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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.

Apple Watch, FitBit could feel cost of US tariffs

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Australia : The latest round of US tariffs on $200 billion of Chinese goods could hit the Apple Watch, health trackers, streaming music speakers and other accessories assembled in China, government rulings on tariffs show. The rulings name Apple Inc’s watch, several Fitbit Inc. activity trackers and connected speakers from Sonos Inc. While consumer technology’s biggest sellers such as mobile ... Read More »

Brexit’s final form increasingly important for Australia

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Australia : International economists and market traders are becoming increasingly uneasy with the way global trade is heading. A trade war between the world’s two largest economies is clearly escalating. Meanwhile, Britain’s Prime Minister Theresa May is negotiating an extraordinary political labyrinth in what’s being seen as a vain attempt to produce a soft exit from the European Union. As ... Read More »

Iran’s imports from Russia doubled in Q1

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TEHRAN: Latest statistics show that Iran’s imports and exports from/to Russia experienced a considerable 205 and 40 percent growth in the first three months of the current Iranian fiscal year (March 21-June 21). According to the Islamic Republic of Iran Customs Administration (IRICA), Russia took the 8th and 18th ranks in terms of imports and exports respectively among 100 countries ... Read More »

China pledges $20 billion in loans for Arab states

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BEIJING: China will provide Arab states with $20 billion in loans for economic development, President Xi Jinping told top Arab officials Tuesday, as Beijing seeks to build its influence in the Middle East and Africa. The money will be earmarked for “projects that will produce good employment opportunities and positive social impact in Arab States that have reconstruction needs,” said ... Read More »

Canada’s central bank raises key interest rate to 1.5%

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Ottawa :The Bank of Canada on Wednesday hiked its benchmark interest rate to 1.5 percent, the first increase since mid-January, as the Group of Seven economy tries to tame inflation. “Canada’s economy continues to operate close to its capacity,” the central bank said in a statement, adding that inflation “is expected to edge up further to about 2.5 percent before ... Read More »

Austria, Germany, Switzerland foresee more foreign investments in Nigeria

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Switzerland : Representatives of Austria, Germany and Switzerland have reiterated commitment to expanding business activities and workforce in Nigeria, following the recent ranking by the World Bank Ease of Doing Business index which placed the country among the 10 most improved economies. The delegate of German Industry and Commerce in Nigeria, Marc Lucassen, said foreign businessmen were optimistic about the ... Read More »

Markets tumble as global trade war flares up

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London:World stock markets sank and the dollar rose Wednesday after Washington threatened to hammer Beijing with tariffs on a further $200 billion of Chinese imports, ratcheting up the global trade war. Washington’s announcement comes just days after the world’s two biggest economies exchanged tit-for-tat measures on a range of goods worth tens of billions of dollars. US President Donald Trump ... Read More »

Norway’s seafood exporters to pay 8.58 mln USD less as China cuts tariffs

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China : Norway’s seafood exporters might pay over 70 million kroner (8.58 million U.S. dollars) less every year after China introduced huge new tariff cuts on Sunday, the Norwegian government said in a press release. “Last year we exported seafood for well over 3 billion kroner to China. If we take last year’s exports as a starting point, this means ... Read More »

Largest U.S. Business Group Attacks Trump on Tariffs

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WASHINGTON The U.S. Chamber of Commerce, the nation’s largest business group and customarily a close ally of President Donald Trump’s Republican Party, is launching a campaign on Monday to oppose Trump’s trade tariff policies. With some of America’s tightest trading partners imposing retaliatory measures, Trump’s approach to tariffs has unsettled financial markets and strained relations between the White House and ... Read More »

Australia’s ban on Huawei would be an expensive call

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Sydney : Australia’s Huawei ban could be an expensive call. Fresh from passing a new law on foreign meddling in its politics, Canberra now looks set to block the Chinese telecom giant from working on its next-generation mobile network. There are valid concerns. But a ban carries costs too: Pricier 5G, and a longer route to improved ties with the ... Read More »

US begins implementing tariffs on China

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WASHINGTON:The U.S. government has officially begun implementing tariffs worth $34 billion on Chinese imports signaling the start of a trade war. Tariffs worth $34 billion on Chinese goods took effect at 12:01 a.m. EST (0400GMT). The White House initially announced in April that it was planning to slap China with $50 billion in tariffs, and added in June they could ... Read More »

Rolls-Royce sells commercial marine unit for 500m

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Uk :British engine maker Rolls-Royce announced Friday it has agreed to sell its troubled commercial marine business to Norwegian industrial group Kongsberg for 500 million. The deal, worth $661 million or 566 million euros, is part of a massive overhaul led by chief executive Warren East, Rolls-Royce said in a statement. Read More »

US wants to continue good relations with Pakistan: US official

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US :US Principal Deputy Assistant Secretary of State for South and Central Asia, Alice G. Wells on Tuesday said Pakistan-United States relations were very important and the US would like to carry it forward. She was talking to Finance Minister, Dr. Shamshad Akhtar here on Tuesday. During the meeting, they discussed the current state of Pak-US relations with particular focus ... Read More »

EU leaders to deal French president Emmanuel Macron eurozone reform setback

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Brussels :EU leaders will tackle watered-down proposals to reform the euro single Currency on Friday, with an ambitious plan for a eurozone budget wanted by French President Emmanuel Macron left on the sidelines. The discussion falls on the second day of a two-day summit that was largely dominated by Italy’s ire on migration, which overshadowed all other topics, including the ... Read More »

WTO welcomes China’s white paper which supports multilateral trading system

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GENEVA :The World Trade Organization (WTO) on Thursday welcomed a white paper issued for the first time by China’s State Council Information Office titled “China and the World Trade Organization.” Trade officials said it spells out China’s commitments to the multilateral trading system, which the WTO oversees. They would wait for the paper to be posted in the WTO system ... Read More »

China’s Didi steps up challenge to uber with Australia push

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Melbourne :Chinese ride-sharing giant Didi has intensified its drive for global business, launching in Melbourne Monday as it joins rivals Uber, Taxify and Ola in Australia’s taxi market. Didi Chuxing claims to be the world’s leading mobile transportation platform with more than 450 million users, and its latest expansion is part of attempts to rival American behemoth Uber. The Beijing-based ... Read More »

Turkish Airlines in talks to finance facilities at new Istanbul airport

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ISTANBUL: Turkish Airlines is in talks with 12-13 Turkish and Chinese banks to secure between $800 million and $1 billion in financing to construct its facilities at Istanbul’s new airport, and a deal is almost ready, three sources close to the matter said. Istanbul’s third airport, which Turkey says will become the biggest in the world, is slated to open ... Read More »

Youtube offers creators new ways to earn money

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San Francisco :YouTube, often criticized for not compensating creators well enough, will allow them to set up paid channel memberships, the company said on Thursday. Currently the vast majority of revenue at the Google-owned service comes from advertising and that will remain a focus, said Neal Mohan, YouTube’s chief products officer. “But we also want to think beyond ads. Creators ... Read More »

US, India trade friction could roil strategic partnership: report

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WASHINGTON :”While the media has been focused on trade war between the United States and its three main trade partners” The EU, China and NAFTA, a potential trade friction is brewing between the US and India that could negatively impact strategic partnership between the two countries. India has begun imposing tariffs on American exports worth $240 million after it failed ... Read More »

Opec oil ministers gather to discuss production increase

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VIENNA: The oil ministers of the Opec cartel were gathering on Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices. The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russia, a non-Opec country that since late 2016 has cooperated with ... Read More »