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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.

Fears the United States could displace Australian coal in China

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Beijing: Australian officials are increasingly concerned that trade negotiations between China and the United States will lead to a special deal between the two countries that displaces Australia’s exports, including coal, to its biggest market. China is likely to significantly increase imports of American coal from West Virginia, Donald Trump’s electoral heartland, if it strikes a trade deal next month. ... Read More »

EU fines Google 1.49b euros for anti-trust breach

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BRUSSELS: The European Union’s powerful anti-trust regulator slapped tech giant Google with a new fine on Wednesday over unfair competition, in Europe’s latest salvo against Silicon Valley. In its third major decision against the search engine behemoth, Brussels sanctioned Google’s once popular AdSense advertising service, saying it illegally restricted client websites from displaying ads from ad service rivals. Google and ... Read More »

Oil prices rise to 2019 highs on OPEC cuts, US sanctions

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LONDON: Oil prices rose to new 2019 highs on Tuesday, supported by supply cuts from OPEC and falling output from Iran and Venezuela due to US sanctions. Brent crude oil futures were up $0.55 at $68.09 per barrel at 1145 GMT, having earlier risen to a new 2019 high of $68.16 a barrel, their highest since November 2018. US West ... Read More »

Washington probes certification of Boeing 737 MAX

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WASHINGTON: Boeing and US aviation regulators are coming under intense scrutiny over the certification of the 737 MAX aircraft after news that two recent crashes of share similarities. On March 11, just a day after the Ethiopia crash left 157 dead, a grand jury in Washington issued a subpoena to at least one person involved in the plane’s certification, according ... Read More »

EU pressures Turkey as accession talks come under threat

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The European Parliament last week adopted a resolution recommending the European Commission and Council suspend accession negotiations with Turkey. This does not mean that they will necessarily do so because a qualified majority is required in the European Council and that is not easy to attain. Therefore, this move has to be regarded more as a message to the Turkish ... Read More »

Malaysia threatens WTO case over dropping biofuel

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  KUALA LUMPUR: Malaysia on Monday threatened to bring a World Trade Organisation (WTO) challenge if the European Union goes ahead with recommendations to phase out palm oil from transport fuel used in the bloc. In a list of criteria published on Wednesday, the European Commission concluded that palm oil cultivation results in excessive deforestation and its use in transport ... Read More »

Oil retreats from 2019 high on soaring production

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LONDON: US crude futures briefly hit a 2019 high on Friday but later retreated along with benchmark Brent oil as worries about the global economy and robust US production put a brake on prices. West Texas Intermediate (WTI) crude oil futures were down $0.03 at $58.58 per barrel at 1100 GMT, having hit their highest so far this year at ... Read More »

Investors could pump $1b into Uber self-driving cars

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LONDON: A group of investors including Soft Bank Group is in talks to invest $1 billion or more into Uber’s self-driving car unit, The Wall Street Journal reported on Wednesday. Word of a potential infusion of cash valuing the Uber autonomous vehicle division at from $5-10bn comes as the ride-hailing startup steers toward a hotly-anticipated stock market debut. Under terms ... Read More »

DXB remains world’s busiest airport in 2018

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DUBAI: Dubai International (DXB) has retained its top position in terms of international passenger traffic and third largest for total passenger traffic in 2018. According to Airports Council International (ACI) figures released on Thursday, the emirate’s airport handled 88.88 million international passengers last year, an increase of 1.3 per cent. Dubai is followed by airports in London (75.3 million), Hong ... Read More »

Oil gains as Saudi Arabia stands by OPEC cuts, US drilling drops

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LONDON: Oil prices rose on Tuesday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in US drilling activity. US West Texas Intermediate (WTI) crude oil futures were at $56.42 per barrel at 1200 GMT, up $0.35, or 0.62%, from their last close. ... Read More »

UK business investment set to stay low on Brexit doubts

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BIRMINGHAM, England : British business investment will probably stay low for the next few years because uncertainty over what Brexit will mean for the country’s economy is unlikely to lift quickly, Bank of England interest-rate setter Jonathan Haskel said on Monday. Britain might need more than the 21 months foreseen in the withdrawal agreement that Prime Minister Theresa May struck ... Read More »

Boeing shares down 11pc after second 737 MAX crash in 5 months

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NEW YORK: Shares of Boeing Co slid 11pc in early trading on Monday after China, Indonesia and Ethiopia ordered airlines to ground their Boeing 737 MAX 8 planes, following the second deadly crash involving the jet in just five months. The losses, if they hold through normal trading hours, would set the stock for its biggest fall in nearly two ... Read More »

Saudi court approves detained tycoon Sanea’s bankruptcy filing

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DUBAI: A Saudi court has approved an application by detained and indebted billionaire Maan al-Sanea and his company, Saad, to have their case resolved through the kingdom’s new bankruptcy law, the company’s financial adviser and two sources familiar with the matter said. The ruling in February could provide a resolution to one of the kingdom’s longest-running debt sagas. Saad, with ... Read More »

Biggest wealth fund to dump stakes in oil, gas companies

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OSLO: Norway’s sovereign wealth fund, the world’s biggest thanks to petrodollars, will sell off stakes in oil and gas exploration and production companies to reduce its exposure to black gold, the government said on Friday. While the decision is based solely on financial considerations and not on the environment, a divestment — even partial — by an investor worth more ... Read More »

India signs $3b submarine deal with Russia

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NEW DELHI: India has signed a $3 billion deal to lease a third Russian nuclear-powered submarine for 10 years, giving Delhi a boost in the Indian Ocean against Pakistan and China, media reports said. The deal – which according to the reports took months to negotiate – comes as tensions run high between India and Pakistan following their biggest standoff ... Read More »

Oil drops towards $65 as Libya’s biggest field restarts

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LONDON: Oil fell towards $65 a barrel on Tuesday, pressured by the restart of Libya’s biggest oilfield and on expectations for an increase in US crude inventories. Some wells at Libya’s El Sharara oilfield have restarted and the aim is to reach initial output of 80,000 barrels per day (bpd), a field engineer said on Tuesday. The field had been ... Read More »

Iran imports $38.5bn worth of products in 11 months

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Tehran : Mehdi Mir-Ashrafi made the remark on the sidelines of his visit to the Customs of Imam Khomeini (RA) Port in Khuzestan province on Monday. He pointed out that Khuzestan province is a strategic province in the country in various agricultural, mineral, industrial, economic, trade and commercial fields. Some $40 billion worth of oil and non-oil products were exported ... Read More »

UAE non-oil companies cutting jobs at fastest rate in decade

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DUBAI, United Arab Emirates — A leading Dubai bank warned on Tuesday that non-oil companies across the United Arab Emirates have cut staff at their sharpest rate in nearly a decade amid an economic slowdown. A report by Emirates NBD, which is majority owned by Dubai’s government, said it relied on data from some 400 private sector companies outside of ... Read More »

Azerbaijan, Saudi Arabia discuss energy cooperation

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Saudi Arabia : Azerbaijani Energy Ministry held a meeting to discuss the expansion of energy cooperation with Saudi Arabia. Energy Minister Parviz Shahbazov met with the delegation led by Governor of the Saudi Arabian General Investment Authority (SAGIA), co-chair of the Saudi Arabia-Azerbaijan Intergovernmental Joint Commission Ibrahim bin Abdul Rahman Al-Omar. During the meeting, the sides discussed issues related to ... Read More »

Trump moves to end special trade treatment for India: reports

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WASHINGTON: US President Donald Trump has announced plans to end special trade treatment for India, while accusing the country of unfairly shutting out US businesses, CNN reported on Tuesday. Trump wrote a letter to the US Congress on Monday signalling his intent to remove India from the Generalised System of Preferences (GSP) — a programme that provides developing countries an ... Read More »