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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 markets turn lower as virus spikes around planet

HONG KONG: Shares saw further losses Monday as a spike in new coronavirus infections across the planet forced governments to impose fresh containment measures, fuelling fears about the stuttering economic recovery. Traders are also keeping tabs on Europe, where leaders are struggling to unite over an $860 billion rescue package for the battered European Union. The rally that has characterised ... Read More »

IMF MD urges further action to secure a resilient recovery

WASHINGTON: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued a statement today at the conclusion of the virtual meeting of the Group of 20 (G20) Finance Ministers and Central Bank Governors, chaired by Saudi Arabia. She said that due to the continuing impact of the COVID-19 pandemic, the global economy faces a deep recession this year, ... Read More »

Vaccine hopes give global stocks and oil shot in the arm

LONDON/SYDNEY: World shares climbed towards a four-month high on Wednesday with the euro and oil in tow, as hopes for a coronavirus vaccine offset rising tensions between the United States and China. Asia had a choppy session after more barbs between Beijing and Washington over Hong Kong, but near 1% gains for London, Frankfurt, Paris and Milan early on and ... Read More »

Fuelled by hopes of virus vaccine, Asian markets witness

HONG KONG: Fuelled by hopes for a coronavirus vaccine, Asian markets rose on Monday, recovering some of the losses at the end of last week, as investors followed a strong performance on Wall Street. Trillions of dollars in government support are keeping equities well supported but confidence is being strangled by the spread of the disease, with an explosion of ... Read More »

US unveils tariffs on France over tech tax but delays collection

WASHINGTON: The United States on Friday unveiled heavy import duties on France in retaliation for the country’s tax on American tech giants, but will hold off on collecting the fees to allow time for the dispute to be resolved. The office of US Trade Representative Robert Lighthizer found France’s digital services tax was discriminatory and “unfairly targets US digital technology ... Read More »

Tokyo shares open the week on positive note

TOKYO: Tokyo shares opened higher Monday while investors monitored with caution a continued rebound of global coronavirus infections. The benchmark Nikkei 225 index rose 25.74 points or 0.12 percent to 22,332.22, while the broader Topix index added 2.94 points or 0.19 percent to 1,555.27. Gains of major shares such as SoftBank Group, which rose 0.99 percent to 5,835 yen in ... Read More »

Asian shares hit four-month high as U.S., China recoveries gather

TOKYO/NEW YORK: Asian shares rallied to a four-month high on Friday on robust U.S. payrolls data and a brisk pickup in Chinese service sector activity but a surge in coronavirus cases in the United States kept a lid on further risk-taking. MSCI s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5%, reaching their highest level since late February, ... Read More »

Asia’s economy to shrink by 1.6pc due to coronavirus pandemic: IMF

NEW YORK: The International Monetary Fund (IMF) has said it expects Asia’s growth to contract by 1.6% as the economies grapple with the fallout of the coronavirus pandemic. “Projections for 2020 have been revised down for most of the countries in the (Asian) region due to weaker global conditions and more protracted containment measures in several emerging economies,” Chang Yong ... Read More »

Gold on course for third weekly gain as coronavirus cases spike

NEW YORK: Gold prices edged up on Friday en route to a third straight weekly gain, as a spike in coronavirus cases dashed hopes of a quick economic recovery. Spot gold rose 0.1 per cent to $1,762.41 per ounce by 0953 GMT, having soared to a peak since October 2012 at $1,779.06 on Wednesday, putting it on course for a ... Read More »

Oil falls below $40 on record US inventories, COVID fears

LONDON: Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. US crude stocks rose 1.4 million barrels to a record high, the Energy Information Administration said on Wednesday. This hit crude prices, as ... Read More »

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 »