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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.

Volkswagen recalls over 500,000 cars in China

BEIJING: The world’s car manufacturing companies have been recalling their vehicles over technical faults after selling them and this time is Volkswagen as the company is going to recall more than 500,000 cars in China due to a defect in the rear axles The German automaker, which has been in China since the 1980s, will recall a total of 581,090 ... Read More »

China gives ex-Railway official death sentence in $7.7m corruption case

BEIJING: A Chinese court gave life sentence to a former senior railway official Zhang Shuguang for taking $7.7 million in bribes. Zhang Shuguang, once deputy chief engineer at China’s Ministry of Railways, was on Friday given a death sentence suspended for two years by a court in Beijing. The court heard he used his position to help companies secure rail ... Read More »

Asian stocks rebound after global gyrations

HONG KONG: Asian stock markets rebound on Friday after decrease in U.S. unemployment applications and comments from a Federal Reserve official eased nerves about a stalling economic recovery. Hong Kong’s Hang Seng increased 0.2 percent to 22,931.60 and Australia’s S&P/ASX 200 was up 0.4 percent at 5,274. Japan’s Nikkei 225 dropped 1 percent to 14,588.16 as a rise in the ... Read More »

Oil bounces back above $87

LONDON: Brent crude value Friday increased more than a dollar to above $87 a barrel,  as investors bought back into a market they said was oversold in the short-term. Oil has lost more than a fifth of its value since June on heavy oversupply, signs of weak demand growth and indications that key oil producers, particularly Saudi Arabia, have a ... Read More »

Tokyo stocks drop 2.22 percent to near five-month low

TOKYO: Tokyo stocks Thursday dropped 2.22 percent to a near five-month low due to high value of yen following sell-offs in New York and Europe amid fears about the global economy and the Ebola epidemic. The benchmark Nikkei 225 index at the Tokyo Stock Exchange dropped 335.14 points to finish at 14,738.38, the lowest close since late May, while the ... Read More »

Ebola virus spreads in West Africa after near 4,500 deaths : WHO

MONROVIA: World Health Organisation said on Thursday that Ebola virus has spread in West Africa after a total of 4,493 deaths and the situation in Guinea, Liberia and Sierra Leone is worsening day by day. A World Health Organisation report said a total of 8,997 confirmed, probable and suspected cases of Ebola had been reported in seven countries till October ... Read More »

Oil falls to four-year low below $83 amid economic worries

LONDON:  Oil on Thursday sank more than $1 a barrel to a four-year low below $83 a barrel as concerns over the world economy stretched a four-month rout. Global benchmark Brent has fallen more than 28 percent since June due to slow demand and more supply. Losses have increased in October on signs that the Organization of the Petroleum Exporting ... Read More »

Netflix loses 27 percent shares on fewer sign ups

NEW YORK: The Netflix has dropped its share as low as 27 percent as it signed up fewer video streaming subscribers than forecast for the quarter that ended in September as its US growth slowed markedly. The company said that $1 price hike to $8.99 a month is the cause of fewer sign-ups in the US. Sources said it lured ... Read More »

AbbVie to receive $1.6 billion of share in next meeting

LONDON: The Illinois-based company, AbbVie, will receive a break fee of 1.6 billion US dollars (£1 billion) once a meeting of its shareholders is held to rubber-stamp the decision as a second major takeover of UK Drugs Company has been skippered after the board of US firm called off its £32 billion pursuit of Shire. In May, Viagra maker Pfizer ... Read More »

Alibaba’s breathtaking program for mobile apps developers

BEIJING: Alibaba Group has come up with a breathtaking initiative that starts e-commerce company’s online-shopping websites to independent mobile-app developers. The initiative offers retailers and developers outside the company extensive technical support so they can connect with Alibaba’s e-commerce ecosystem, which includes C2C and B2C shopping websites Taobao Marketplace and Tmall as well as smartphone shopping apps Mobile Taobao and ... Read More »

Dollar struggles in Asia after dull New York trade

TOKYO: The dollar remains under severe pressure in Asia against yen on Thursday after dull New York trade in response to a weak batch of US data that has sparked fears about the world´s number one economy. In midday Tokyo trade, the dollar bought 106.00 yen, slightly up from 105.91 yen in New York, but sharply lower than 107.33 yen ... Read More »

82 million people earn less than $1 a day in China

BEIJING: The world’s second-largest economy, China, have more than 82 million poor people who earn less than $1 a day as its official poverty standard is an annual income of 2,300 yuan ($375). A senior government official, Zheng Wenkai, told media that China’s poor would rise to more than 200 million if the international standards were applied as World Bank’s ... Read More »

Asia stocks rise as oil slumps further

TOKYO: Asian stock markets rose on Wednesday as oil prices slipped further which benefited them. Japan’s Nikkei 225 stock average increased by 0.2 percent at 14,971.79 and Hong Kong’s Hang Seng increased 0.7 percent to 23,205.38. China’s Shanghai Composite value increased 0.4 percent to 2,369.76 and Seoul’s Kospi was little changed at 1,928.08. Markets in Southeast Asia, Australia and New ... Read More »

China’s consumer inflation drops to 5-year lows

BEIJING: Data released on Wednesday showed that consumer inflation in China eased in September which worked as an evidence that its economy is losing pace. At the same time, ease in consumer price gave policymakers room for more stimulus if necessary. Consumer prices decreased 1.6 percent to levels not seen since January 2010 from the year-ago period due to lower ... Read More »

UK unemployment drops below two million

LONDON: The Office for National Statistics said on Tuesday that for the first time in six years, UK unemployment has fallen below two million in the three months to the end of August. The figures show that number of jobless people dropped by 154,000 to 1.97 million over the quarter. The fall took the unemployment rate to six percent which ... Read More »

China, Russia trade to touch $200 billion

  MOSCOW: The trade between China and Russia has grown from around $40 billion to $90 billion in the past six years, however, Russian President Putin said that their target is to enhance trade $200 billion by 2020. As the Western sanctions has been blocking Russian access to European and US capital markets, as Russia’s trade with the European Union in ... Read More »

Mercedes recalls 8,000 cars in UK over steering-wheel problem

LONDON: Mercedes-Benz is recalling 8,000 of the brand new cars of its new executive C-class around the UK due to steering-wheel fault which could affect control of the car. The steering-wheel problem not only affects the cars built in UK but also the one which manufactured in South Africa Factory and Germany. Sources said that the problem mainly lies with the ... Read More »

Lexus recalls 1.75m vehicles over possible fire risk

SYDNEY: Lexus has recalled about 1.75 million vehicles from all over the world due to possible fire risk caused by fuel leak. As many as 759,000 cars, built between 2005 and 2010, have been affected globally. Meanwhile, Lexus has also announced to recall 10,800 cars in Australia, which is first time this year. The company recall in Australia includes the ... Read More »

Facebook CEO donates $27m to wipe out Ebola

NEW YORK: Now philanthropist from all over the world have come up with the aim to weed out Ebola as second youngest billionaires and Facebook CEO and co-founder Mark Zuckerberg along with his wife Dr Priscilla Chan have donated $27 million to help control the deadly epidemic. The money will be spent in Ebola-hit African countries including Guinea, Liberia and ... Read More »

HK, Philippine markets up as shares remained mixed in Asia

HONG KONG: Asian markets witnessed mixed response on Wednesday as Philippine stocks came out of losses and the Hong Kong rises with hope of low inflation in China. The Philippine market, suffered heavy losses earlier this week, has up 0.8 per cent, although it is still down 2.4 per cent. The Hang Seng Index (HSI) has gained 0.3 per cent ... Read More »