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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.

France commits $104mln soft loan for water resources

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ISLAMABAD: France $104 million in soft loan for Pakistan to help the country improve water resources in the industrial city of Faisalabad. Secretary Economic Affairs Division Noor Ahmed, French Ambassador to Pakistan Marc Barety, and Country Director of the French Agency for Development (AFD) Jacky Amprou signed the credit facility agreement worth Euros 94.010 million for extension of the water ... Read More »

Jamie Oliver’s Fifteen Cornwall still open for business

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Fifteen Cornwall in Watergate Bay, one of the last outposts of Jamie Oliver’s restaurant empire, is still open for business. Owned and run by the Cornwall Food Foundation charity (CFF), Fifteen Cornwall trains six to 10 young unemployed people a year in its kitchens while serving up largely locally sourced seasonal food. The celebrity chef’s Jamie’s Italian restaurants may be ... Read More »

IMF warns US-China trade war will ‘jeopardise’ global growth

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WASHINGTON: The IMF sounded the alarm on Thursday about the escalating US-China trade war, warning it will “jeopardise” 2019 global growth, undermine confidence and raise prices for consumers. Gita Gopinath, the International Monetary Fund’s chief economist, directly refuted President Donald Trump’s claim that tariffs are paid by China and provide a windfall for the US treasury, and that his aggressive ... Read More »

Indian stocks hit record highs on Modi polls lead

People watch share prices on a digital broadcast outside the Bombay Stock Exchange (BSE) in Mumbai on May 23, 2019. - Indian stocks jumped to a record highs May 23 as early results in the world's biggest election showed Prime Minister Narendra Modi on course for a second term. (Photo by PUNIT PARANJPE / AFP)

NEW DELHI: Indian stocks jumped to record highs on Thursday as early results in the world’s biggest election showed Prime Minister Narendra Modi on course for a second term. Traders and business leaders welcomed trends in the vote count showing Modi’s Bharatiya Janata Party (BJP) was set to win a majority, expressing hopes it could lead to deep economic reforms ... Read More »

Oil prices drop on swelling US stockpiles, trade war

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LONDON: Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and on demand concerns linked to a protracted trade war between China and the United States. However, analysts said oil markets remained tight amid supply cuts led by producer group OPEC and as political tension escalates in the Middle East. Brent crude futures were ... Read More »

EP might become more right-wing and anti-Turkey: Experts

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A significant rise of European right-wing parties will only worsen an already stagnated relationship between European Union and Turkey, according to Nilgün Arısan, director of the Center of European Union Studies at the Economic Policy Research Foundation of Turkey (TEPAV). The influence of parties such as Hungarian Fidesz, German Alternative für Deutschland and Italian Lega Nord has already affected issues ... Read More »

Iran Registers $255m in Non-Oil Trade Surplus With Neighbors

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Tehran : Iran traded 3.66 million tons of non-oil commodities worth $1.84 billion with its 15 neighboring countries in the first month of the current fiscal year (March 21-April 20) to register a 12.75% and 13.63% decline in tonnage and value respectively compared with the same period of last year. Latest data released by the Islamic Republic of Iran Customs ... Read More »

WTO quarterly trade growth indicator at nine-year low

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GENEVA: The World Trade Organisation’s quarterly outlook indicator showed on Tuesday that global goods trade growth was likely to remain weak, with a reading of 96.3, unchanged from February, the lowest since 2010. “The outlook for trade could worsen further if heightened trade tensions are not resolved or if macroeconomic policy fails to adjust to changing circumstances,” the WTO said, ... Read More »

Google ends business with Huawei

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LONDON: Huawei will support its smartphones and tablets by providing security updates and services, it said, after Google barred it from updates to the Android operating system. But the Chinese technology firm did not say on Tuesday what would happen with phones it sells in the future, which are unlikely to have access to Google’s popular services, including Gmail, YouTube ... Read More »

Iran exports 49,578 tons of non-oil stuff to Nepal

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TEHRAN: Iran has exported 49,578 tons of non-oil commodities to Nepal worth $12.77 million in the last fiscal year (ended March 20, 2019). The exports register a 2,236.25% and 3,114.84% hike in tonnage and value, respectively compared with the year before, the latest data released by the Islamic Republic of Iran Customs Administration show. Iran exported urea, bitumen, float glass ... Read More »

Singapore Not Yet Worried About Economic Impact Of Trade War

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Singapore said it is not too concerned about how global trade tensions will affect its economy but it is prepared to take action should the ongoing China-US trade war impact local markets. Singaporean Minister-in-charge of Trade Relations S. Iswaran said on Sunday that the city-state is currently focused on building and expanding the local economy through innovative projects. While it ... Read More »

Some Google apps may stop working on Huawei phones amid US-China trade war

(FILES) In this file photo taken on March 6, 2019 a staff member of Huawei uses her mobile phone at the Huawei Digital Transformation Showcase in Shenzhen, China's Guangdong province. - US internet giant Google, whose Android mobile operating system powers most of the world's smartphones, said on May 19, 2019 it was beginning to cut ties with China's Huawei, which Washington considers a national security threat. (Photo by WANG ZHAO / AFP)

KARACHI: US internet giant Google, whose Android mobile operating system powers most of the world’s smartphones, said it was beginning to cut ties with China’s Huawei, which Washington considers a national security threat. The move could have dramatic implications for Huawei smartphone users, as the telecoms giant will no longer have access to Google’s proprietary services — which include the ... Read More »

Saudi’s Falih says not sure there is oil shortage, OPEC will act

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Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market’s needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building. Speaking in Jeddah ahead of a ministerial panel gathering on Sunday by top OPEC and non-OPEC producers, including Saudi ... Read More »

‘US not sincere about more trade talks with China’

(FILES) In this file photo taken on November 09, 2017, US President Donald Trump (L) shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing. - China said Monday, May 13, 2019 it will raise tariffs on $60 billion worth of US goods from June 1, in retaliation to the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports. The announcement came after the latest round of US-China trade negotiations ended Friday, May 10, 2019 without a deal, and after Washington increased tariffs on $200 billion worth of Chinese goods. (Photo by Fred DUFOUR / AFP)

BEIJING: The United States is not sincere about wanting to resume trade talks with China and has damaged the atmosphere for negotiations with its recent moves, a state social media account said. US Treasury Secretary Steven Mnuchin said on Wednesday he will likely travel to Beijing soon to continue negotiations with Chinese counterparts as the world’s two biggest economies try ... Read More »

As Trade War Rages, China’s Sway Over the U.S. Fades

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China usually gets its way. In Washington, on Wall Street and in corporate boardrooms, Beijing has used the country’s size and promise for decades to quell opposition and reward those who helped its rise. Those days may be coming to an end. As it struggles with President Trump’s trade war, a maturing and debt-laden China is discovering that it no ... Read More »

Global $100m cybercrime gang busted

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THE HAGUE: US and European police said Thursday they have smashed a huge international cybercrime network that used Russian malware to steal $100 million (89 million euros) from tens of thousands of victims worldwide. Prosecutions have been launched in Georgia, Moldova, Ukraine and the United States over the scam, while five Russians charged in the US remain on the run, ... Read More »

US trade war will only make us stronger, China’s top paper says

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NEW YORK: The trade war with the United States will only make China stronger and will never bring the country to its knees, the Communist Party’s People’s Daily wrote in a front page commentary that evoked the patriotic spirit of past wars. The world’s two largest economies are locked in an increasingly acrimonious trade dispute that has seen them level ... Read More »

Canada’s inflation rate ticks up to 2% in April

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Canada’s inflation rate rose to two per cent in April, from 1.9 per cent the previous month. The uptick, reported by Statistics Canada on Wednesday, was in line with what economists polled by Bloomberg had been expecting. While gasoline and other energy prices have risen sharply since the fall, on an annual basis they are actually cheaper than they were ... Read More »

Oil prices rise for third session on Mideast tensions

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LONDON: Oil prices rose on Thursday for the third day in a row as fears of supply disruptions amid heightened tensions in the Middle East overshadowed swelling US crude inventories. Brent crude futures were at $72.30 a barrel at 0839 GMT, up $0.53 from their last close. Brent is heading for its biggest weekly rise in six weeks. US West ... Read More »

Trump ramps up battle against Chinese telecom Huawei

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BEIJING: China warned the United States on Thursday against further harming trade ties after President Donald Trump effectively barred Chinese telecom giant Huawei from the US market, escalating tensions between the world’s top economic powerhouses. At the same time, Beijing’s diplomatic relations with Ottawa further soured as China formally arrested two Canadians on suspicion of snatching state secrets in a ... Read More »