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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 lifted by hopes on virus but oil in retreat

HONG KONG: Asian markets rose as some of the world’s worst-hit countries reported falling death rates, providing some much-needed hope in the battle against the coronavirus, though oil prices were rocked after a meeting of top producers was delayed. While the disease continues its deadly sweep across the planet, with more than 1.25 million now infected and nearly 70,000 dead, ... Read More »

Oil price barrels ahead as OPEC flags meeting

NEW YORK: The price of crude oil surged again Friday after OPEC said it would talk to non-members, notably Russia, giving investors hope for an end to a price war which has created market chaos along with crushed demand because of the coronavirus. OPEC oil producers and their allies will meet Monday via video conference, a source close to the ... Read More »

Oil, shares slip on doubts over Saudi-Russia deal

TOKYO/NEW YORK: Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that US President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the US dollar ... Read More »

Asia markets mostly up after Wall St rally but nerves remain

HONG KONG: Most Asian equities enjoyed gains Tuesday following another rally on Wall Street, while oil bounced, with traders welcoming a surprise jump in Chinese factory activity, though analysts cautioned that the road ahead remained rocky for the global economy. The World Bank also warned that fallout from the coronavirus pandemic could bring China’s growth to a standstill, with even ... Read More »

World’s largest glove maker sees shortage as coronavirus fight spikes

KUALA LUMPUR: Malaysia’s Top Glove Corporation, which makes one in every five gloves globally, expects a product shortage as demand from Europe and the United States spikes because of the widening coronavirus outbreak is exceeding its capacity. The company has extended shipping times to cope with the demand surge, Executive Chairman Lim Wee Chai told Reuters by phone on Saturday. ... Read More »

Historic $2.2tr coronavirus bill passes US House, headed to Trump

WASHINGTON: The U.S. House of Representatives on Friday approved a $2.2 trillion aid package – the largest in American history – to help people and businesses cope with the economic downturn inflicted by the coronavirus pandemic. The massive bill also rushes billions of dollars to medical providers on the front lines of the outbreak. Republican President Donald Trump said he ... Read More »

US stocks suffer late sell-off as stimulus passes into law

US stocks snapped a three-day winning streak on Friday as investors refocused on the wide economic fallout from the coronavirus pandemic while President Donald Trump prepared to sign a historic US stimulus bill into law, reported the Financial Times. The benchmark S&P 500 index ended the day down 3.4 per cent after a sell-off that accelerated into the close, reversing ... Read More »

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 »