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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.

Microsoft adds to diversity investment, aims to increase number of Black employees

NEW YORK: Microsoft Corp set a five-year diversity goal to address racial inequality at its offices, following protests over police brutality against African Americans in the United States. The company said it will add another $150 million in diversity and inclusion investment to double the number of Black and African-American people managers, senior individual contributors, and senior leaders in the ... Read More »

Tokyo stocks open lower on fears of worsening pandemic

TOKYO: Tokyo stocks opened lower on Monday, with fears over increasing global virus infections outweighing hopes for a resumption of business activity, and investors eyeing economic indicators due this week. The benchmark Nikkei 225 index was down 0.55 percent or 123.92 points at 22,354.87 in early trade, while the broader Topix index fell 0.37 percent or 5.93 points to 1,576.87. ... Read More »

Asian markets drop into the red as traders take step back

HONG KONG: Markets slipped Thursday as investors took a breather after a broad two-day rally, while concerns about a new wave of virus infections continued to play off against massive monetary easing and stimulus measures. The financial support, along with the easing of lockdown restrictions, opening-up of economies and positive data have provided support to equities across the planet in ... Read More »

Oil falls on growing fears of coronavirus second wave

LONDON: Oil prices fell on Monday as new coronavirus infections hit China and the United States, adding to concerns that a resurgence of the virus could hamper economic recovery and fuel demand. Brent crude was down 93 cents, or 2.4pc, at $37.80 a barrel by 1343 GMT. US West Texas Intermediate crude was down $1.42, or 3.9pc, at $34.48. “A ... Read More »

Oil prices hit by record US crude inventories, bearish Fed

LONDON: Oil prices fell on Thursday, hit by another record build-up in US crude inventories and the US Federal Reserve’s projections that the world’s biggest economy would shrink 6.5pc this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 4pc, or $1.65, to $40.08 a barrel by 1156 GMT. US West Texas Intermediate (WTI) crude CLc1 dropped 4.7pc, or $1.87, ... Read More »

World markets stutter before Fed decision

LONDON: Global stock markets struggled Wednesday ahead of the latest US Federal Reserve interest rate decision, as investors ran out of steam following the recent rally driven by easing coronavirus lockdowns. Asia turned in a subdued performance, with Tokyo gaining ground and Hong Kong flatlining, while Shanghai went into reverse. Europe jumped out of the blocks at the open, but ... Read More »

Oil slips despite OPEC+ cuts as Gulf ends voluntary curbs

LONDON: Oil slipped after Saudi Arabia said that an extension of output cuts by OPEC+ nations would not include additional voluntary cuts by a trio of Gulf producers. Brent crude was down 65 cents, or 1.5pc, at $41.65 a barrel by 1400 GMT, while US West Texas Intermediate (WTI) crude fell 72 cents, or 1.8pc, to $38.83. The Organization of ... Read More »

G20 pledges more than $21bn to fight coronavirus

BERLIN: The Group of 20 rich and emerging economies has pledged more than $21 billion to fight the coronavirus, the group said. “The G20, with invited countries, has coordinated the global efforts to support the fight against the Covid-19 pandemic. To date, G20 members and invited countries have pledged over $21 billion to support funding in global health,” the group ... Read More »

Zuckerberg promises Facebook policy review

NEW YORK: Facebook chief executive Mark Zuckerberg  promised to review the social network’s policies that led to its decision to not moderate controversial messages posted by US President Donald Trump. The announcement, which came in the form of a letter to employees, appeared aimed at quelling anger inside the company that was so severe it prompted some to quit. The ... Read More »

Oil drops on US inventories and doubts over output cuts

LONDON: Oil prices dropped on Thursday on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in US fuel inventories. Brent crude LCOc1 futures were down 41 cents at $39.38 a barrel at 1357 GMT, heading for their first fall in six sessions. U.S. West Texas Intermediate (WTI) crude ... Read More »

World stocks jump to 3-month high as recovery hopes outweigh looming risks

TOKYO/NEW YORK: Global shares vaulted to a near three-month high on Wednesday as hopes of more stimulus and further easing in social restrictions around the world outweighed caution over a host of worries from the coronavirus to growing U.S. civil unrest. Pan-European Euro Stoxx 50 futures were up 1.27% while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.8%, ... Read More »

Asian markets extend gains on hopes virus crisis is easing

HONG KONG: The easing of lockdowns around the world and signs that economies are slowly recovering provided further impetus for Asian stocks Tuesday, though traders remain on edge over China-US tensions and growing unrest across several large American cities. Donald Trump’s decision not to impose strict sanctions on Beijing over its Hong Kong security law allowed investors to get June ... Read More »

Facebook finalises Authorized Sales Partner for Pakistan

SINGAPORE: Following months of being pitted in a five-way bid between Httpool, Viral Edge, East River, and Starcrest Communications, Facebook has awarded the Authorized Sales Partner (ASP) duties to Dial Zero. Led by Zameer Qureshi, CEO of Starcrest Communications, Dial Zero will offer support across advertising, content, and payments, including exclusive training opportunities for marketers and decision-makers at media companies ... Read More »

Oil prices fall as U.S. fuel demand remains weak

SINGAPORE:  Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 25 cents, or 0.7%, to $35.04 a barrel by 0334 GMT and U.S. West Texas Intermediate crude was at $33.18 a barrel, down 53 cents, or 1.6%. ... Read More »

World markets cheered by reopening moves

HONG KONG: Optimism over the reopening of major economies across the planet helped push most markets higher Thursday, as investors looked past building China-US tensions for now, though there remain worries about the uncertain global outlook. However, Hong Kong struggled to maintain early gains and fell in the afternoon as investors fret over a US decision to revoke the city’s ... Read More »

World airlines body raises alarm over bailout debts

PARIS: Heavy debts inherited from government bailouts and other fund-raising moves will delay the airline industry’s recovery from the coronavirus crisis, a trade body said on Wednesday. Global airline debts are set to rise by more than a quarter to $550 billion (£445.06 billion) by the end of the year after governments announced $123 billion in total support, the International ... Read More »

Asian shares reverse early gains, eyes on China-US trade relations

HONG KONG: A gauge of Asian stocks pared early gains on Tuesday amid souring relations between China and the United States, with Hong Kong shares extending losses on mounting fears about future stability in the city. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1% after starting higher with China’s blue-chip CSI300 index down 0.2%. Hong Kong’s HSI index ... Read More »

Hong Kong tensions rattle world stock markets, oil tumbles

HONG KONG: Oil prices tumbled and global equity markets fell on Friday as China’s move to impose a new security law on Hong Kong further strained US-China relations and clouded economic recovery prospects. China also dropped its annual growth target for the first time, adding to uncertainty about the fallout from the Covid-19 pandemic, boosting safe-haven investments such as US ... Read More »

COVID-19: Oil prices boost expectations by recording modest recovery

NEW YORK: The worst of the oil crisis of 2020 may be over as crude prices registered a slight recovery after a month of the horrifying collapse that sent the prices of the commodity into negative due to the COVID-19 outbreak. West Texas Intermediate crude hit a historic low of minus $40.32 per barrel on April 20 as sellers were ... Read More »

Coronavirus: UK inflation dives on oil-price crash

LONDON: British inflation hit a near four-year low in April as oil prices crashed, official data showed Wednesday, with the rate set to slide further as the coronavirus slashes prices generally. The Consumer Prices Index (CPI) annual rate slumped to 0.8% last month from 1.5% in March, the Office for National Statistics said in a statement. Analysts’ consensus forecast had ... Read More »