to invest in Pakistan

ISLAMABAD: A delegation of MEDEF (Movement of the Enterprises of France) on Monday called on Prime Minister Imran Khan here and evinced interest in investing in various sectors of Pakistan including manufacturing sector, agriculture, energy and others. The prime minister welcomed the interest of MEDEF, which was the largest association of French entrepreneurs with 750,000 members. PM Khan highlighted Pakistan’s ... Read More »

Russia-Turkey Trade Down 10.1% To $3.88Bln In January-February 2019 : Customs Service

MOSCOW : The trade between Russia and Turkey in January-February 2019 constituted $3.88 billion dropping by 10.1 percent year-on-year, Russian Federal Customs Service (FCS) data showed Monday. Russian exports to Turkey came to $3. 202 billion with a 13.3-percent decrease. Russian imports from Turkey came to $678.8 million with a 8.9-percent increase. During the reported period, Turkey’s share in total ... Read More »

Oil climbs to 5-month high on OPEC cuts, US sanctions, Libya fighting

LONDON/ SINGAPORE: Oil prices rose to their highest level since November 2018 on Monday, driven by OPEC supply cuts, US sanctions against Iran and Venezuela and fighting in Libya as well as strong US jobs data. International benchmark Brent futures were at $70.66 per barrel at 1000 GMT on Monday, up $0.32, or 0.5%, from their last close. US West ... Read More »

Iran ready to expand gas, power trade with Iraq: Rouhani

DUBAI: Iranian President Hassan Rouhani called on Monday for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not only for ... Read More »

‘Both sides’ must compromise in cross-party Brexit talks: May

LONDON: British Prime Minister Theresa May conceded that concluding a Brexit deal with the main opposition will need “compromise on both sides” as she faced criticism for being inflexible. The embattled leader opened negotiations this week with the Labour Party in a bid to end months of political crisis over her divorce deal struck with European leaders last year but ... Read More »

UAE-Saudi double tax avoidance agreement to lift trade, investment

The Avoidance of Double Taxation Agreement between the UAE and Saudi Arabia, which is expected to facilitate the two-way investment flow, boost bilateral trade and further bolster economic ties, has come into effect at the beginning of April after nearly a year the landmark pact was signed. The two countries signed the double income tax treaty, the first such agreement ... Read More »

Hyundai Motor, Tencent tie up to develop self-driving cars software

SEOUL: South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea’s Maeil Business Newspaper reported on Saturday. Both companies plan to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030, the report, ... Read More »

Saudi Arabia threatens to ditch dollar oil trades to stop ‘Nopec’

LONDON: Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing Opec members to US antitrust lawsuits, three sources familiar with Saudi energy policy said. They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been ... Read More »

China trade talks going well: Donald Trump

WASHINGTON: US President Donald Trump said on Thursday that trade talks with China were going well and he would only accept a “great” deal as negotiators hammered out differences ahead of a meeting between Trump and China’s vice premier later in the day. China and the United States are in the middle of intense negotiations to end a months-long trade ... Read More »

Graphic: Australia coal posts biggest weekly drop in a decade amid weak demand

SINGAPORE (Reuters) – Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged with the end of winter and amid worries over the strength of the global economy. Coal prices for prompt loading at Australia’s Newcastle terminal have lost almost 20 percent since last Friday, dropping to ... Read More »

South Korea becomes first provider of 5G technology

SEOUL: South Korea launched the world’s first nationwide 5G mobile networks two days early, its top mobile carriers said on Thursday, in a late-night scramble to be the first providers of the super-fast wireless technology. Three top telecom providers — SK Telecom, KT and LG Uplus — began their 5G services at 11 pm local time on Wednesday, despite previously ... Read More »

European Parliament approves no-deal Brexit visa waiver

BRUSSELS: The law means British visitors making trips of fewer than 90 days to the Schengen passport-free zone will not need visas. The European Parliament on Thursday approved a law allowing Britons visa-free EU visits even after a “no deal” Brexit, despite a furious dispute over the status of Gibraltar. The law means British visitors making trips of fewer than ... Read More »

Oil nears $70, hovers near five-month highs on cuts and sanctions

LONDON: Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and US sanctions, with gains capped by a surprise increase in American inventories. Brent futures had moved up 24 cents, or 0.35 percent, to $69.61 by 1220 GMT. They earlier reached $69.96 – the highest since Nov. 12, ... Read More »

Dubai’s Emirates NBD to buy Turkey’s Denizbank for $2.8b in revised deal

DUBAI: Dubai’s Emirates NBD said on Wednesday it will buy Turkey’s Denizbank from Russia’s Sberbank at a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira. Under a new agreement reached with state-owned Sberbank, Dubai’s largest lender said it will buy Turkey’s fifth largest private bank for 15.48 billion lira ($2.8 billion), ... Read More »

Iran sees exports growth to Pakistan by 38 pct

The nature of Iranian-Pakistani relations is strategic and there are many prerequisites for more extensive cooperation between the two states. The Iranian Embassy reported that Iran’s exports to Pakistan increased by about 38 percent in the 11 months of the past 1,397 Iranian year, which ended March 20, 2019. According to the Iranian embassy in Islamabad, trade between Iran and ... Read More »

Global tensions to force trade slowdown in 2019: WTO

GENEVA: Global trade growth is expected to be lower in 2019 than it was last year, the World Trade Organization forecast on Tuesday, citing widespread “tensions” and economic uncertainty. The WTO had in its preliminary estimates predicted a 3.7pc expansion of trade for this year, but has revised that down to 2.6pc, marking a decline on the 3pc growth recorded ... Read More »

Euro central bankers warn of no-deal Brexit risk to markets

FRANKFURT: Financial markets have not “priced in” the risk of a no-deal Brexit and could suffer turmoil if the “worst-case scenario” materialises, top European central bankers warned on Monday. The risk of Britain crashing out of the EU on April 12 is “something that we cannot neglect,” European Central Bank vice-president Luis de Guindos told European Parliament lawmakers in Brussels. ... Read More »

UK Brexit plan has failed ; but a customs union can unite MPs

Brexit is exhausting our business and wrecking the country’s tremendous reputation as an economic powerhouse. The U.K.’s historic stable political climate has facilitated huge investments from companies like Siemens over the years, and we are at risk of losing that critical pillar of economic stability. I know this view is held by many of my colleagues leading businesses here too. ... Read More »

Lack of USMCA ratification a nail biter for Canadian businesses

A lot has happened since Canada and its neighbours reached a deal for the new United States-Mexico-Canada Agreement (USMCA) on trade, but one thing has not happened – no country has ratified the agreement yet. And Canadian companies with cross-border interests have had to live with the uncertainty that creates. “There’s definitely some concern that it won’t get ratified,” says ... Read More »

Oil extends 1Q gains on tight supply, economic optimism

LONDON: Oil rose on Monday, building on its largest first-quarter gains in nearly a decade, as tight supply and positive signs for the global economy supported prices. Brent crude for June delivery was up 96 cents, or 1.42pc, at $68.54 a barrel by 0900 GMT, having risen 27pc in the January-March period. US West Texas Intermediate futures rose 56 cents, ... Read More »