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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.

Hong Kong shares flat ahead of Tencent results


HONG KONG: Hong Kong shares recouped some early losses to end Wednesday’s morning session little changed, with heavyweight Tencent Holdings swinging between gains and losses ahead of its quarterly earnings. Social-media and gaming company Tencent was up 0.4% by noon in Hong Kong ahead of its third-quarter earnings report due after markets close on Wednesday. The stock, which had opened ... Read More »

UAE likely to see $50bn skilled labour gap by 2030


Dubai : Businesses focus too much on technology as opposed to human labour, causing a skill gap in the market, according to the MD of Korn Ferry By 2030, the UAE is likely to experience a skilled labour gap worth $50 billion, making up 5 percent of the economy, according to Jonathan Holmes, country chair and managing director of Korn ... Read More »

Canada strengthens Utah trade relations


Canada : While the United States fights with China on trade, Canada’s consul general would like Utahns to know that “Canada is open for business.” Stéphane Lessard, Canada’s consul general based in Denver, spent this week meeting with business chambers of commerce and mayors up and down the Wasatch Front to promote trade relations between Canada and Utah. “Canada is ... Read More »

Australia’s Woolworths to sell petrol business to EG Group for $1.25 billion


Sydney : Australia’s Woolworths Group Ltd (WOW.AX) on Friday said it will sell its petrol business to British petrol retailer EG Group for A$1.73 billion ($1.25 billion). The deal comes months after Australia’s largest supermarket operator canceled a A$1.8 billion sale of its petrol stations to British oil giant BP Plc (BP.L) after it was blocked by Australia’s antitrust regulator. ... Read More »

ASM continues to make contingencies for new UK Customs system


London : Agency Sector Management (ASM) is continuing work on contingency plans for businesses affected by the new UK’s Customs Declaration Service (CDS) as there is uncertainty whether the system will be fully-ready for roll-out. CDS is due to replace the current Customs Handling of Import and Export Freight (CHIEF) system in phases by January 2019, but ASM said there ... Read More »

Cellular handset import into Iran amounts to $266 mn


Tehran : The mobile market faced significant development after the implementation of ‘Iran’s National Mobile Registry Scheme’ in such a way that growing trend of smuggling of mobile phones remarkably decreased in the country , IRICA added. Import of cell phones into the country in the same period accounted for 1.01 percent of country’s total import value. IRICA put the ... Read More »

Today in History: November 6, 1983 : UAE introduces customs duty for goods


Dubai : 1983 – The revised customs duty of four per cent was brought into operation in all the emirates bringing the UAE tariff structure in line with the rest of the member-states of the six-nation Gulf Cooperation Council. The enforcement of the minimum tariff — the GCC resolution is to levy duties ranging between four and 20 per cent ... Read More »

Austal says hacker steals some data at its Australia business

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Sydney : Shipbuilder Austal Ltd said on Thursday its Australian business had detected and responded to a data breach in which some staff email addresses and mobile phone numbers were accessed. The breach, which affected the company’s data management systems, has had no impact on Austal’s ongoing operations, it said in a statement. The attacker tried to sell certain materials ... Read More »

October exports see highest monthly value in Turkey’s history, hit $15.7B


Ankara : The increasing trend in Turkish exports continued in October and peaked in terms of monthly value; its highest in the history of the Turkish Republic. Trade Minister Ruhsar Pekcan announced yesterday that Turkish exports in October recorded a 13.1 percent increase compared to the same period last year and reached $15.7 billion. Exports over the last 12 months ... Read More »

Hopes rise of UK-EU financial service deal


London : The UK has struck a deal with the EU on post-Brexit financial services, according to unconfirmed reports. The Times newspaper said London had agreed in talks with Brussels to give UK financial services firms continued access to the bloc. The pound has risen 1% against the dollar in response. But a government source said that was “a rather ... Read More »

Cathay Pacific enlists UK company to assist with data breach


London : Cathay Pacific Airways has enlisted a company that was itself once caught up in a hacking scandal to help deal with the fallout of a data breach that affected more than 9-million passengers. Asia’s biggest international carrier is offering customers hit by the hack — which saw passport details to e-mails illegally accessed — the option to take ... Read More »

UBS may seek clearance to sell more products to U.S. ex-pats in Switzerland


ZURICH : Swiss bank UBS may ask U.S. regulators to expand its license to sell more complex products and sophisticated investment advice to wealthy Americans living in Switzerland as it seeks to woo U.S. taxpayers abroad for growth. In an interview published on Sunday, Chief Executive Sergio Ermotti told Swiss newspaper SonntagsZeitung that UBS currently cannot sell some products and ... Read More »

Australia’s economic outlook is looking a whole lot gloomier


Sydney : The positive momentum the Australian economy enjoyed in the first half of the year now looks to be reversing, and fast. Worryingly, the slowdown is being entirely driven by the services sector, the largest employer in the country. The Commonwealth Bank’s (CBA) “flash” Composite Purchasing Managers Index (PMI) for September, produced in conjunction with IHS Markit, dipped to ... Read More »

Sabic signs two industry deals worth $1.5 billion


Sabic, a global leader in diversified chemicals, has signed two agreements worth a total of SR5.6 billion ($1.5 billion) to enable sustainable growth of downstream industries and developing national industry in support of Saudi 2030. The memorandums of understanding (MoUs) were signed during the 2nd annual Future Investment Initiative conference (FII) held in Riyadh from October 23 to 25. The ... Read More »

Sri Lanka calls for global coalition to tackle rising dollar


COLOMBO: Sri Lanka on Tuesday called for a “coalition of the willing” to help stabilise free-falling emerging market currencies around the globe, as the beleaguered rupee slumped to fresh lows. The island´s currency bottomed out at a record-low 174.12 rupees to the dollar, resisting a slew of measures by policymakers to arrest its steady decline. The rupee has shed more ... Read More »

Australia backs hydrogen project to store renewable energy


MELBOURNE:The Australian government said on Monday it would provide half the funding for the country’s biggest trial to produce hydrogen using solar and wind energy, which could then be used as a back-up for gas supplies. The A$15 million ($11 million) project is being run by gas pipeline company Jemena, which plans to build a 500 kilowatt electrolyser in western ... Read More »

US-China trade war saps confidence among Hong Kong businesses


Hong kong : The trade war between the United States and China is beginning to weigh on business sentiment among small to medium-sized employers, with overall confidence for the fourth quarter at its lowest level since the beginning of last year, according to a new survey. Sentiment for the final three months of the year dropped 6.7 points to 43.0 ... Read More »

Weaker than expected economic data not seen delaying Bank of Canada rate hike


OTTAWA : Although Canadian inflation and retail sales data came in weaker than expected on Friday, market operators predicted the Bank of Canada still would raise interest rates again next week to keep a booming economy in check. Statistics Canada said the annual inflation rate in September dipped to 2.2 per cent from 2.8 per cent as price pressures from ... Read More »

Russia denounces new US sanctions on Iran businesses


Tehran:Russian Deputy Foreign Minister Sergei Ryabkov has repudiated new US sanctions on Iran’s businesses, saying Washington appears to be taking every opportunity to exert pressure on countries it dislikes. The US Treasury Department on Tuesday slapped sanctions on Bank Mellat and Mehr Eqtesad Bank and other companies linked to investment, commodities and engineering. “Regardless of what reasons, under what pretexts ... Read More »

Malaysia’s economic growth to slow to 4.7% this year


KUALA LUMPUR: Malaysia’s economy is expected to grow at a slower pace of 4.7% in 2018 from 5.9% last year, according to Allianz Group. The German-based insurer and asset management company forecast the gross domestic product (GDP) of Malaysia would decelerate further to 4.6% in 2019 amid a challenging external environment and fiscal consolidation initiatives by the Government. Despite the ... Read More »