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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 hovers near three-month highs on trade progress, lower inventories

LONDON: Oil prices hovered near three-month peaks on Thursday, buoyed by falling US crude inventories and thawing trade relations between the United States and China. Brent crude futures edged up $0.1 to $66.27 a barrel by 0957 GMT, heading for a sixth straight day of gains if prices on Thursday end in positive territory. US West Texas Intermediate (WTI) crude ... Read More »

Oil dips after U.S. stock build, but demand hopes support

SINGAPORE: Oil retreated on Wednesday after rising more than 1% in the previous session as U.S. industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices. A “phase one” U.S.-China trade deal announced last week has helped ward off some pressure from the oil market, dampened by worries ... Read More »

Oil hovers near three-month high on trade optimism, supply cuts

SINGAPORE: Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline and set to stoke oil demand in the world’s biggest economies. Brent crude oil futures LCOc1 had slipped by three cents to $65.31 a barrel by 0122 ... Read More »

Asian shares up as ‘phase one’ trade deal boosts confidence

SHANGHAI: Asian shares moved higher on Monday as investors welcomed a trade agreement between Beijing and Washington over the weekend, but enthusiasm was capped by lingering scepticism about the deal and ongoing relations between China and the United States. US Trade Representative Robert Lighthizer on Sunday said a deal was “totally done”, notwithstanding some needed revisions, and would nearly double ... Read More »

US axes tariffs on Chinese goods in trade war thaw

WASHINGTON: The United States and China announced a major thaw in their trade war on Friday, including immediate cuts to punishing import tariffs, but markets were not impressed. “We have agreed to a very large Phase One Deal with China,” President Donald Trump tweeted after officials in Beijing made a similar announcement. A signing of the deal at ministerial level ... Read More »

‘Cooperation between EU, Turkey should expand’

Turkey and the EU should expand cooperation, said Turkey’s ruling Justice and Development (AK) Party on Thursday. After meeting with EU lawmakers in Brussels, Cevdet Yilmaz, AK Party’s deputy chairman responsible for foreign affairs, urged the EU states to expand cooperation on issues of common interests, energy, security, customs union, and visa liberations, adding that the cooperation will benefit both ... Read More »

Telecom firm picks Ericsson for 5G, abandoning Huawei

OSLO: Telenor has picked Sweden’s Ericsson as the key technology provider for its fifth-generation (5G) telecoms network in Norway, it said on Friday, gradually removing China’s Huawei after a decade of collaboration over 4G. Fearing high-tech espionage, and battling with China over trade, the United States has pushed NATO allies such as Norway to exclude Huawei from lucrative 5G deals. ... Read More »

Saudi Aramco tops crown prince’s $2tr goal on share surge

RIYADH/DUBAI: Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm’s long-term value. The Saudi Crown Prince has made Aramco’s initial public offering (IPO) the centre-piece of his vision of diversifying the Kingdom’s economy ... Read More »

Oil prices slip on surprise U.S. crude inventory build

SINGAPORE: Oil prices fell on Wednesday after industry data showed a surprise build in crude oil inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday. Brent futures LCOc1 fell by 37 cents, or 0.6%, to $63.97 per barrel by 0121 GMT. U.S. ... Read More »

The challenges facing former Bank of Canada governor Mark Carney

Christopher Neal was formerly communications adviser to the World Bank’s energy global practice. Mark Carney, recently tapped by United Nations Secretary-General Antonio Guterres to be UN Special Envoy for Climate Change, is no stranger to big challenges. As the former governor of the Bank of Canada, he managed to shield the country from the worst impacts of the 2008 financial ... Read More »

Greek foreign policy and the Turkey-Libya agreement

Turkey’s revisionist policy after 1973 is being implemented through a recurring four-phase strategy: questioning the sovereignty and the rights of the Hellenic Republic in terms of sea zones and islands; turning the questioned territories into so-called gray areas; preventing Greece from exercising its legal rights in these areas; and trying to present these areas as part of Turkey. This Turkish ... Read More »

European companies minimise risks from US-China trade war

BEIJING: European companies in China have been able to minimise the effect from the tariff war between Beijing and Washington, although some are considering relocating their businesses, the EU Chamber of Commerce said Monday. The world’s two biggest economies have been entangled in a lingering trade war for over a year, which has weighed on the global economy and resulted ... Read More »

Saudi, Russia win over oil producers to deeper cuts

RIYADH: Saudi Arabia and Russia won backing for deeper output cuts from OPEC and allied oil producers as they look to head off global oversupply in 2020 and sustain prices. The group of more than 20 producers agreed to an extra 500,000 barrels per day (bpd) in cuts for the first quarter of 2020, sources told Reuters, taking the total ... Read More »

Taiwanese battery maker JS Power seeks partnership in Turkey

Taiwanese JS Power is gearing up to launch large-scale production of batteries in Turkey. In search of a company to cooperate and seek production opportunities, the company has so far held talks with Zorlu Holding and Anadolu Group. Foreign companies, spearheaded by Taiwanese battery manufacturer JS Power, consider investing in Turkey for battery production, one of the technologies that will ... Read More »

Asian shares gain as Trump fuels trade deal optimism

SYDNEY/TOKYO: Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were “moving right along”, and U.S. oil prices sat near 2-1/2-month highs after OPEC and other producers agreed to cut output. MSCI s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.5% and Japan s Nikkei .N225 added ... Read More »

OPEC and allies prepare to deepen oil output cuts

VIENNA: OPEC and its allies led by Russia were moving closer on Thursday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a ... Read More »

Car industry to slash more jobs in 2020

BERLIN: Germany’s VDA automobile association said on Wednesday that it excepted global car sales to fall by 5% this year, the steepest drop since the world financial crisis a decade ago, adding that the crisis would force companies to cut more jobs in 2020. “Utilization is going down, temporary work contracts are not being renewed, short-time employment with state aid ... Read More »

Oil prices edge higher as Saudi pushes for further supply cuts

NEW YORK: Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week, although scepticism about a deal among some analysts limited the gains. Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. US West Texas Intermediate crude was up 44 cents at $56.40 a barrel. The ... Read More »

Carbery receives €35m EIB loan to help Brexit-proof business

Carbery Group has received a €35m loan from the European Investment Bank (EIB) to support fund the construction of a €78m manufacturing plant, which it hopes will help Brexit-proof the business. The EIB is the long-term lending institution of the European Union. It is owned by member states. This is the first ever EIB financing for an Irish agri-foods business. ... Read More »

Trade Deficit Soars to $1.808 Billion From $497 Million Last Year

The Turkish Statistical Institute said on Friday that the trade deficit rose to US$1.808 billion in October from US$497 million in the same month last year, indicating a four folds increase on an annual basis. Seasonally and calendar-adjusted exports decreased by a monthly 0.5 percent when compared with September. Imports increased by 3.6 percent. Turkey’s economy is emerging from a ... Read More »