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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.

Asian  stocks frustrated as trade doubts resurface

SYDNEY: Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London’s FTSE futures rose 0.2%. ... Read More »

Asian countries agree on world’s biggest trade pact, India stays away

BANGKOK: Fifteen Asian countries agreed terms on Monday for what could be the world’s biggest trade pact, they said in a statement, but India delayed its decision on joining because of significant differences over tariffs and other issues. The Regional Comprehensive Economic Partnership (RCEP) is backed by China and also brings in the 10-member Association of Southeast Asian Nations (Asean), ... Read More »

Oil steadies after gains driven by trade optimism

TOKYO: Oil prices steadied on Tuesday as investors kept an eye on U.S. inventory data due later, following two days of gains on positive economic data and hopes for a Washington-Beijing trade deal. Brent crude futures were up 4 cents at $62.17 a barrel at 0330 GMT after gaining 0.7% in the previous session. U.S. crude futures were down 1 ... Read More »

UK red meat exports up and imports down

UK exports of beef and lamb rose significantly during the first two-thirds of 2019, with imports also falling, according to analysis by Quality Meat Scotland. Stuart Ashworth, QMS director of economic services, said despite the confusion generated by Brexit, it had been a positive period for the UK’s red meat exporters, which had successfully grown volumes. According to official statistics ... Read More »

Oil falls on caution ahead of economic data, offsets trade deal optimism

SINGAPORE: Oil prices eased on Monday as traders took profit ahead of fresh European and U.S. economic data, despite hopes for some resolution to the U.S.-China trade row that has hurt global economic growth and crimped energy demand. Prices jumped about $2 a barrel on Friday after the world’s top two economies said they had made progress on trade talks ... Read More »

WTO authorises Chinese tariffs on $3.6bn US goods

GENEVA: A World Trade Organisation arbitrator authorised China to slap tariffs on US imports worth up to $3.58 billion annually in a years-long dispute over US anti-dumping practices, a trade official said. China had asked the WTO for permission to hit the US with more than $7bn in tariffs in the case. But the WTO ruling said it had determined ... Read More »

Nokia eyes Malaysian ports for 5G business as Huawei takes early lead

KUALA LUMPUR: Nokia (NOKIA.HE) is targeting Malaysian ports in a bid to get a share of the country’s fifth-generation (5G) technology market, as the Southeast Asian country prepares to launch the ultra-fast mobile internet service next year. The Finnish company worked with Germany’s Port of Hamburg last year to test the technology in traffic-lights management, data processing from mobile sensors ... Read More »

EU says further Brexit extension would be required for Labour to renegotiate deal

A further Brexit extension would be required for a Labour government to renegotiate the terms of Brexit, the European Commission said on Thursday. Labour plans to secure a softer agreement that keeps the UK inside a customs union and single market regulations – and then put the result of talks to a Final Say referendum with the option to remain. ... Read More »

Samsung flags smartphone profit fall, upbeat on chips

SEOUL: Samsung Electronics warned of a smaller mobile business profit on Thursday as its rival Apple gave a positive iPhone sales outlook, dampening hopes new models will help the world’s largest smartphone vendor finally get back on a growth track. Investors have pinned their hopes on a recovery in the mobile business that once made up over half of Samsung’s ... Read More »

Global leaders, tycoons to attend Saudi ‘Davos in desert’

DAVOS: Top finance moguls and political leaders are set to attend a Davos-style Saudi investment summit starting on Tuesday, in contrast to last year when outrage over critic Jamal Khashoggi’s murder sparked a mass boycott. Organisers say 300 speakers from 30 countries, including American officials and heads of global banks and major sovereign wealth funds, will attend the annual summit ... Read More »

Amazon’s gloomy holiday forecast misses estimates, shares fall 7pc

NEW YORK: Amazon.com forecast revenue and profit for the holiday quarter below expectations, as it faces fierce competition and rising costs from its plan to speed up delivery times globally. Shares fell 7%, as revenue growth for the company’s lucrative cloud computing business also slowed down in the third quarter, missing analysts’ estimates. Amazon beat expectations on overall third-quarter revenue, ... Read More »

Oil pares U.S. stock-draw gains on weak demand outlook

SINGAPORE: Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2% in the previous session on the back of a surprise draw in U.S. crude stocks. Brent crude futures LCOc1 fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5% on Wednesday to settle ... Read More »

Zuckerberg appears in Congress as Facebook faces scrutiny

NEW YORK: Facebook Chief Executive Officer Mark Zuckerberg is again appearing before Congress to face questions about his company’s massive market power, privacy lapses and tolerance of speech deemed false or hateful. Zuckerberg has been summoned to testify at a hearing on Wednesday by the House Financial Services Committee on Facebook’s plan to create a global digital currency, which has ... Read More »

Sri Lanka taken off world terror finance watch list

Sri Lanka has been removed from the “Grey List” of the Financial Action Task Force (FATF) on money laundering, the FATF announced last week. According to the outcome of the FATF Plenary held on October 16-18 in France, Sri Lanka now has become a country that is no longer subjected to the monitoring of the top international terror finance watchdog. ... Read More »

IPO timing depends on ‘market conditions’: Aramco

DUBAI: Saudi Aramco said the timing of its long-awaited stock market debut “will depend on market conditions,” after the latest delay in the blockbuster initial public offering. The IPO forms the cornerstone of a reform programme conceived by the kingdom’s de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil. Aramco was ... Read More »

China’s GDP growth slows to 27-year low at 6pc

BEIJING: China’s economy expanded at its slowest rate in nearly three decades during the third quarter as it was hit by the long-running US trade war and cooling domestic demand, data showed Friday, with an official warning of “mounting downward pressure”. With China a key driver of global growth, the soft reading added to concerns about the world economy and ... Read More »

Oil prices fall as data points to huge build in U.S. stocks

SINGAPORE: Oil prices slid on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, adding to concerns that demand for oil around the world may weaken amid further signs of a global economic slowdown. Global benchmark Brent crude oil futures LCOc1 had fallen by 40 cents, or 0.7%, to $59.02 a barrel by 0110 GMT. ... Read More »

China set to launch its own digital currency after bitcoin crackdown

BEIJING: As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency — one that could allow the government and the central bank to see what people spend their money on, according to analysts. Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital ... Read More »

Total to buy 37pc stake in India’s Adani Gas

PARIS: Total has agreed to buy a 37.4-per cent stake in India’s Adani Gas, the two firms said on Monday, with the French giant spending $600 million to expand its access to the energy-hungry country. The Indian firm, part of the Adani Group conglomerate, is one of the four main distributors of city gas in the country, and plans to ... Read More »

US, China resume high-level talks to end grueling trade war

WASHINGTON: Top US and Chinese negotiators met for the first time since late July to try to find a way out of a 15-month trade war as new irritants between the world’s two largest economies threatened hopes for progress. US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer greeted Chinese Vice Premier Liu He on the steps of ... Read More »