Wednesday , November 25 2020
Breaking News
Home / World Business (page 8)

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.

Trump threatens new tariffs on China in retaliation for coronavirus

WASHINGTON: US President Donald Trump said his hard-fought trade deal with China was now of secondary importance to the coronavirus pandemic and he threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak. Trump’s sharpened rhetoric against China reflected his growing frustration with Beijing over the pandemic, which has cost tens of thousands of lives in ... Read More »

As economies stagger, pressures grow to ease virus lockdowns

PARIS: The world’s economic pain was on full display Thursday as Europe and the United States were releasing more evidence of the devastation wrought on jobs and economies by coronavirus lockdown measures. In Europe, where over 132,000 people with the virus have died so far, fears about new infection spikes were tempering hopes that economies now on government-funded life support ... Read More »

Moody’s reduces growth forecasts for G20 economies

NEW YORK: Moody’s on Tuesday projected all G20 economies will contract by 4% in 2020 amid coronavirus, deeper than its previous forecast as restrictions create high economic cost. The global rating agency expect G20 economies to pick up recovery next year and grow 4.8%. The agency’s previous forecast unveiled last month was minus 0.5% for 2020 and 3.5% for 2021. ... Read More »

A new normal: UN lays out roadmap to lift economies, save jobs after COVID-19

NEW YORK: The urgent health crisis that is COVID-19 has created a historic recession with record levels of deprivation and unemployment, creating an unprecedented human crisis that is hitting the poorest hardest, especially women and children. In a new framework released on Monday as a roadmap to support countries’ path to social and economic recovery, the United Nations calls for ... Read More »

Oil falls on storage woes in virus-hit market

SINGAPORE: US oil prices fell heavily Monday on renewed concerns over storage capacity as the coronavirus throttles demand, even as producers start slashing output to boost markets. US benchmark West Texas Intermediate dropped 9.3 percent to $15.36 a barrel in Asian morning trade. Brent crude, the international benchmark, was off 3.2 percent at $20.75 a barrel. Prices have collapsed in ... Read More »

US deficit could quadruple to $3.7tr in coronavirus crisis

WASHINGTON: A nationwide business shutdown and surge in US government spending will nearly quadruple the federal deficit to a record $3.7 trillion this fiscal year as the country combats the coronavirus pandemic. US gross domestic product will plunge by nearly 40% on an annualised basis in the second quarter, according to the nonpartisan Congressional Budget Office (CBO). But the CBO ... Read More »

Oil prices gain on US-Iran tensions, mixed day for global stocks

NEW YORK: Oil prices jumped again Thursday on rising US-Iran tensions, lending support to equity markets despite another round of dreary economic data in the US, Europe and elsewhere. Iran s Revolutionary Guards warned the US of a “decisive response” after President Donald Trump said Wednesday he ordered the US Navy to destroy Iranian boats that harass American ships in ... Read More »

EU leaders weigh massive virus economic recovery measures

BRUSSELS: European Union leaders are set to weigh Thursday the damage the coronavirus has inflicted on health care systems and the lives of around half a billion citizens across the bloc as they struggle to devise a more robust plan to resuscitate their ravaged economies. As businesses cautiously open their doors in some European countries and citizens begin to venture ... Read More »

Asia stocks fall after US crude collapses for second day

HONG KONG: Asian share markets slipped to two-week lows on Wednesday as the floor fell out from under crude prices, exposing the deep economic damage wrought by the global coronavirus health crisis. Skittish investors sought the safety of government debt as Brent oil futures plunged for a second day to a low last seen almost two decades ago, fueled by ... Read More »

US oil prices bounce back after historic crash

NEW YORK: US crude prices bounced back into positive territory on Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut, while the commodity rout sent Asian equities sharply lower. West Texas Intermediate for May delivery was changing hands at $1.10 a barrel after diving to an unprecedented low of -$37.63 ... Read More »

US oil prices drop more than 10pc to 20-year low

NEW YORK: Crude oil futures fell dramatically on Monday, with US futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that US storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate of reports on weak fuel consumption and ... Read More »

Oil climbs as Trump lays out reopening of virus-hit US

SINGAPORE: Oil prices pushed higher Friday as President Donald Trump’s plan for a reopening of the virus-battered United States offset worries about a devastating supply shock triggered by the pandemic. Brent crude, the international benchmark, was up nearly three percent in Asian trade at $28.65 a barrel while US benchmark WTI rose 0.6 percent to $19.99 a barrel — but ... Read More »

Asian markets down on virus impact fears

HONG KONG: Asian markets fell in early trade on Thursday following overnight woes on Wall Street as more negative US economic data fuelled worries about the full impact of the coronavirus pandemic. There had already been a spate of grim economic forecasts this week, with the IMF warning of the worst global downturn in a century, and poor US economic ... Read More »

Global recession forecast as countries mull lifting virus lockdowns

PARIS: The coronavirus is poised to spark a bruising global recession not seen in a century, the IMF warned Wednesday as countries considered lifting sweeping lockdowns that have crippled economies and kept billions confined to their homes. The deadly pandemic has already killed more than 120,000 people and infected close to two million around the world since it first emerged ... Read More »

Oil prices rise as President Trump flags deeper output cuts

NEW YORK: Oil prices rose Tuesday after US President Donald Trump said producers are considering cutting 20 million barrels per day — more than double the figure publicly announced — to help the virus-hit sector. US benchmark West Texas Intermediate rose nearly 2% to trade at $22.85, while international benchmark Brent crude climbed 1.5% to trade at $32.26. OPEC producers ... Read More »

Oil prices soar after US, Saudi Arabia, Russia agree record output cut

NEW YORK: Top oil-producing countries agreed on “historic” output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday. The US benchmark WTI climbed 7.7% to $24.52 a barrel in early Asian trade while Brent was up 5.0%  at $33.08. OPEC producers dominated by Saudi Arabia and allies led ... Read More »

Oil prices fall as Saudi, Russia decide to cut ouput under US pressure

DUBAI/MOSCOW/LONDON: OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. But the group, known as OPEC+, said a final agreement was dependent on Mexico signing up ... Read More »

Global trade may fall up to 32 percent on COVID-19 disruption: WTO

KARACHI: World trade is expected to fall by between 13 percent and 32 percent in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the world, said a statement issued by World Trade Organization (WTO) on Wednesday. The wide range of possibilities for the predicted decline is explained by the unprecedented nature of this health crisis ... Read More »

Oil rebounds as hopes grow for output cut deal

SINGAPORE: Oil prices rebounded Wednesday as traders jockey for position ahead of a key producers’ meeting this week aimed at cutting output to support coronavirus-hit energy markets. US benchmark West Texas Intermediate was up 5.7 percent to $24.98 a barrel in morning Asian trade. A barrel of Brent, the international benchmark, was changing hands at $32.69 a barrel, up 2.5 ... Read More »

Asian shares cautiously gain on virus hopes, dollar slips

Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe. Gains lacked Monday’s momentum, but were broad, even though global coronavirus cases kept rising and an economic crash on a scale not seen for generations looms large. The ... Read More »