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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.

Russia ready to increase imports of Turkish tomatoes

MOSCOW: Russia said on April 3 that it is “ready” to increase imports of Turkish tomatoes. According to a statement by the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor), the country has asked the Turkey’s Agriculture Ministry to provide a list of companies that wish to supply tomatoes to Russia. The statement added that Rosselkhoznadzor experts are ready to ... Read More »

Russia mulling response to U.S. steel aluminum tariffs

MOSCOW:  Russia a major producer and exporter of aluminum and steel, is working out a response to the U.S. introduction of import tariffs on these items, including slapping duties on some U.S. imports, a senior Russian official said Tuesday. “If the decision to impose duties is adopted, these measures should be significant,” TASS news agency quoted Russian Deputy Industry and ... Read More »

Russian oil output hits 11 month high in March

MOSCOW:  Russian oil output rose slightly in March to an 11-month high of 10.97 million barrels per day (bpd), above a quota agreed under a global pact to curb production, energy ministry data showed on Monday. This was the first increase in Russian output since December and the highest level since output of 11 million bpd in April 2017. March ... Read More »

Asia’s Iran oil imports fall by a fifth in February

TEHRAN: Imports of Iranian crude oil by major buyers in Asia fell by nearly a fifth in February from the same month a year earlier, hitting a two-month low as all of them except India curbed purchases, government and ship-tracking data showed. China, India, Japan and South Korea last month imported a total of 1.63 million barrels per day (bpd) from Iran, the lowest volume since December, ... Read More »

Turkish govt announces new plans to boost investment

ANKARA: The government has announced new schemes that officials hope will boost investments and ease doing business in Turkey. Prime Minister Binali Yıldırım said the government approved an incentives scheme worth 128 billion Turkish Liras ($32.01 billion) for strategic investments. “The cabinet recently approved a 128 billion lira incentive plan for strategic investments,” Yıldırım said in Ankara at a meeting ... Read More »

Canada’s Seafood Exports to China Increased 25% in 2017

OTTAWA: Canada’s statistics show fish and other seafood exports increased during 2017. The export value rose by $312 million CAD to reach $6.9 billion CAD compared with 2016 and these seafood products are sold to 137 countries. Among all these, its seafood export value to China has grown the fastest at 25 percent. Japan is a close second at a ... Read More »

Government wades into GKN takeover battle

Business Secretary Greg Clark has written to Melrose demanding “binding” commitments from the turnaround specialist over its £8.1bn bid for GKN. Mr Clark sought “extensive and clear” measures over GKN’s workforce, research and development, and pension schemes. He also raised concerns over national security given GKN’s role in supplying the UK armed forces. In response, Melrose set out a number ... Read More »

The story behind Africa’s free trade dream

AFRICA: The European Union and its free trade agreement took decades to establish. Africa is now hoping it can achieve the same in a fraction of the time. But with Nigeria pulling out, questions are being raised over just how achievable it really is. The vision is a free trade deal encompassing 1.2 billion people stretching from Cape Town to ... Read More »

James Packer: Billionaire quits Crown Resorts over mental health

AUSTRALIA: Australian billionaire James Packer has resigned as a director of his casino empire Crown Resorts Limited. The businessman is “suffering from mental health issues”, a spokesman for his private investment company said. Mr Packer, 50, rejoined the board of Crown in August after stepping down in 2015 as chairman and director. The Australia-listed company thanked Mr Packer, one of ... Read More »

Philippines’ external trade grows 7 %, hitting 13.75b US dollars in January

MANILA: The Philippines’ total external trade in goods in January 2018 totaled 13.75 billion U.S. dollars, posting a positive growth of 7.0 percent from 12.85 billion U.S. dollars recorded in January 2017, the Philippine Statistics Authority (PSA) said on Friday. The PSA said the total exports grew by 0.5 percent to 5.22 billion U.S. dollars in January 2018 from 5.19 ... Read More »

US trade deficit hits nine-year high on falling exports

WASHINGTON: The US trade deficit swelled in January to its largest level in nearly a decade as the world’s biggest economy exported less fuel and sold fewer aircraft, government data showed Wednesday. The news comes amid White House furor over trade policy, with President Donald Trump’s top economic advisor Gary Cohn announcing his resignation late Tuesday after losing a bruising ... Read More »

China sets 2018 GDP target at ‘around 6.5%: Xinhua

Beijing: China has set its 2018 economic growth target at “around 6.5 percent”, in line with expectations and lower than the 6.9 percent output registered last year, the official Xinhua news agency said Monday. The target, which is the same as last year, was presented in a work report for Monday’s opening session of the annual National People’s Congress, the ... Read More »

Canada’s GDP grew 1.7% in Q4, less than expected: Official

OTTAWA: Canada’s economy grew at a rate of 1.7 percent in the fourth quarter, failing to meet analyst expectations, as consumer spending waned, the government said Friday.  After starting the year with a bang that pushed Canada ahead of other Group of Seven (G7) industrialized countries, its economy slowed in the second half of 2017.  Analysts had predicted 2.1 percent ... Read More »

Asian markets fall flat to start March

HONG KONG: Asia-Pacific stocks began March by extending losses logged at the end of February — though markets in China were an exception ahead of annual legislative meetings. Thursday’s early weakness in the region followed a second-straight late-session slide in the U.S., as investors weigh the likelihood of a faster pace of U.S. interest-rate rises and its likely effect on ... Read More »

Trade between Australia, China’s Hong Kong to be liberalized under agreement

CANBERRA: China’s Hong Kong Special Administrative Region has been declared a trusted trade partner of Australia, opening up bilateral trade between the two economies. Under the Australian Trusted Trader (ATT) scheme, Australia can sign a Mutual Recognition Arrangement (MRA) with trade partners to secure faster, more secure and more reliable border clearance for exported goods. The MRA with Hong Kong ... Read More »

Oil eases as possible rise in US stocks outweighs faith in OPEC

LONDON: Oil edged lower on Tuesday ahead of weekly data that is forecast to show a rise in US crude inventories, although investor faith in OPEC’s ability to curtail production helped stem a larger price slide. Brent crude futures fell 26 cents to $67.24 a barrel by 1337 GMT, while US West Texas Intermediate crude eased 32 cents to $63.59. ... Read More »

Best World International posts 77.2% jump in Q4 profit to S$21.8m

NEW YORK: Best World International’s fourth-quarter earnings jumped on higher turnover and a tax credit, it said on Monday. The mainboard-listed beauty and wellness product company reported a net profit of S$21.8 million for the three months to Dec 31, 2017 – skyrocketing by 77.2 per cent from the previous year. The rise of the Chinese dragon gave a fillip ... Read More »

Dollar falls as Fed testimony sets test for policy outlook

LONDON: “This week, investor attention turns to Jay Powell, the new Federal Reserve chairman, who speaks before the House Financial Services Committee tomorrow and delivers his [semi-annual] Humphrey-Hawkins testimony [to Congress] on Thursday,” says Jack Siu, investment strategist at Credit Suisse. “We expect four rate hikes by the Fed in 2018, one more than the three priced in by the ... Read More »

U.S. business borrowing for equipment rises about 10 percent in Jan: ELFA

NEW YORK: U.S. companies’ borrowing to spend on capital investment rose about 10 percent in January from a year earlier, the Equipment Leasing and Finance Association (ELFA) said. Companies signed up for $6.9 billion in new loans, leases and lines of credit last month, up from $6.2 billion a year earlier. However, borrowing nearly halved from $12.8 billion in December. ... Read More »

European bourses expected to gain on softer euro

LONDON: Eurozone stocks have suffered from the single currency’s strong position against the dollar, says Michael Sneyd, head of foreign exchange strategy and cross asset strategist at BNP Paribas. But this week’s reverse, with the dollar rising, could help European bourses. “We’re quite surprised that based on valuations that European stocks aren’t doing better”, he said, “versus US stocks they’re ... Read More »