Sunday , November 29 2020
Breaking News
Home / World Business (page 40)

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.

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 »

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 »

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 »