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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.

Turkey allows companies to exclude forex losses from bankruptcy calculations

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ISTANBUL:Turkish companies will no longer be required to count foreign-currency losses when assessing whether to file for bankruptcy, according to a legal change introduced at the weekend, a move that could dent productivity by propping up unhealthy companies. The move is the latest government measure to help companies squeezed by a sell-off in the Turkish lira this year, and highlights ... Read More »

Australian cruise season starts with a bang

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The arrival of Princess Cruises’ Majestic Princess in Sydney last week marked the official start of the 2018-19 cruise season, one that promises to be the busiest yet for Australia’s ports. Looking at the main cruise lines, 2017’s Majestic Princess is one of 20 ships under the Carnival Australia umbrella to sail locally – it will be the newest and ... Read More »

Iran gas exports fall 42%

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ANKARA: Iran’s gas condensate exports fell nearly 42 percent to 4.1 million tonnes in the five months to Aug 22, Iranian semi-official Mehr news agency reported, as US sanctions on the country’s energy sector loomed. Gas condensate shipments account for some 11pc of Iran’s total exports in value terms, Mehr reported. “According to the latest customs figures of Iran’s foreign ... Read More »

Saudi Arabia ‘joining CPEC to make Gwadar an oil city

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LAHORE:China Pakistan Economic Corridor (CPEC) is set to get a major push as Saudi Arabia is expected to join the multi-billion-dollar project soon. With the Islamic Kingdom joining the Belt and Road Initiative (BRI) of the Chinese government, the major stakeholders – Islamabad and Beijing – will speed up the efforts to complete projects as soon as possible. Reports in ... Read More »

SOUQ launches Amazon Global Store in Saudi Arabia

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Saudi Arabia:According to the Saudi Gazette, SOUQ, a leading online retail and marketplace website in the Arab region, on Tuesday announced the launch of ‘Amazon Global Store’, which offers customers in the Kingdom of Saudi Arabia (KSA) the ability to shop for over one million products from Amazon in the United States. On Amazon Global Store, customers can now enjoy ... Read More »

Saudi budget airline Flynas recruiting 300 Saudi male and female cabin crew

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Saudi budget airline Flynas will hire 300 Saudi female and male flight attendants within two years as the kingdom attempts to reduce unemployment among nationals and increase women’s access to the workforce. The Riyadh-based carrier will also recruit 200 Saudi male and female co-pilots over the next five years, Flynas said in a statement on Thursday, when it began accepting ... Read More »

UAE issues over 500,000 business licences so far in 2018, up 9%

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Dubai and Abu Dhabi account for 85% of UAE business licences issued in the first eight months of 2018.A total of 532,000 business licences were issued across the UAE by the end of August, a 9 percent growth from 2017, according to the UAE’s Ministry of Economy. According to the Ministry, Dubai and Abu Dhabi accounted for 85 percent of ... Read More »

Irish business may use AI to spot staff at risk of leaving job

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Irish clinical trials business Icon is examining ways to use artificial intelligence (AI) to see which employees are at risk of leaving. CEO Dr Steve Cutler told an event in New York about the potential scheme last week. He said it is also looking to use AI as part of its hiring processes. “We’re very excited because we’re actually looking ... Read More »

Trade ‘front and centre’ in Bank of Canada’s call to hold interest rate

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The unknown consequences of ongoing trade tensions were “front and centre” in the Bank of Canada’s decision this week to leave its key interest rate unchanged, a top Bank of Canada official said Thursday. In a speech one day after the rate announcement, senior deputy governor Carolyn Wilkins acknowledged it’s difficult for the central bank to estimate the “highly uncertain” ... Read More »

China, Europe ‘can cooperate more’ amid rising U.S. trade tensions

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US:Amid escalating trade tensions between China and the U.S., Chinese companies could potentially cooperate more with European nations like the Netherlands, which “promotes openness to trade and investment,” an official from the Netherlands Foreign Investment Agency (NFIA) said on Tuesday at a press briefing in Beijing. “The Netherlands has never restricted Chinese investment so far… In the future, China and ... Read More »

Malaysia, Singapore to sign agreement to defer rail deal

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KUALA LUMPUR: Malaysia will sign an agreement with Singapore on Wednesday to defer a planned high-speed rail link between the two countries, a person in Malaysia’s government told Reuters, potentially ending months of uncertainty surrounding the project. Prime Minister Mahathir Mohamad said upon election in May that he intended to cancel the project as part of a review of multi-billion ... Read More »

Emirates set to add fourth daily flight to Riyadh

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Dubai airline Emirates says it will launch another daily flight to Saudi capital city on Saturday. Emirates will boost its services to Riyadh with the addition of a fourth daily flight to the Saudi capital from September 1. The addition of the fourth daily service will take the total number of weekly Emirates flights serving Riyadh to 28, the airline ... Read More »

Iran Tries to Save $1 Billion Deal With Giant Oil Trader

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Iran’s state-run oil company is in talks to salvage a $1 billion oil deal with Swiss trader Vitol Group as companies sever ties with the Islamic Republic ahead of U.S. sanctions. The Islamic Republic is fighting to keep one of its most profitable oil deals, according to people familiar with the matter. The fuel trading arm of National Iranian Oil ... Read More »

Swiss banks survive ‘economic war’ of global secrecy crackdown

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Switzerland : Switzerland pushes the button to send data on offshore bank accounts to foreign tax agencies this fall, it will be doing what was once virtually unthinkable: abandoning the absolute secrecy once afforded to anyone parking their cash in Zurich or Geneva. The automatic exchange of account information due to take place with other European countries is the last ... Read More »

Turkey Calls US ‘Wild Wolves,’ Vows to Abandon Dollar in Trade

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Turkish President Recep Tayyip Erdogan Sunday vowed Ankara would pursue non-dollar transactions in trade with Russia and other countries, accusing the US of behaving like “wild wolves.” Both Turkey and Russia are reeling from punitive economic measures imposed by Washington. “America behaves like wild wolves. Don’t believe them,” Erdogan told a business forum during a visit to Kyrgyzstan, in comments ... Read More »

Sellers must add eBay GST tax codes for sales to Australia

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Australia:If you’re selling to Australia then there’s an important change you need to know about. eBay have started collecting GST (Goods and Services Tax – the equivalent to UK VAT) on all sales to Australia. There’s nothing that sellers need to do, eBay will automatically add 10% to cover the GST for any item is located outside Australia where the ... Read More »

China business forum shifts launch to Singapore amid US trade row

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SHANGHAI: Organisers of a new business leaders’ forum spearheaded by former New York mayor Michael Bloomberg have been forced to move the event from Beijing to Singapore, amid growing China-US trade friction and scheduling conflicts with another forum. The New Economy Forum, planned for Nov 6 to 8, coincides with a massive new import fair in Shanghai that has been ... Read More »

US, Mexico reach NAFTA deal, turn up pressure on Canada

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WASHINGTON: The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact. Auto stocks soared and the S&P 500 and the Nasdaq rallied to record highs on the expectation that Canada ... Read More »

Peru trade group seeks direct flights to bolster UAE exports

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UAE:Peru’s Trade, Tourism and Investment Office (TTIOP) has revealed that exports to the UAE have risen 100-fold in seven years. Exports from Peru increased from $6 million in 2011 to $600 million last year thanks to increasing demand from consumers and the ongoing work of the TTIOP, the Dubai-based economic and commercial office of Peru’s Ministry of Foreign Trade and ... Read More »

Actor Will Smith signs up Northern Ireland companies to help launch ‘ethical’ water

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Two Northern Ireland companies will be involved in the UK production and distribution of a new water brand created by actor and rapper Will Smith and his son Jaden, creating up to 20 new roles. Just Water, which was founded to help combat ocean plastic pollution, will be packaged at Norbev Ltd in Ballymena, while Belfast-based Red Star Brands will ... Read More »