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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.

Saudi Aramco tops crown prince’s $2tr goal on share surge

RIYADH/DUBAI: Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm’s long-term value. The Saudi Crown Prince has made Aramco’s initial public offering (IPO) the centre-piece of his vision of diversifying the Kingdom’s economy ... Read More »

Oil prices slip on surprise U.S. crude inventory build

SINGAPORE: Oil prices fell on Wednesday after industry data showed a surprise build in crude oil inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday. Brent futures LCOc1 fell by 37 cents, or 0.6%, to $63.97 per barrel by 0121 GMT. U.S. ... Read More »

The challenges facing former Bank of Canada governor Mark Carney

Christopher Neal was formerly communications adviser to the World Bank’s energy global practice. Mark Carney, recently tapped by United Nations Secretary-General Antonio Guterres to be UN Special Envoy for Climate Change, is no stranger to big challenges. As the former governor of the Bank of Canada, he managed to shield the country from the worst impacts of the 2008 financial ... Read More »

Uzbek Companies Invited to Meet Iranian Business Delegation in Tashkent

A delegation of Iranian knowledge-based companies and business officials will be in Tashkent on Thursday, December 12, 2019. Hereby, all Uzbek companies and businesspeople working in the following fields are invited to come to International Hotel Tashkent at 10 am (local time) to have B2B meetings with their Iranian counterparts. Here are the details of the delegation’s visit to Tashkent ... Read More »

Greek foreign policy and the Turkey-Libya agreement

Turkey’s revisionist policy after 1973 is being implemented through a recurring four-phase strategy: questioning the sovereignty and the rights of the Hellenic Republic in terms of sea zones and islands; turning the questioned territories into so-called gray areas; preventing Greece from exercising its legal rights in these areas; and trying to present these areas as part of Turkey. This Turkish ... Read More »

European companies minimise risks from US-China trade war

BEIJING: European companies in China have been able to minimise the effect from the tariff war between Beijing and Washington, although some are considering relocating their businesses, the EU Chamber of Commerce said Monday. The world’s two biggest economies have been entangled in a lingering trade war for over a year, which has weighed on the global economy and resulted ... Read More »

Saudi, Russia win over oil producers to deeper cuts

RIYADH: Saudi Arabia and Russia won backing for deeper output cuts from OPEC and allied oil producers as they look to head off global oversupply in 2020 and sustain prices. The group of more than 20 producers agreed to an extra 500,000 barrels per day (bpd) in cuts for the first quarter of 2020, sources told Reuters, taking the total ... Read More »

Taiwanese battery maker JS Power seeks partnership in Turkey

Taiwanese JS Power is gearing up to launch large-scale production of batteries in Turkey. In search of a company to cooperate and seek production opportunities, the company has so far held talks with Zorlu Holding and Anadolu Group. Foreign companies, spearheaded by Taiwanese battery manufacturer JS Power, consider investing in Turkey for battery production, one of the technologies that will ... Read More »

Asian shares gain as Trump fuels trade deal optimism

SYDNEY/TOKYO: Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were “moving right along”, and U.S. oil prices sat near 2-1/2-month highs after OPEC and other producers agreed to cut output. MSCI s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.5% and Japan s Nikkei .N225 added ... Read More »

OPEC and allies prepare to deepen oil output cuts

VIENNA: OPEC and its allies led by Russia were moving closer on Thursday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a ... Read More »

Car industry to slash more jobs in 2020

BERLIN: Germany’s VDA automobile association said on Wednesday that it excepted global car sales to fall by 5% this year, the steepest drop since the world financial crisis a decade ago, adding that the crisis would force companies to cut more jobs in 2020. “Utilization is going down, temporary work contracts are not being renewed, short-time employment with state aid ... Read More »

Oil prices edge higher as Saudi pushes for further supply cuts

NEW YORK: Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week, although scepticism about a deal among some analysts limited the gains. Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. US West Texas Intermediate crude was up 44 cents at $56.40 a barrel. The ... Read More »

Carbery receives €35m EIB loan to help Brexit-proof business

Carbery Group has received a €35m loan from the European Investment Bank (EIB) to support fund the construction of a €78m manufacturing plant, which it hopes will help Brexit-proof the business. The EIB is the long-term lending institution of the European Union. It is owned by member states. This is the first ever EIB financing for an Irish agri-foods business. ... Read More »

Trade Deficit Soars to $1.808 Billion From $497 Million Last Year

The Turkish Statistical Institute said on Friday that the trade deficit rose to US$1.808 billion in October from US$497 million in the same month last year, indicating a four folds increase on an annual basis. Seasonally and calendar-adjusted exports decreased by a monthly 0.5 percent when compared with September. Imports increased by 3.6 percent. Turkey’s economy is emerging from a ... Read More »

Brent crude futures rose 76 cents, or 1.3pc, to $61.25 a barrel

TOKYO: Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. Brent crude futures rose 76 cents, or 1.3%, to $61.25 a barrel by 0415 GMT. West Texas Intermediate (WTI) ... Read More »

UK Black Friday transactions jump 12.5% versus 2018: Barclaycard

LONDON: The volume of Black Friday payment transactions in Britain as of 1000 GMT was up 12.5% versus last year, initial data from Barclaycard showed on Friday, bringing some cheer to UK retailers in need of a tonic after a troubled year. Barclaycard, which processes nearly one pound ($1.28) in every three pounds spent in the United Kingdom, said its ... Read More »

Hong Kong unrest leaves gaping hole in business plans

GUANGZHOU/HONG KONG — A wide swath of businesses in Hong Kong are suffering blows to earnings from pro-democracy protests, forcing some to change strategies in the face of no clear end to the unrest. Drugstore operator Sa Sa International Holdings made a surprise announcement to analysts on Nov. 21 that it would close 30 locations across Hong Kong, about a ... Read More »

Huawei to challenge FCC decision on US subsidy programme: WSJ

BEIJING: Huawei Technologies has decided to challenge a United States Federal Communications Commission (FCC) decision barring US rural carrier customers from tapping an $8.5 billion government fund to purchase equipment from the Chinese company, Wall Street Journal reported on Thursday. Last week, the US telecommunications regulator voted to propose requiring carriers to remove and replace equipment from Huawei from existing ... Read More »

China, US agree to address core concerns in trade talks

BEIJING: Top trade negotiators of China and the United States discussed solving issues regarding each other’s core concerns and reached consensus on properly addressing related issues in a phone call on Tuesday morning, the Ministry of Commerce said. Analysts said they hope both governments will further enhance mutual trust and seal a partial agreement, as a new study indicated that ... Read More »

UK banknote printer De La Rue fears for its future

De La Rue, the company that prints the UK’s banknotes, has said there is a risk that the firm will collapse if its turnaround plan fails to work. The announcement came as it suspended its dividend and reported a loss in the first half of its financial year. De La Rue said its warning was based on a worst-case scenario. ... Read More »