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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 slips after Saudi Arabia says to restore output but risks remain

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NEW YORK: Oil prices slipped on Wednesday, extending losses from the previous session after Saudi Arabia’s energy minister said the kingdom will restore lost oil production by the end of the month. But investors remained cautious about Middle East tension after the United States said it believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern ... Read More »

Oil prices rocket on slashed Saudi output

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LONDON: Brent crude surged by 20% the biggest gain since the 1991 Gulf War – after weekend drone attacks on two Saudi oil facilities halved output in the world’s top crude exporter, fuelling fresh geopolitical and growth fears. West Texas Intermediate (WTI) oil meanwhile soared 15% also after President Donald Trump warned that the US was “locked and loaded” to ... Read More »

Oil soars after attack on Saudi plants shuts in 5pc of global supply

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SINGAPORE/SEOUL: Oil prices soared on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut about 5% of global supply. Brent crude futures, the international benchmark, rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day jump since Jan. 14, ... Read More »

Global economy ‘far’ from recession: IMF

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WASHINGTON: Trade tensions are weighing on growth across the world, but the International Monetary Fund is “far” from forecasting a global recession, an IMF official told Reuters on Friday, as the fund prepares to release a new economic outlook next month. The IMF on Thursday said tariffs imposed or threatened by the United States and China could shave 0.8% off ... Read More »

Disney CEO Bob Iger resigns from Apple board

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NEW YORK: Apple said on Friday that Walt Disney Chief Executive Officer Bob Iger had resigned from the company’s board of directors on Sept. 10 as the two companies prepare to compete head-to-head in the streaming television business. Iger departed Apple’s board the same day the company revealed new details about Apple TV+, a $4.99-per-month service that will launch on ... Read More »

Google will promote original reporting with algorithm change

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SAN FRANCISCO: Original reporting will be highlighted in Google´s search results, the company said as it announced changes to its algorithm. The world´s largest search engine has come under increasing criticism from media outlets, mainly because of its algorithms — a set of instructions followed by computers — that newspapers have often blamed for plumenting online traffic and the industry´s ... Read More »

Oil prices gain after US inventories fall

Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011.  World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed.                                        AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

LONDON: Oil prices rose after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained $0.65, or 1%, to $63.03 a barrel by 1253 GMT while US West Texas Intermediate rose $0.58, or 1%, to $57.98 a barrel. Oil prices have risen ... Read More »

Saudi Arabia forbids transfer of funds to Mohammed Ali Al-Amoudi & Co

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The Saudi Arabian Monetary Authority has announced a reversal of a 1999 decision to allow funds to be transferred in and out of the kingdom to Mohammed Ali Al-Amoudi & Co because of violations of anti-money laundering laws and other crimes, SAMA has announced. In a statement, SAMA said that the decision is based on the firm’s “violations of anti-money ... Read More »

US-China trade war: Beijing removes several products from tariffs list

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BEIJING: China said Wednesday it would spare a number of US products from punitive tariffs in what is seen as an olive branch by Beijing in the protracted trade war ahead of high-level talks next month. However, the goods do not include big-ticket agricultural items that could be crucial to the ultimate success of any agreement between the two sides, ... Read More »

Alibaba’s Ma steps down as industry faces uncertainty

(FILES) This file photo taken on October 11, 2017 shows Jack Ma, Alibaba Group founder and executive chairman, gesturing during the Music Festival of the Computing Conference 2017 in Hangzhou in China's eastern Zhejiang province. - Jack Ma steps aside on September 10, 2019 as chairman of Alibaba, ending a spectacularly successful 20-year run during which the charismatic former English teacher's e-commerce company left a profound impact on China's economy. (Photo by STR / AFP) / China OUT

BEIJING: Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company on Tuesday at a time when its fast-changing industry faces uncertainty amid a US-Chinese tariff war. Ma, one of China’s wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession ... Read More »

U.S. wants ‘near term’ results from new China trade talks

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WASHINGTON: The Trump administration wants to see “near term results” from U.S.-China trade talks in September and October, White House economic adviser Larry Kudlow said, but he declined to predict any outcomes or say if U.S. tariff delays were possible. Speaking on CNBC and Bloomberg TV, Kudlow confirmed that the top U.S. and Chinese trade negotiators would meet in early ... Read More »

BP aims to sell more US crude to Asia, boost LNG supplies in early 2020s

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SINGAPORE:  Oil major BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region. The strategy, outlined in a Reuters interview with company executives, follows BP’s move to acquire giant miner BHP’s assets in the United States’ prolific Permian shale basin last year, expected to ... Read More »

Saudi Arabia inks Nokia deal for software R&D project

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The Saudi Ministry of Communications and Information Technology (MCIT) has entered into an agreement with tech giant Nokia to launch a research and development unit to create software in Saudi Arabia. The cooperation aims to establish a Nokia software development unit and Bell Labs research unit in Saudi Arabia. In addition, it envisages the establishment of a maintenance centre for ... Read More »

EU demands Australia scrap taxes on European cars

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A European Union trade negotiator claims Australia should remove automotive taxes during latest talks European-made cars could have their prices slashed by up to 38 percent under a new trade deal with Australia if EU trade negotiators get their way. Slashing the 5 percent duty on imported luxury cars and the 33 percent Luxury Car Tax (LCT) on the more ... Read More »

Wall Street bogged down by trade, growth concerns

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NEW YORK: U.S. stocks fell on Wednesday after the United States and China imposed new tariffs on each other and data showed U.S. factory activity shrank in August for the first time since 2016, renewing growth fears. Investors fled riskier assets as the latest face-off gnawed at any hopes for a resolution to the long-running U.S.-China trade war, which has ... Read More »

Oil drops 2pc as trade war rumbles on and output swells

Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011.  World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed.                                        AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

LONDON: Oil prices fell by 2% on Tuesday, weighed down by rising OPEC and Russian oil output as well as the protracted US-China trade dispute that has dragged on the global economy. US crude was down $1.26, or 2.3%, at $53.84 a barrel by 1152 GMT and Brent crude was down $0.96 at $57.70. The United States this week imposed ... Read More »

‘Europe should ignore ‘treacherous promises’ of Facebook’s Libra currency’

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FRANKFURT: Facebook’s proposed Libra currency could undermine the European Central Bank’s ability to set monetary policy and Europe should ignore its siren call of “treacherous promises” ECB board member Yves Mersch said. Facebook announced Libra – a new digital coin backed by four official currencies and available to billions of social network users around the world – earlier this year, ... Read More »

HSBC’s £35bn mortgage push is good for borrowers, but it’s risky

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SBC has been the bank that has prospered most from globalisation. Hong Kong has been its gateway to an emerging China, its UK domicile has provided regulatory and legal respectability, and its US operations have enabled it to become one of the biggest US dollar clearing banks in the world. But has globalisation now stopped working in the bank’s favour? ... Read More »

Oil falls as U.S., China add more tariffs in trade war

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TOKYO: Oil prices were lower on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude. Brent crude was down 27 cents, or 0.5%, at $58.98 a barrel by 0324 GMT, while U.S. oil was down 2 cents at $55.083 at barrel. The ... Read More »

Google to pay out $150-200m over YouTube privacy claims

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NEW YORK: Google will pay $150-200 million to settle allegations YouTube violated a children’s privacy law while gathering data to better target its adverts, US media reports said Friday. The US Federal Trade Commission agreed on the amount of the settlement against YouTube parent Google, which if approved by the Justice Department would be the largest settlement in a case ... Read More »