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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.

Brent crude oil falls as US hits Syria

LONDON: Brent crude has inched lower and reached $97 a barrel as the United States and its allies in Middle East launched strikes against so-called Islamic State strongholds in Syria. Meanwhile, US crude rose 31 cents to $91.18 a barrel, rebounding from a session low of $90.58 that was its weakest since Sept. 11. Oil prices fell to a two-year ... Read More »

Copper market in balance after three-month lows

LONDON: Manufacturing data from top consumer China has helped copper prices steady after touching three-month lows. China’s manufacturing sector picked up some momentum in September even as factory employment slumped to a 5-1/2-year low, reassuring investors who had expected weaker numbers from the world’s second-largest economy. According to analysts, the global copper market is expected to be in a surplus ... Read More »

Over 10 million iPhones sold in 3 days: Apple

London: Apple Inc Chief Executive Tim Cook has disclosed that the company has sold over 10 million iPhones in the first three days of its newly-launched models . In a statement on Tuesday , Chief Executive Tim Cook said the company launched its new model on last Friday and it could sold more new models of iPhone 6 and iPhone ... Read More »

Microsoft to launch new Office software for students

NEW YORK: Microsoft has announced that it will launch a new version of its Office 365 productivity software which will be free for students so that they can equip themselves with latest technologies. Microsoft  also announced a free terabyte of storage on Microsoft’s One Drive cloud service. The officials of Microsoft Tuesday said purpose of launching new software is to ... Read More »

Oil prices fall below $98

SINGAPORE: Ahead of Chinese manufacturing data to be released on Tuesday ,oil prices lowered in Asia on Monday. Brent crude for November fell 48 cents to $97.91. At the same time, US benchmark West Texas Intermediate for October delivery lowered 40 cents to $92.01 . Market analyst Desmond Chua at CMC Markets in Singapore said that Oil price fell due ... Read More »

Asian markets lower on profit-taking  

HONG KONG: Despite big gains at the end of last week, Asian markets lowered on Monday as their profits slightly slipped. Tokyo market shed 0.71 per cent, or 115.27 points to 16,205.90. Sydney market dropped 1.29 per cent, or 70.1 points, to 5,363.0 while Seoul shed 0.71 per cent, or 14.55 points, to 2,039.27. Shanghai lost 1.70 per cent, or ... Read More »

G20 for stimulus package to boost global growth

CAIRNS: The G20 group of world’s wealthy states is near to approving a package of initiatives to boost global growth. Finance ministers of 20 countries and central bank chiefs have been meeting in the Australian city of Cairns. In February they pledged to come up with measures that would boost global growth by 2% by 2018. So far they have ... Read More »

GlaxoSmithKline fined $490m by China for bribery

BEIJING: China has fined UK pharmaceuticals firm GlaxoSmithKline $490m after a court found it guilty of bribery. The record penalty follows allegations the drug giant paid out bribes to doctors and hospitals in order to have their products promoted. The court gave GSK’s former head of Chinese operations, Mark Reilly, a suspended three-year prison sentence and he is set to ... Read More »

Oil prices steady at end of volatile week

NEW YORK: World oil prices have steadied after Brent crude had this week hit a two-year low point against a backdrop of solid supplies and dampening demand growth. Brent North Sea crude for delivery in November edged up six cents to stand at US$97.76 a barrel around midday in London. US benchmark West Texas Intermediate for October eased 22 cents ... Read More »

Alibaba shares skyrocket past IPO price

NEW YORK: Alibaba has debuted as a publicly traded company and swiftly climbed more than 40% in a mammoth IPO that offered eager investors seemingly unlimited potential for growth and a way to tap into the burgeoning Chinese middle class. The sharp demand for shares sent the market value of the e-commerce giant soaring well beyond that of Amazon, eBay ... Read More »

Pound surges on Scottish ‘No’ vote

LONDON: The pound has hit a two-year high against the euro and a two-week high against the US dollar, as Scotland voted against independence. In early Asian trade, sterling jumped 0.43% to 1.2743 euros. The pound also jumped nearly 0.8% to $1.6525 against the US dollar, before falling back slightly. The FTSE is also expected to open higher. Meanwhile, RBS ... Read More »

Oracle’s boss Larry Ellison steps down

CALIFORNIA: Oracle boss Larry Ellison is stepping aside as chief executive after 37 years at the helm of the software giant. Mr Ellison, estimated to be the world’s fifth wealthiest man, becomes chairman and chief technology officer, remaining an influential presence at the company. Mark Hurd and Safra Catz have been named as successors, and become co-chief executives. Mr Ellison, ... Read More »

Orders for Samsung Galaxy Note 4 phone begin

NEW YORK: Samsung says US wireless carriers will start taking orders for its large-screen Galaxy Note 4 smartphone on the same day larger iPhones go on sale. The Note 4 will be available on Oct 17, but the orders will be taken beginning Friday. It has a screen measuring 5.7 inches diagonally, slightly larger than the 5.5 inches on Apple’s ... Read More »

Google to boost Android encryption

CALIFORNIA: Google and Apple have said that they are hardening encryption tactics on devices powered by their mobile operating systems and tossing away the keys. The move should mean that even the government with its court-issued warrants will be blocked from getting hold of pictures, messages and other personal data stored on forthcoming Android or Apple smartphones and tablets. Google ... Read More »

Air France scraps 60pct of flights as unions reject strike offer

PARIS: French flag carrier Air France was forced to scrap around 60 percent of flights Thursday, as unions rejected a fresh offer to end a strike now in its fourth day. Pilots’ union SNPL slapped down as “largely insufficient” an offer from Air France to limit the operations of its low-cost subsidiary Transavia France, whose planned expansion has sparked the ... Read More »

G20 grapples with growth targets as eurozone drags

CAIRNS, Australia: Finance ministers from G20 nations meet in Cairns this weekend as they grapple with how to achieve a lift in global growth by two percent while being held back by a sickly eurozone recovery. Strengthening global growth, creating jobs and how to achieve this is the Group of 20’s top priority under Australia’s rotating presidency, along with making ... Read More »

Fed’s decision fans rally in Asian markets

HONG KONG: Federal Reserve’s decision of sticking to its timetable on increasing interest rates fanned a rally in Asian stock  markets on Thursday. The Fed’s statement that its funds would remain low also pushed rally in Wall Street and US dollar as well. Tokyo rallied by 1.13 per cent or 178.90 points, to 16,067.57; Sydney upped by 0.16 per cent ... Read More »

Ericsson says good bye to making modems

STOCKHOLM: Swedish telecom equipment company Ericsson on Thursday announced that modems would not be developed any more. In a statement, Ericsson said modem it would stop developing modems and its affected 1,582 employees would be redeployed in research and development wing being developed for radio networks. Read More »

Crude oil prices slide on increase in supply

NEW YORK: The government data showed that oil prices in US has decreased as the domestic oil supply rose unexpectedly in the country. Light, sweet crude for October decreased 46 cents to reach $ 94.42 per barrel on the New York Mercantile Exchange. As per details, oil prices lowered to $ 93.93 per barrel after the Federal Reserve concluded its ... Read More »

Fed pledges to keep interest rates low

WASHINGTON: The Federal Reserve has said that it plans to keep short-term interest rates low for a ‘considerable’ time after it ends a bond purchase program aimed at stimulating the economy. But the central bank also signalled that it is increasingly focused on normalising monetary policy as the recovery strengthens. Winding up a two-day meeting, the Federal Open Market Committee ... Read More »