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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.

Turkish funds to invest $1B in projects to boost trade


ANKARA: Turkey Investment Fund, set up last year by the Russian Direct Investment Fund (RDIF) and Turkey’s Sovereign Wealth Fund, aims to strengthen bilateral economic ties and increase investment flows between the two countries, according to the RDIF head. In particular, the parties will focus on infrastructure, healthcare and information technology sectors, RDIF CEO Kirill Dmitriev told Anadolu Agency (AA) ... Read More »

Russia’s supreme court calls for review of bitcoin website ban


MOSCOW: The Supreme Court of Russia has ordered the St. Petersburg City Court to review an appeal against blocking, a cryptocurrency website, according to RAPSI, the court’s press service. In 2016, the Vyborgsky District Court of St. Petersburg granted a prosecutorial request to block the website, according to the court. The court held that information about bitcoin, as “a mean of virtual ... Read More »

Iran Lawmakers Central Banker Fired Amid Currency Chaos


TEHRAN: Iran’s lawmakers have written to President Hassan Rouhani demanding the removal of the central bank chief, accusing him of mismanaging the banking industry and currency markets as the rial weakened to a record low.  Iran has witnessed “instability in the management of banks and credit institutions” under Governor Valiollah Seif, state-run Tasnim news agency quoted Javad Abtahi, one of ... Read More »

Turnaround in Saudi to begin with a modest GDP growth in 2018


RIYADH: The Saudi Arabian economy that witnessed slow growth during the last three years and a negative growth of -0.7 per cent last year is projected to grow in the range of 1.9 per cent, according to projections by the Institute of International Finance (IIF). Earlier this week, the International Monetary Fund (IMF) projected the real GDP growth at 1.7 ... Read More »

China targets US EU with rubber trade case


BEIJING: China announced today it would impose temporary anti-dumping measures on synthetic rubber imported from the United States, the European Union and Singapore. The case could stoke the simmering tit-for-tat trade tiff between Beijing and Washington, with each side having made threats of more duties on billions of dollars worth of good.The anti-dumping measures on rubber come after an initial ... Read More »

Turkey’s economy seen growing 4.1 percent in 2018 short of government target


ANKARA: Turkey’s economic growth will fall short of the government’s target this year, a Reuters poll showed on Wednesday, even as President Tayyip Erdogan’s ruling party continues to implement stimulus measures ahead of elections. The economy will expand 4.1 percent in 2018, according to the poll of 53 economists, well below the government’s forecast of 5.5 percent and just above ... Read More »

Iran’s Non-Oil Trade With India Grows 5%


TEHRAN: Iran traded $4.98 billion worth of non-oil goods with India during the last Iranian year (ended March 20, 2018), which is 5.13% higher compared to the year before, making the South Asian country Iran’s sixth biggest trading partner. As per the Islamic Republic of Iran Customs Administration’s data, Iran exported 9.79 million tons of commodities worth $2.73 billion to ... Read More »

China bans imports of 16 more scrap waste products from end-2018


BEIJING:  China will ban the imports of 16 more scrap metal and chemical waste products from the end of this year, the environment ministry said on Thursday. The 16 banned products include steel smelting slag containing more than 25 percent of the metal manganese, and ethylene polymer waste, the Ministry of Ecology and Environment (MEE) said in a document published ... Read More »

World Bank projects positive growth for Sri Lanka


COLOMBO:  Sri Lanka’s economy will rebound in 2018 with annual growth averaging 4.5 percent in the medium term, according to a World Bank report released Tuesday. In its latest biannual report titled “South Asia Economic Focus Spring 2018,” the World Bank said the economic outlook in the island country remained favorable, provided the government was committed to the reform agenda ... Read More »

UAE economy to grow 3% in 2019


ABU DHABI: International Monetary Fund (IMF) has revised down real GDP growth forecast for the UAE to 2 per cent for 2018 and 3 per cent for the next year. In October 2017, IMF had predicted 3.4 per cent growth for the UAE for 2018. According to the Ministry of Economy estimates, GDP will grow by 3.9 per cent this ... Read More »

Customs figures quantify falling Chinese imports


BEIJING: China has issued its latest round of import permits for scrap paper and plastics, and approved volumes remain particularly low on the plastics side. Meanwhile, a separate data set shows stark year-over-year declines in imports during the first two months of 2018. The most recent permits, the 10th round this year from China, were issued Monday. They approve the ... Read More »

Iran’s revenues through car imports fall


TEHRAN: The Iranian government’s revenue through car imports stood at 15,100 billion rials during the first 11 months of the last fiscal year, ended March 20, 2018. The figure is 27.1 percent less compared to the same period of the preceding year, according to the country’s Central Bank data. The government revenues of car import taxes was significantly below the ... Read More »

Saudi Arabia to launch first public cinema this week


RIYADH: The roll-out of cinemas nationwide follows the Kingdom’s first movie festival, supported by the General Entertainment Authority, which was held in Jeddah in January, marking the lifting of a 35-year ban. The Development and Investment Entertainment Company (DIEC) – subsidiary of Saudi Arabia’s Public Investment Fund – is licensed to operate the cinema, in collaboration with the US-based company AMC ... Read More »

China Apple import and export markets


BEIJING: Profitable news recently stimulated the apple import and export market. First, India relaxed apple import regulations, which positively impacted Chinese apple exports. India had started to tighten regulations for apple imports from China in June 2017, but now the regulations have been officially loosened in an announcement from the head of India’s Directorate General of Foreign Trade. How beneficial ... Read More »

UAE tax authority starts roadshow to connect with businesses


ABU DHABI: The Authority explained that the new initiative, which went into effect as of early last week and will run until 24 April 2018, is organised in collaboration with economic departments and some municipalities across all seven emirates. The roadshow will see a team of FTA tax experts and analysts, as well as representatives from the Tax Registration Department, ... Read More »

Saudi Arabia Prepares to Launch Qiddiya Entertainment Project


RIYADH: Saudi Arabia is preparing to lay the cornerstone for Al-Qiddiya entertainment city, in Riyadh, amid signs indicating this project will change investment in the entertainment sector. Qiddiya will be one of the most specialized international projects capable of attracting visitors and investments. Saudi Public Investment Fund (PIF) recently signed an agreement with Six Flags, a world leader in recreational ... Read More »

China approves imports from three Irish beef processors


BEIJING:  China has approved imports of frozen boneless beef from three Irish beef processors, Ireland’s national broadcaster RTE said on Monday, citing the Minister for Agriculture Michael Creed. The approval gives Ireland access to the world’s fastest growing beef market and second largest importer for the first time. Read More »

Private sector investment needed to support growth in Afghanistan


KABUL: Afghanistan’s economy is forecast to moderate to 2.5% growth in 2018 and 2019 due to the challenging security and political situations in the country, says a new Asian Development Bank (ADB) report. The government needs to attract higher levels of private investment to help boost economic growth, create more jobs, and reduce the country’s dependence on donor support. “Despite ... Read More »

Russian lawmakers draft list of U.S. imports that could be banned


MOSCOW: Russia’s lower house of parliament is considering draft legislation that would give the Kremlin powers to ban or restrict a list of U.S. imports, reacting to new U.S. sanctions on a group of Russian tycoons and officials. Senior lawmakers in the State Duma, which is dominated by Kremlin loyalists, said they had prepared the list ranging from food and alcohol to medicine and consulting services in response to ... Read More »

Big business pushes Spanish government to pass climate change law


MADRID: Around 30 multinational and medium-sized companies have signed a declaration calling on Spain’s “public powers” to reach an agreement that would facilitate the “approval of a climate change law and a stable, ambitious and efficient” transition to green energy. Eleven firms listed on Spain’s principal stock exchange, the Ibex35, have backed the proposal: Abertis, Acciona, Bankia, BBVA, Endesa, Ferrovial, Iberdrola, Mapfre, Red ... Read More »