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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.

EU looks into extending import controls on Chinese solar panels

BRUSSELS: The European Commission is examining whether to extend measures to control imports of solar panels from China, a move that could fuel tensions with Beijing which had welcomed plans to phase them out in September. The Commission is studying a request from at least one EU solar panel producer to open an “expiry review”, according to EU sources familiar ... Read More »

Australia telecom giant telstra to axe 8,000 jobs

Sydney :Australia’s dominant telecommunications company Telstra Wednesday announced plans to axe 8,000 jobs — a quarter of its workforce — as part of a drastic new strategy to cope with an increasingly competitive industry. The decision by the company, one of Australia’s largest employers, is part of a shake-up targeting an extra Aus$1 billion (US$750 million) in cost-cutting by 2022, ... Read More »

ZTE drops 25 per cent after US lawmakers advance effort to restore export ban

ZTE Corp dived on Tuesday after American lawmakers green-lit a bill to restore severe penalties on the Chinese telecoms gear-maker, potentially upending a deal struck with President Donald Trump to allow it to get back in business. The company’s Hong Kong shares slid to their lowest level in two years, down 25 per cent to HK$9.85, while its Shenzhen stock ... Read More »

Russian ‘Smart City’ among finalists to host Expo 2025

Russia : The Russian city of Ekaterinburg has entered the final round of bidding to host the World Expo 2025. At the heart of Russia’s bid is the ‘Smart City’ concept proposed to be constructed before the fair. Ekaterinburg, a city of 1.5 million in the Ural Mountains, faces off against the Japanese city of Osaka and Azerbaijan’s capital Baku, ... Read More »

Russia World Cup to generate a staggering $6 billion for FIFA

Russia: FIFA is set to generate up to 6.1 billion from the 2018 World Cup kicking off in Russia, according to the world governing body’s financial documents. The figure is 10 percent higher compared to the revenues FIFA projected for the tournament, and $1.3 billion more than the earnings generated by the 2014 World Cup in Brazil, documents seen by ... Read More »

Chinese growth shows signs of flagging as leaders tackle problems

Beijing :Chinese economic growth showed signs of flagging in data released on Thursday as Beijing faces trade tensions with the United States as well as debt and pollution battles at home. Industrial output and retail sales in the world’s number two economy slowed last month, while the central bank shied away from raising borrowing costs despite another hike by the ... Read More »

MBS, Putin to discuss oil production on sidelines of World Cup

Saudi Arabia ” Russian President Vladimir Putin and and Saudi Crown Prince Mohammed bin Salman will discuss how to boost oil production while maintaining their petro-alliance when they meet in Moscow tomorrow to watch the soccer World Cup’s opening match between the two countries. The world’s largest oil exporters are negotiating how to rework their unprecedented, and successful, deal to ... Read More »

British engine maker Rolls-Royce cutting 4,600 jobs

London :Rolls-Royce, the British maker of plane engines, said Thursday that it plans to cut 4,600 mainly British jobs by 2020, adding to thousands of cuts already announced in recent years. “Rolls-Royce announces the next stage in our drive for pace and simplicity with a proposed restructuring that will deliver improved returns, higher margins and increased cash flow,” the group ... Read More »

Low debt & high reserves: Russia’s economic strategy paying off

Despite facing years of sanctions from the US and EU, the Russian economy is growing again thanks to a winning formula of borrowing less and saving more. The sovereign debt of Russia is a fraction of that in developed countries like the UK or US. Russia’s foreign debt now stands at $525 billion, compared to $7.5 trillion in Britain, $5 ... Read More »

IMF Releases $250 Million Of Sri Lanka Loan, Seeks Airline Shake-Up

COLOMBO: The International Monetary Fund announced the release of the latest instalment of Sri Lanka’s $1.5 billion bailout on Saturday, but warned that restructuring the loss-making national airline was essential to sustain economic recovery. The IMF welcomed the island nation’s increase in fuel prices last month — a precondition for it to receive $252 million of the three-year loan approved ... Read More »

Russia-China trade to reach record $100b by year-end as ties grow in all sectors – Putin

Russia: Trade between Moscow and Beijing has grown 31 percent this year and is projected to reach the $100 billion target, said Russian President Vladimir Putin during a meeting with China’s President Xi Jinping in Beijing. Energy is the key sector of cooperation between the two countries, according to Putin. “Russia remains the largest supplier of fuel to the Chinese ... Read More »

Amazon blocks Australia from global sites over tax

Sydney, :US internet giant Amazon will block Australian shoppers from its international websites to counter new tax laws on online purchases, it announced Thursday. New rules require internet retailers like the American behemoth to collect a 10 percent goods and services tax on everything bought from overseas sites from July 1, including under the current tax-free threshold of Aus$1,000 (US$760). ... Read More »

European central bank meet could bring end to bond-buying

Frankfurt am Main :The European Central Bank may announce Thursday a timetable for withdrawing its massive support for the eurozone economy, analysts say, although looming threats to the bloc could stay its hand for a few more weeks. Central bankers’ monthly bond purchases of 30 billion euros ($35 billion) and ultra-low interest rates are designed to stoke growth in the ... Read More »

Pakistan, Russia agree to further enhancing economic ties, trade volume

QINGDAO :pakistan and Russia on Sunday agreed to work together for further enhancing economic ties and increasing trade volume, in order to realize tremendous potential for bilateral trade between the two nations. This was agreed in a meeting between President Mamnoon Hussain and President of Russian Federation Vladimir Putin on the sidelines of 18th Meeting of the Council of Heads ... Read More »

Turkey’s current account deficit at $5.4B in april

ANKARA:Turkey’s current account deficit hits $5.43 billion in April, marking an increase of $1.7 billion, year-on-year, Turkish Central Bank (CBRT) announced on Monday. According to the CBRT’s report on balance of payments, the country’s 12-month rolling deficit reached nearly $57.1 billion in April. “This development in the current account is mainly attributable to $1,817 million increase in the goods deficit, ... Read More »

Pakistan, Iran agree to strengthen economic ties through enhanced trade, connectivity

QINGDAO : pakistan and Iran Saturday agreed to further strengthen the bilateral economic ties by enhancing people-to-people contacts, trade and connectivity between Gwadar and Chahbahar ports. This was agreed in a bilateral meeting between President Mamnoon Hussain and his Iranian counterpart Dr Hassan Rouhani here. The meeting took place at Grand Regency Hotel on the sidelines of the 18th Meeting ... Read More »

UK car sector investment collapses on brexit impact: industry data

London :Investment in Britain’s automotive sector collapsed by almost half in the first six months of the year, impacted by Brexit uncertainty, industry data showed Tuesday. The Society of Motor Manufacturers and Traders revealed the news to coincide with its annual meeting in central London. Car investment plunged to �347.3 million ($461 million, 395 million euros) in the first six ... Read More »

Commonwealth Bank of Australia has agreed to pay a 530-million

SYDNEY :Commonwealth Bank of Australia has agreed to pay a 530-million-U.S dollar fine on Monday, to resolve legal proceedings related to systemic breaches of money laundering and counter-terrorism financing laws. If the federal court accepts the proposal made by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the country’s biggest bank, it will be the largest civil penalty in ... Read More »

Russia to double gold extraction becoming world’s second biggest producer

Russia: Major Russian gold mining companies are planning to almost double production. The increase could make Russia the world’s second largest producer of the precious metal. The country is currently third in the global rating of gold miners after Australia and China. However, that could change in less than a decade, according to Mikhail Leskov, deputy CEO at the Moscow-based ... Read More »

China boosts financial support for small firms, green economy with MLF collateral rules

BEIJING :China’s central bank said Friday that it has decided to moderately expand the scope of securities as collateral for a lending tool in an effort to boost support for small enterprises and green economy sectors. The People’s Bank of China (PBOC) said during the medium-term lending facility (MLF) operations, it will admit more types of securities as collateral, including ... Read More »