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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.

Oil prices gain after US inventories fall

LONDON: Oil prices rose after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained $0.65, or 1%, to $63.03 a barrel by 1253 GMT while US West Texas Intermediate rose $0.58, or 1%, to $57.98 a barrel. Oil prices have risen ... Read More »

Saudi Arabia forbids transfer of funds to Mohammed Ali Al-Amoudi & Co

The Saudi Arabian Monetary Authority has announced a reversal of a 1999 decision to allow funds to be transferred in and out of the kingdom to Mohammed Ali Al-Amoudi & Co because of violations of anti-money laundering laws and other crimes, SAMA has announced. In a statement, SAMA said that the decision is based on the firm’s “violations of anti-money ... Read More »

US-China trade war: Beijing removes several products from tariffs list

BEIJING: China said Wednesday it would spare a number of US products from punitive tariffs in what is seen as an olive branch by Beijing in the protracted trade war ahead of high-level talks next month. However, the goods do not include big-ticket agricultural items that could be crucial to the ultimate success of any agreement between the two sides, ... Read More »

Alibaba’s Ma steps down as industry faces uncertainty

BEIJING: Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company on Tuesday at a time when its fast-changing industry faces uncertainty amid a US-Chinese tariff war. Ma, one of China’s wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession ... Read More »

U.S. wants ‘near term’ results from new China trade talks

WASHINGTON: The Trump administration wants to see “near term results” from U.S.-China trade talks in September and October, White House economic adviser Larry Kudlow said, but he declined to predict any outcomes or say if U.S. tariff delays were possible. Speaking on CNBC and Bloomberg TV, Kudlow confirmed that the top U.S. and Chinese trade negotiators would meet in early ... Read More »

BP aims to sell more US crude to Asia, boost LNG supplies in early 2020s

SINGAPORE:  Oil major BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region. The strategy, outlined in a Reuters interview with company executives, follows BP’s move to acquire giant miner BHP’s assets in the United States’ prolific Permian shale basin last year, expected to ... Read More »

Saudi Arabia inks Nokia deal for software R&D project

The Saudi Ministry of Communications and Information Technology (MCIT) has entered into an agreement with tech giant Nokia to launch a research and development unit to create software in Saudi Arabia. The cooperation aims to establish a Nokia software development unit and Bell Labs research unit in Saudi Arabia. In addition, it envisages the establishment of a maintenance centre for ... Read More »

EU demands Australia scrap taxes on European cars

A European Union trade negotiator claims Australia should remove automotive taxes during latest talks European-made cars could have their prices slashed by up to 38 percent under a new trade deal with Australia if EU trade negotiators get their way. Slashing the 5 percent duty on imported luxury cars and the 33 percent Luxury Car Tax (LCT) on the more ... Read More »

Wall Street bogged down by trade, growth concerns

NEW YORK: U.S. stocks fell on Wednesday after the United States and China imposed new tariffs on each other and data showed U.S. factory activity shrank in August for the first time since 2016, renewing growth fears. Investors fled riskier assets as the latest face-off gnawed at any hopes for a resolution to the long-running U.S.-China trade war, which has ... Read More »

Oil drops 2pc as trade war rumbles on and output swells

LONDON: Oil prices fell by 2% on Tuesday, weighed down by rising OPEC and Russian oil output as well as the protracted US-China trade dispute that has dragged on the global economy. US crude was down $1.26, or 2.3%, at $53.84 a barrel by 1152 GMT and Brent crude was down $0.96 at $57.70. The United States this week imposed ... Read More »

‘Europe should ignore ‘treacherous promises’ of Facebook’s Libra currency’

FRANKFURT: Facebook’s proposed Libra currency could undermine the European Central Bank’s ability to set monetary policy and Europe should ignore its siren call of “treacherous promises” ECB board member Yves Mersch said. Facebook announced Libra – a new digital coin backed by four official currencies and available to billions of social network users around the world – earlier this year, ... Read More »

HSBC’s £35bn mortgage push is good for borrowers, but it’s risky

SBC has been the bank that has prospered most from globalisation. Hong Kong has been its gateway to an emerging China, its UK domicile has provided regulatory and legal respectability, and its US operations have enabled it to become one of the biggest US dollar clearing banks in the world. But has globalisation now stopped working in the bank’s favour? ... Read More »

Oil falls as U.S., China add more tariffs in trade war

TOKYO: Oil prices were lower on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude. Brent crude was down 27 cents, or 0.5%, at $58.98 a barrel by 0324 GMT, while U.S. oil was down 2 cents at $55.083 at barrel. The ... Read More »

Google to pay out $150-200m over YouTube privacy claims

NEW YORK: Google will pay $150-200 million to settle allegations YouTube violated a children’s privacy law while gathering data to better target its adverts, US media reports said Friday. The US Federal Trade Commission agreed on the amount of the settlement against YouTube parent Google, which if approved by the Justice Department would be the largest settlement in a case ... Read More »

Oil prices drop on concern over US economy

TOKYO: Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy. Brent crude was down $0.31, or 0.5%, at $60.18 a barrel by 0638 GMT while US crude was down $0.18, or 0.3%, at $55.60 a barrel. Concerns about ... Read More »

TD Bank caps earnings at Canada’s 5 biggest banks with profit rise to $3.2B

TD Bank Group reported its third-quarter profit grew to $3.248 billion, helped by improved results across the bank. The Toronto-based lender said Thursday the profit amounted to $1.74 per diluted share for the quarter ended July 31. The result was up from $3.105 billion or $1.65 per diluted share in the same quarter last year. On an adjusted basis, TD ... Read More »

Huawei plans high-end phone launch under cloud of Google ban

BEIJING: Huawei Technologies plans to forge ahead with the launch of new high-end smartphones in Europe even though it may not be able to offer Google’s official Android operating system and widely used apps such as Google Maps, company executives told Reuters. The world’s number two smartphone maker is set to unveil its new Mate 30 line of phones on ... Read More »

US, France reach agreement on digital taxes

BIARRITZ, France: French President Emmanuel Macron said G7 members had reached an agreement on the taxation of tech giants, a long-standing subject of friction between France and the US which has threatened to retaliate with tariffs on French wines. Speaking alongside US President Donald Trump at a G7 summit in southwest France, Macron admitted that there had been “a lot ... Read More »

Stocks, dollar rise on Trump remarks

NEW YORK: A global gauge of equities rose on Monday and the dollar recovered from earlier losses as US President Donald Trump said Chinese officials had contacted Washington about resuming trade negotiations, after signs of escalation in the US-China trade dispute had roiled markets earlier in the day. Trump’s comments followed Chinese Vice-Premier Liu He’s remarks that China was willing ... Read More »

Bankers head to Saudi Arabia to compete for world’s biggest IPO

Global banks will this week start making their case on why they should be hired for what’s set to be the world’s biggest initial public offering, according to people with knowledge of the matter. Dealmakers representing advisory firms from around the world will from Tuesday travel to Saudi Aramco’s headquarters in Dhahran in the kingdom’s Eastern Province to compete for ... Read More »