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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.

Samsung flags smartphone profit fall, upbeat on chips

SEOUL: Samsung Electronics warned of a smaller mobile business profit on Thursday as its rival Apple gave a positive iPhone sales outlook, dampening hopes new models will help the world’s largest smartphone vendor finally get back on a growth track. Investors have pinned their hopes on a recovery in the mobile business that once made up over half of Samsung’s ... Read More »

Global leaders, tycoons to attend Saudi ‘Davos in desert’

DAVOS: Top finance moguls and political leaders are set to attend a Davos-style Saudi investment summit starting on Tuesday, in contrast to last year when outrage over critic Jamal Khashoggi’s murder sparked a mass boycott. Organisers say 300 speakers from 30 countries, including American officials and heads of global banks and major sovereign wealth funds, will attend the annual summit ... Read More »

Amazon’s gloomy holiday forecast misses estimates, shares fall 7pc

NEW YORK: forecast revenue and profit for the holiday quarter below expectations, as it faces fierce competition and rising costs from its plan to speed up delivery times globally. Shares fell 7%, as revenue growth for the company’s lucrative cloud computing business also slowed down in the third quarter, missing analysts’ estimates. Amazon beat expectations on overall third-quarter revenue, ... Read More »

Oil pares U.S. stock-draw gains on weak demand outlook

SINGAPORE: Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2% in the previous session on the back of a surprise draw in U.S. crude stocks. Brent crude futures LCOc1 fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5% on Wednesday to settle ... Read More »

Zuckerberg appears in Congress as Facebook faces scrutiny

NEW YORK: Facebook Chief Executive Officer Mark Zuckerberg is again appearing before Congress to face questions about his company’s massive market power, privacy lapses and tolerance of speech deemed false or hateful. Zuckerberg has been summoned to testify at a hearing on Wednesday by the House Financial Services Committee on Facebook’s plan to create a global digital currency, which has ... Read More »

Sri Lanka taken off world terror finance watch list

Sri Lanka has been removed from the “Grey List” of the Financial Action Task Force (FATF) on money laundering, the FATF announced last week. According to the outcome of the FATF Plenary held on October 16-18 in France, Sri Lanka now has become a country that is no longer subjected to the monitoring of the top international terror finance watchdog. ... Read More »

IPO timing depends on ‘market conditions’: Aramco

DUBAI: Saudi Aramco said the timing of its long-awaited stock market debut “will depend on market conditions,” after the latest delay in the blockbuster initial public offering. The IPO forms the cornerstone of a reform programme conceived by the kingdom’s de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil. Aramco was ... Read More »

China’s GDP growth slows to 27-year low at 6pc

BEIJING: China’s economy expanded at its slowest rate in nearly three decades during the third quarter as it was hit by the long-running US trade war and cooling domestic demand, data showed Friday, with an official warning of “mounting downward pressure”. With China a key driver of global growth, the soft reading added to concerns about the world economy and ... Read More »

Oil prices fall as data points to huge build in U.S. stocks

SINGAPORE: Oil prices slid on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, adding to concerns that demand for oil around the world may weaken amid further signs of a global economic slowdown. Global benchmark Brent crude oil futures LCOc1 had fallen by 40 cents, or 0.7%, to $59.02 a barrel by 0110 GMT. ... Read More »

China set to launch its own digital currency after bitcoin crackdown

BEIJING: As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency — one that could allow the government and the central bank to see what people spend their money on, according to analysts. Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital ... Read More »

Total to buy 37pc stake in India’s Adani Gas

PARIS: Total has agreed to buy a 37.4-per cent stake in India’s Adani Gas, the two firms said on Monday, with the French giant spending $600 million to expand its access to the energy-hungry country. The Indian firm, part of the Adani Group conglomerate, is one of the four main distributors of city gas in the country, and plans to ... Read More »

US, China resume high-level talks to end grueling trade war

WASHINGTON: Top US and Chinese negotiators met for the first time since late July to try to find a way out of a 15-month trade war as new irritants between the world’s two largest economies threatened hopes for progress. US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer greeted Chinese Vice Premier Liu He on the steps of ... Read More »

World suffering ‘synchronised slowdown’: IMF

WASHINGTON: Grinding trade disputes are undermining the global economy, which is set to see its slowest growth in nearly a decade, the new IMF chief said Wednesday. Research shows the impact of the trade conflict is widespread and countries must be ready to respond in unison with cash infusions, Kristalina Georgieva said in her first speech as managing director of ... Read More »

US blacklists 28 Chinese entities over abuses in Xinjiang

WASHINGTON: The US Commerce Department announced it is blacklisting 28 Chinese entities that it says are implicated in rights violations and abuses targeting Uighurs and other mostly Muslim minorities in the Xinjiang region. Secretary of Commerce Wilbur Ross announced the move, which bars the named entities from purchasing US products, saying the United States “cannot and will not tolerate the ... Read More »

Oil prices slip again amid gathering gloom over global economy

SINGAPORE: Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the U.S.-China trade war. Brent crude futures LCOc1 edged down 24 cents to $58.13 a barrel by 0147 GMT while U.S. ... Read More »

Saudi Arabia raises oil sales prices to Asia

Saudi Arabia, the world’s biggest crude exporter, raised all pricing for November oil sales to Asia as refining margins rose and the country’s state oil producer pulled out the stops to maintain supply after aerial attacks briefly knocked out half its output last month. State-oil producer Saudi Aramco increased its official selling price for Arab Light crude for November shipment ... Read More »

Global stocks make fragile gains ahead of US jobs data

NEW YORK: Global stocks were slightly higher on Friday, clawing back some ground lost in their worst week for months, and safe haven assets rose ahead of a key jobs report as investors hoped this week’s dismal data would trigger more United States interest rate cuts. Trading overall was subdued after a bruising week for assets considered riskier in times ... Read More »

Turkey fines Facebook $282,000 over privacy breach

ANKARA: Turkish authorities have fined Facebook $282,000 for violation of data protection laws which affected nearly 300,000 people, the Personal Data Protection Board (KVKK) said on Thursday. Facebook has been facing a lawsuit in the United States from users seeking to hold the company liable for allowing third parties, including Cambridge Analytica, to access their data. On Thursday, the KVKK ... Read More »

Oil steadies in rebound after jitters over economic outlook, U.S. inventories

SINGAPORE: Oil futures rebounded on Thursday, reversing losses earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session gave way to modest hopes for progress in resolving the U.S.-China trade war. Brent crude oil futures LCOc1 edged 10 cents higher, or 0.2%, to $57.79 a barrel by 0209 GMT, after ... Read More »

Global shares at one-month low on U.S. manufacturing shock

TOKYO: Global shares fell to one-month lows on Wednesday after U.S. manufacturing activity tumbled to more than a decade low, sparking worries that the fallout from the U.S.-China trade war is spreading to the U.S. economy. A slowdown in U.S. economic growth would remove one of the few remaining bright spots in the global economy and come just as Europe ... Read More »