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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.

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 »

Canada files WTO complaint over ‘illegal’ US steel tariffs

Ottawa:Canada filed complaints at the World Trade Organization in response to “illegal” US tariffs on imports of Canadian steel and aluminum, Foreign Minister Chrystia Freeland said Friday. “These unilateral tariffs, imposed under a false pretext of safeguarding US national security, are inconsistent with the United States’ international trade obligations and WTO rules,” Freeland said in a statement. Read More »

EU joins global battle against Trump tariff onslaught

Whistler :The EU on Friday launched its first counteroffensive against Washington’s punishing steel and aluminum tariffs while the US began meetings in Canada with outraged finance ministers from its top trading partners. Meanwhile in Washington, US President Donald Trump floated the possibility of scrapping the 24-year-old North American Free Trade Agreement in favor of separate bilateral deals with Canada and ... Read More »

US commerce secretary wilbur ross in China for talks to avoid trade war

Beijing :US Commerce Secretary Wilbur Ross arrived in Beijing Saturday for talks aiming to ease tensions over tariffs that have heightened fears of a trade war between the world’s two biggest economies, officials and Chinese state media said. Despite announcing a truce earlier this month, the United States is working to finalise planned sanctions on Beijing — including restrictions on ... Read More »

Canada govt steps in to buy controversial pipeline

Ottawa, (UrduPoint / Pakistan Point News – 29th May, 2018 ) :Canada’s government said Tuesday it will take over a controversial pipeline expansion project to ensure it gets builtover the fierce opposition of environmental activists and British Columbia’s provincial government. Ottawa will pay Kinder Morgan Can$4.5 billion ($3.5 billion) for the Trans Mountain pipeline, which is to move 890,000 barrels ... Read More »

US to impose steel tariffs on eu: report

Washington:President Donald Trump intends to impose steep import duties on steel and aluminum imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported Wednesday. Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the ... Read More »

Global electric car sales up over 50 percent in 2017

China:Electric car sales around the world rose by 54 percent in 2017, taking global stock across the three-million threshold, the International Energy Agency said . In China, the world’s biggest market for electric vehicles, sales also grew by about half — but their market share remained small at 2.2 percent. In Norway electric vehicles have by far the world’s highest ... Read More »

Sberbank sells Turkish unit to Emirates NBD for 2.7B euros

Moscow,:Russia’s state-owned Sberbank said Tuesday it was selling its Turkish subsidiary Denizbank to Emirates NBD for roughly 2.7 billion euros ($3.2 billion) to focus on its own brand. Sberbank bought Turkey’s fifth-largest lender in 2012 from the failing French-Belgian bank Dexia as part of efforts to expand internationally, but US sanctions imposed after Russia’s intervention in Ukraine have crimped that ... Read More »

US Nvidia reports major increase in revenue for first quarter fiscal 2019

SAN FRANCISCO – Nvidia Corporation, a world leading company on visual computing technologies, reported a major rise in its revenues of 66 percent from a year earlier to hit a record of $3.21 billion in the first quarter of fiscal 2019 ending on April 29, 2018. The Silicon Valley-based American graphics processing units (GPUs) manufacturer said in a statement on ... Read More »

Blackstone in $2.4B bid for Australia office giant 28 may 2018

Sydney:US private equity giant Blackstone has made a Aus$3.1 billion (US$2.4 billion) bid for office property giant Investa, the Australian-listed firm said Monday. Investa Office Fund — which has Aus$4.0 billion of Australian assets under management — said the Aus$5.25 per share bid was unsolicited. The company’s board is set to “unanimously recommend” the proposal, saying it presented shareholders “with ... Read More »

European Investment Bank invest €12.5m in Irish forestry

Ireland : An investment of some €12.5 million in sustainable Irish forestry has been announced by the European Commission and the European Investment Bank. Commissioner for Agriculture Phil Hogan, said that with controversy growing about monoculture and clear felling policies in Ireland it is a welcome support for the more sustainable “continuous cover forestry” projects which would better support biodiversity ... Read More »

Putin says russia would be satisfied with $60 oil

Saint Petersburg:President Vladimir Putin said Friday that Moscow would be satisfied with the price of crude oil dropping to $60 per barrel as Russia and Saudi Arabia signalled they are ready to revise a production cap that has boosted prices. “We would be completely satisfied with oil at $60” per barrel, Putin said at a meeting on the sidelines of ... Read More »

UK set to demand EU repayment in brexit satellite row reports

London:Britain was on Thursday set to demand the European Union repay 1 billion ($1.34 billion, 1.14 billion euros) if it is excluded from the Galileo satellite project post-Brexit, according to newspaper reports. Britain’s Department for Exiting for the European Union was expected Thursday to release a report on the satellite navigation project, and Brussels’ decision to deny London access to ... Read More »

US commerce chief to hold trade talks in China Next Week

Beijing:US Commerce Secretary Wilbur Ross will visit Beijing next week to resume talks with Chinese officials, state media said Friday, as the two sides seek to avoid a trade war. Ross’s June 2-4 visit was confirmed in a phone call with China’s pointman on economic matters, Vice Premier Liu He, on Friday, the official Xinhua news agency reported. Liu visited ... Read More »

Federal reserve signals next rate hike coming in june

Washington:US central bankers are likely to raise the key interest rate “soon,” the Federal Reserve said Wednesday, a clear signal of a rate hike coming next month, as financial markets expect. Fed officials cited the strength of the economy, and solid hiring trends, as well as the fact inflation had inched higher at long last. However, the Fed will continue ... Read More »