Saturday , September 26 2020
Breaking News
Home / World Business (page 7)

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.

Global stocks rise after US rally

Stock markets in the Asia-Pacific region mostly traded higher Friday, following a rally in U.S. markets as the government moved closer to approving the largest economic-relief package in history. Hong Kong’s Hang Seng and the Shanghai Composite Index rose about 1%, as did Japan’s Nikkei 225 and South Korea’s Kospi, paring some earlier gains. Australia’s ASX 200 fell 2.7%. Singapore’s ... Read More »

US stock futures and Asian markets stumble as massive US stimulus deal moves forward

New York/Hong Kong: Asian markets and US stock futures are stumbling Thursday, even as the United States moves closer toward passing a $2 trillion economic stimulus bill aimed at helping individuals and companies amid the coronavirus crisis. Markets in Asia Pacific struggled for direction. Japan’s Nikkei 225 (N225) dropped 3%, the worst performer in the region. China’s Shanghai Composite (SHCOMP) ... Read More »

Oil prices rally on hopes for US stimulus

NEW YORK: Oil prices rallied in Asia Wednesday on signs the US Congress was nearing an agreement on a massive stimulus package to help the coronavirus-ravaged American economy, tracking record Wall Street gains. International benchmark Brent crude was up 2.9 percent to trade at nearly $28 per barrel, while US benchmark West Texas Intermediate rose 3.5 percent to nearly $25 ... Read More »

IMF warns coronavirus recession could be worse than 2009

WASHINGTON:  The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday. Georgieva called on advanced economies to provide more support to low income countries, which face a massive outflow of capital, and said the IMF stands “ready ... Read More »

Asian markets sink as pandemic deaths soar

HONG KONG: Asian markets were mostly in the red in early trade Monday despite massive economic stimulus efforts worldwide, with investors spooked by the relentless march of the coronavirus pandemic. The negative mood was fuelled by the failure of US lawmakers to agree on a trillion-dollar emergency package to help the reeling American economy. The global death toll from the ... Read More »

Trillion-dollar Republican economic rescue package crashes in US Senate

WASHINGTON: A trillion-dollar Senate proposal to rescue the reeling US economy crashed to defeat Sunday after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines. Democrats said the Republican plan failed to sufficiently protect millions of American workers or shore up the critically under-equipped health care system during the coronavirus crisis. The ... Read More »

Asia markets lifted by huge economic support plans

HONG KONG: Asian equities enjoyed some much-needed gains Friday after another volatile week on global markets as investors took solace in a blockbuster series of government and central bank measures aimed at cushioning the economic blow from the coronavirus. The dollar also eased somewhat after a lengthy rally fuelled by traders cashing out of their investments, while the embattled oil ... Read More »

NYSE to shift fully to e-trading from Monday after two coronavirus cases

NEW YORK: The New York Stock Exchange (NYSE) will temporarily close its trading floors and move fully to electronic trading from Monday, its owner Intercontinental Exchange Inc said after an employee and a trader were tested positive for the coronavirus. They were last in the exchange building on March 13, the company said on Wednesday. The facilities to be closed ... Read More »

Chinese firm develops kit detecting novel coronavirus in 15 minutes

OSAKA: A Chinese firm has developed a test kit that can detect the new coronavirus that causes COVID-19 in 15 minutes, far quicker than the current method, a media report said. Textile and chemical product-maker Kurabo Industries has announced that from next week it will begin selling test kits developed by its Chinese partner. The kit, which uses a small ... Read More »

Asian markets bearish after stimulus package assurances fails to build rally

HONG KONG: Despite the assurances of stimulus packages by multiple countries due to the coronavirus the Asian markets remained bearish as investors struggled to build on an early rally. With borders being shut and countries going into lockdown, there is a broad expectation the world economy will plunge into recession as markets convulse. Dealers across the planet, who have been ... Read More »

Top pharmaceuticals to co-develop potential coronavirus vaccine

NEW YORK: US drugmaker Pfizer has signed a deal with Germany’s BioNTech to co-develop a potential vaccine for the coronavirus using BioNTech’s mRNA-based drug development platform, the companies said on Tuesday. The drugmakers will start the collaboration immediately and have signed a letter of intent for the vaccine’s distribution outside China, they said in a joint statement. The companies said ... Read More »

Oil rebounds from four-year lows

NEW YORK: Oil rebounded on Tuesday as investors bought at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus. Analysts said, however, that any recovery in oil prices is likely to be short-lived as travel restrictions and other tough measures rolled out to fight the virus sap ... Read More »

US Federal Reserve slashes key interest rate, rolls out massive response to pandemic

ISLAMABAD: Faced with a growing economic shutdown from the coronavirus pandemic, that could cause the US economy to contract, the US Federal Reserve on Sunday announced drastic emergency measures to shore up confidence and keep the financial sector running, including slashing the key interest rate to virtually zero. The Fed made its second emergency rate cut in less than two ... Read More »

Late Wall Street rally leads global stocks higher; oil also jumps

NEW YORK: A gauge of stocks across the globe bounced back on Friday led by a late rally on Wall Street, after U.S. President Donald Trump freed $50 billion to tackle the novel coronavirus pandemic. Oil prices shot higher after Trump, in the same speech, said that the United States would take advantage of the recent sharp decline in prices ... Read More »

Markets suffer record meltdown as global coronavirus alarm grows

WASHINGTON/BEIJING: Global markets suffered record falls on Thursday as alarm over the coronavirus intensified, and governments from Ireland to Italy unveiled new measures to contain the impact of a disease that has infected more than 126,000 people worldwide. Travelers in Europe rushed to board flights to the United States after President Donald Trump imposed sweeping restrictions on travel from the ... Read More »

Trump’s European travel ban shakes global stock markets

NEW YORK: Stocks in the Asia-Pacific region fell broadly and heavily on Thursday on mounting signs that the coronavirus outbreak would take a dramatic toll on the global economy, reported the New York Times. Shares in Japan were down more than 5 percent midday, while shares in Australia led the region’s slump with a fall of more than 6 percent. ... Read More »

Oil prices seesaw in early Asian trade

SINGAPORE: Oil prices seesawed in early Asian trade Wednesday, a day after a strong rebound from a major rout triggered by the start of a price war between Riyadh and Moscow. West Texas Intermediate fluctuated between small losses and gains, with the price hovering around $34 a barrel, while Brent crude was up around 0.5 percent at $37 a barrel. ... Read More »

Oil prices claw back ground after crash

SINGAPORE: Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude advanced 6.6 percent to over $36 a barrel. Prices had plunged by almost a ... Read More »

Global equity markets crash on virus fears, oil prices plunge

HONG KONG: Equity markets collapsed Monday as the rapidly spreading coronavirus fans fears for the global economy, while a crash in oil prices added to the panic with energy firms taking a hammering and wiping hundreds of billions off valuations. As the deadly disease claims more lives around the world, dealers are shedding riskier assets for safe havens, sending gold ... Read More »

US oil prices drop $41.28 as OPEC deal falls apart

NEW YORK: The Organisation of Petroleum Exporting Countries (OPEC) and its allies failed to reach a deal on oil production cuts on Friday, after Moscow refused to tighten supply to counter the effects of the coronavirus outbreak, sending oil prices tumbling. The day before, OPEC ministers, led by Saudi Arabia, had recommended reducing output by 1.5 million barrels per day ... Read More »