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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.

Vodafone boss Vittorio Colao to step down

UK: Vodafone’s chief executive Vittorio Colao is to leave the mobile phone giant in October after 10 years at the helm. He will be replaced by current finance director Nick Read. The announcement came as Vodafone reported an annual profit of €2.8bn (£2.5bn), compared with a loss of €6.1bn last year when it wrote down the value of its Indian ... Read More »

China Contributing $500 Million to Trump-Linked Project in Indonesia

China: The Chinese government is extending a $500 million loan to a state-owned construction company to build an Indonesian theme park that will feature a Trump-branded golf course and hotels. A subsidiary of Chinese state-owned construction firm Metallurgical Corporation of China (MCC) signed a deal last week with the Indonesian firm MNC Land to build an “integrated lifestyle resort,” as ... Read More »

Turkey’s oppressive turn doesn’t deter Italian investments

Turkey : An investigation by Ahval reveals how increasing trade between European companies and Turkey affects political relations between European Union states and the mainly-Muslim nation. A close examination reveals that while EU leaders express concern about the Turkish government’s human right abuses, companies based in the EU are stepping up trade with Ankara and continuing to make more money. ... Read More »

US diplomat focussed on Aughinish crisis

US : The acting US ambassador to Ireland has said the delicate situation surrounding the future of Aughinish Alumina in Limerick is being “discussed at the highest levels of our two governments”. Charge d’affaires Reece Smyth, US Embassy made a visit to Smarttech security operations centre on Thursday 10th May 2018, pictured with Ronan Murphy, CEO, Smarttech. Pic credit: Larry ... Read More »

Singapore retail sales drop 1.5% in March, as car sales slump again

SINGAPORE – Retail sales dropped 1.5 per cent in March from a year ago, reversing the Chinese New Year-fueled 8.6 per cent jump seen in February, as car sales continued to slump. Excluding motor vehicles, takings at the till rose 2.6 per cent, according to Singapore Department of Statistics data released on Friday (May 11). The total retail sales value ... Read More »

Alibaba acquiring big online retailer in southern Asia

China : Alibaba Group Holding Ltd is spreading its wings further into South Asia by acquiring the region’s largest e-commerce platform. The buyout of Daraz Group, for an undisclosed amount, will make the company a wholly owned unit of Alibaba, following in its footsteps of recent purchases in shopping portals and digital wallets across the region. “We are excited for ... Read More »

US companies invited to join AIIB projects

US: The Asian Infrastructure Investment Bank is welcoming US companies to join its infrastructure projects. “We encourage American companies to participate in the competitive bidding and export equipment and services to the countries who need them,” Jin Liqun, president of the AIIB, said at the recently concluded annual meeting of the Committee of 100 in Silicon Valley. He said he ... Read More »

Nestle to pay $7.15 billion to Starbucks to jump-start coffee business

Swiss-based food giant Nestle will pay Starbucks $7.15 billion in cash for the rights to sell the U.S. coffee chain’s products around the world in a global alliance aimed at reinvigorating their coffee empires. The deal on Monday for a business with $2 billion in sales reinforces Nestle’s position as the world’s biggest coffee company tries to fortify its place ... Read More »

Sri Lanka approves R6.2bn plant near Chinese-controlled port

INTERNATIONAL – Sri Lanka’s state-run investment body has approved a $500 million liquefied natural gas plant by China Machinery Engineering Corp near a Chinese-controlled port and industrial zone, the development strategies minister said on Friday. The state-run Board of Investment has approved investment projects worth $1 billion in the first quarter, Malik Samarawickrama said, the largest of which was the ... Read More »

Russia Invited to Take Part in Sudan’s Oil Gas Projects

RIYADH: Sudan has invited Russian companies to participate in its oil and gas projects, an advisor to the Sudanese petroleum and gas minister said. “In the fields of drilling and oil production, there are some sites. These sites have been offered to Russian companies so that they can run these sites and invest in them. These sites do not produce ... Read More »

US considering restrictions on China’s telecoms companies

WASHINGTON (Reuters): The Trump administration is considering issuing an executive order that would restrict some Chinese companies’ ability to sell telecommunications equipment in the United States, two industry officials said, an action likely aimed at Huawei Technologies Co Ltd [HWT.UL] and ZTE Corp. President Donald Trump’s administration has already targeted Huawei and ZTE, two of the world’s major telecommunications equipment ... Read More »

Steady growth on economy into 2018

CHINA: manufacturing activity edged down in December, official data showed yesterday, but largely maintained momentum despite curbs on heavy industry aimed at taming the country’s chronic air pollution.The manufacturing purchasing managers’ index (PMI), a gauge of factory conditions, stood at 51.6 last month, the National Bureau of Statistics said, compared to 51.8 in November.Anything above 50 is considered growth, while ... Read More »

Apple in $100bn share buyback as more money returned to US

US: Apple is returning another $100bn (£73bn) to shareholders from its huge cash pile as solid iPhone sales helped revenues rise 16% to just over $61bn.The company sold 52.2 million iPhones in the three months to March – only a touch below expectations, despite waning global demand for smart phones.Revenues at Apple’s services business that includes Apple Music and the ... Read More »

Saudi oil giant Aramco appoints 1st woman to board of directors

Saudi : The world’s biggest crude exporter, Saudi Aramco, has appointed its first female executive to the board of directors, naming Lynn Elsenhans, an American, one of its new members. State-run Aramco announced the milestone decision on Sunday, welcoming the former chairwoman, president, and CEO of the US oil company Sunoco among its five new board members. Saudi Finance Minister ... Read More »

Iran has banned all use of the popular Telegram messaging app

IRAN: The ban had been introduced to protect “national security”, said a statement aired on state television. It is believed the ban is connected to protests expected on 12 May if US President Donald Trump re-imposes sanctions on Iran.Iranian authorities have complained before about the way Telegram has been used by anti-government groups to organise rallies and protests.State television programmes ... Read More »

Nepal’s per capita income crosses 1,000 USD in 2017-18 fiscal year

KATHMANDU: Nepal’s per capita income is estimated to have crossed 1,000 U.S. dollar mark for the first time, a major boost for the country which has targeted to upgrade from the least developed country to a developing country by 2022, Nepal’s Central Bureau of Statistics (CBS) said Wednesday. According to CBS, the country’s central agency for the collection, consolidation, processing, ... Read More »

Turkish funds to invest $1B in projects to boost trade

ANKARA: Turkey Investment Fund, set up last year by the Russian Direct Investment Fund (RDIF) and Turkey’s Sovereign Wealth Fund, aims to strengthen bilateral economic ties and increase investment flows between the two countries, according to the RDIF head. In particular, the parties will focus on infrastructure, healthcare and information technology sectors, RDIF CEO Kirill Dmitriev told Anadolu Agency (AA) ... Read More »

Russia’s supreme court calls for review of bitcoin website ban

MOSCOW: The Supreme Court of Russia has ordered the St. Petersburg City Court to review an appeal against blocking, a cryptocurrency website, according to RAPSI, the court’s press service. In 2016, the Vyborgsky District Court of St. Petersburg granted a prosecutorial request to block the website, according to the court. The court held that information about bitcoin, as “a mean of virtual ... Read More »

Iran Lawmakers Central Banker Fired Amid Currency Chaos

TEHRAN: Iran’s lawmakers have written to President Hassan Rouhani demanding the removal of the central bank chief, accusing him of mismanaging the banking industry and currency markets as the rial weakened to a record low.  Iran has witnessed “instability in the management of banks and credit institutions” under Governor Valiollah Seif, state-run Tasnim news agency quoted Javad Abtahi, one of ... Read More »

Turnaround in Saudi to begin with a modest GDP growth in 2018

RIYADH: The Saudi Arabian economy that witnessed slow growth during the last three years and a negative growth of -0.7 per cent last year is projected to grow in the range of 1.9 per cent, according to projections by the Institute of International Finance (IIF). Earlier this week, the International Monetary Fund (IMF) projected the real GDP growth at 1.7 ... Read More »