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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.

Saudi Arabia may cut light crude prices

SINGAPORE: Saudi Arabia, the world’s biggest oil exporter, may cut the prices of its light crude grades sold to Asia in February on signs of slowing demand ahead of the region’s peak refinery maintenance season, six trade sources said on Monday. The official selling price (OSP) of flagship Arab Light crude in February could fall by 20-30 cents a barrel, ... Read More »

Oil hits three-month highs as strong U.S. consumer spending underpins growth hopes

TOKYO: Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT, while the West Texas Intermediate ... Read More »

Turkey launches new logistics master plan to boost trade competitiveness

In order to increase its competitiveness in foreign trade and ensure better integration of all transport networks into commercial operations, Turkey will establish logistic centers stretching along 294 kilometers of junction line, including organized industrial zones, ports and free trade zones. At the launching ceremony of Turkey’s Logistics Master Plan in Ankara on Wednesday, Industry and Technology Minister Mustafa Varank ... Read More »

Oil rises, supported by trade deal, OPEC cuts

TOKYO: Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode. Brent crude was up 16 cents, or 0.2%, at $67.36 a barrel by 0155 GMT. West Texas Intermediate was up 20 cents, or 0.3%, at $61.31 a ... Read More »

Tokyo stocks close lower in muted trading

TOKYO: Tokyo stocks closed lower on Wednesday in thin trade with foreign investors absent for the Christmas holidays and few fresh market-moving events. The benchmark Nikkei 225 index ended down 0.20 percent, or 47.71 points, at 23,782.87, while the broader Topix index slipped 0.39 percent, or 6.80 points, to 1,721.42. “Shares moved just narrowly, which is typical of year-end trade,” ... Read More »

Turkey’s service exports run surplus of $28 bln in 10 months

Turkey’s services sector exports ran a surplus of $28 billion in the first 10 months of this year with a 22 percent increase compared with the same term last year, the country’s trade minister has said. Speaking at an award ceremony in Istanbul on Dec. 21 to honor the pioneers of the service exporters, Ruhsar Pekcan said that the countries ... Read More »

WhatsApp to stop working on popular smartphones from Jan 1

NEW YORK: In what appeared to be a setback for millions around the world, WhatsApp has revealed that its app will stop working on Windows smartphones next week. The announcement was made in May this year and the deadline has finally arrived aimed at improving security features of the messaging-app that is already battling with serious issues of hacking worldwide ... Read More »

Asian shares near 18-month high, bask in trade deal afterglow

SYDNEY: Asian markets idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month. In early European trades, the pan-region Euro Stoxx 50 futures STXEc1 and German DAX futures FDXc1 rose 0.1% each while those for London’s FTSE FFIc1 inched up a bit. E-Mini futures ... Read More »

Oil hovers near three-month highs on trade progress, lower inventories

LONDON: Oil prices hovered near three-month peaks on Thursday, buoyed by falling US crude inventories and thawing trade relations between the United States and China. Brent crude futures edged up $0.1 to $66.27 a barrel by 0957 GMT, heading for a sixth straight day of gains if prices on Thursday end in positive territory. US West Texas Intermediate (WTI) crude ... Read More »

Oil dips after U.S. stock build, but demand hopes support

SINGAPORE: Oil retreated on Wednesday after rising more than 1% in the previous session as U.S. industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices. A “phase one” U.S.-China trade deal announced last week has helped ward off some pressure from the oil market, dampened by worries ... Read More »

Oil hovers near three-month high on trade optimism, supply cuts

SINGAPORE: Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline and set to stoke oil demand in the world’s biggest economies. Brent crude oil futures LCOc1 had slipped by three cents to $65.31 a barrel by 0122 ... Read More »

Asian shares up as ‘phase one’ trade deal boosts confidence

SHANGHAI: Asian shares moved higher on Monday as investors welcomed a trade agreement between Beijing and Washington over the weekend, but enthusiasm was capped by lingering scepticism about the deal and ongoing relations between China and the United States. US Trade Representative Robert Lighthizer on Sunday said a deal was “totally done”, notwithstanding some needed revisions, and would nearly double ... Read More »

US axes tariffs on Chinese goods in trade war thaw

WASHINGTON: The United States and China announced a major thaw in their trade war on Friday, including immediate cuts to punishing import tariffs, but markets were not impressed. “We have agreed to a very large Phase One Deal with China,” President Donald Trump tweeted after officials in Beijing made a similar announcement. A signing of the deal at ministerial level ... Read More »

‘Cooperation between EU, Turkey should expand’

Turkey and the EU should expand cooperation, said Turkey’s ruling Justice and Development (AK) Party on Thursday. After meeting with EU lawmakers in Brussels, Cevdet Yilmaz, AK Party’s deputy chairman responsible for foreign affairs, urged the EU states to expand cooperation on issues of common interests, energy, security, customs union, and visa liberations, adding that the cooperation will benefit both ... Read More »

Telecom firm picks Ericsson for 5G, abandoning Huawei

OSLO: Telenor has picked Sweden’s Ericsson as the key technology provider for its fifth-generation (5G) telecoms network in Norway, it said on Friday, gradually removing China’s Huawei after a decade of collaboration over 4G. Fearing high-tech espionage, and battling with China over trade, the United States has pushed NATO allies such as Norway to exclude Huawei from lucrative 5G deals. ... Read More »

Saudi Aramco tops crown prince’s $2tr goal on share surge

RIYADH/DUBAI: Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm’s long-term value. The Saudi Crown Prince has made Aramco’s initial public offering (IPO) the centre-piece of his vision of diversifying the Kingdom’s economy ... Read More »

Oil prices slip on surprise U.S. crude inventory build

SINGAPORE: Oil prices fell on Wednesday after industry data showed a surprise build in crude oil inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday. Brent futures LCOc1 fell by 37 cents, or 0.6%, to $63.97 per barrel by 0121 GMT. U.S. ... Read More »

The challenges facing former Bank of Canada governor Mark Carney

Christopher Neal was formerly communications adviser to the World Bank’s energy global practice. Mark Carney, recently tapped by United Nations Secretary-General Antonio Guterres to be UN Special Envoy for Climate Change, is no stranger to big challenges. As the former governor of the Bank of Canada, he managed to shield the country from the worst impacts of the 2008 financial ... Read More »

Greek foreign policy and the Turkey-Libya agreement

Turkey’s revisionist policy after 1973 is being implemented through a recurring four-phase strategy: questioning the sovereignty and the rights of the Hellenic Republic in terms of sea zones and islands; turning the questioned territories into so-called gray areas; preventing Greece from exercising its legal rights in these areas; and trying to present these areas as part of Turkey. This Turkish ... Read More »

European companies minimise risks from US-China trade war

BEIJING: European companies in China have been able to minimise the effect from the tariff war between Beijing and Washington, although some are considering relocating their businesses, the EU Chamber of Commerce said Monday. The world’s two biggest economies have been entangled in a lingering trade war for over a year, which has weighed on the global economy and resulted ... Read More »