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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.

Pakistan refuses to allow free use of Yuan for CPEC projects


ISLAMABAD: Pakistan has refused to allow free use of the Chinese yuan on the lines of the US dollar in the country as officials from the two nations met to decide on a long-term developmental plan under the China-Pakistan Economic Corridor (CPECBSE -4.45 %). The meeting of senior officials from Pakistan and China yesterday decided to formally move ahead despite ... Read More »

Russian economy expands 1.6 pct during January-September


MOSCOW: Russia’s gross domestic product (GDP) grew 1.6 percent year-on-year in the first nine months, the country’s official statistic service Rosstat said Monday, citing preliminary data. Russia’s GDP declined 0.4 percent year-on-year in the same period compared a 1.8 percent rise in the third quarter this year, Rosstat said in a release. Russia’s central bank currently puts the country’s GDP ... Read More »

Oil markets tepid ahead of OPEC meeting at month-end


  SINGAPORE: Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices. Brent crude futures, the international benchmark for oil prices, were at $62.46 per ... Read More »

World’s biggest sovereign wealth fund proposes ditching oil and gas holdings


  OSLO: The Norwegian central bank, which runs the country’s sovereign wealth fund – the world’s biggest – has told its government it should dump its shares in oil and gas companies, in a move that could have significant consequences for the sector. Norges Bank, which manages Norway’s $1tn fund, said ministers should take the step to avoid the fund’s ... Read More »

U.S. crude oil exports to Asia soar, complicating OPEC’s efforts: Russell


  NEW YORK: U.S. crude oil is flooding into Asia, and may continue to do so as the arbitrage window that was initially created by Hurricane Harvey remains open, even though the disruption from the costliest storm to hit the Gulf of Mexico has faded. A record amount of U.S. crude is scheduled to arrive in Asia in November, according ... Read More »

Sunwah International reports Q1 fiscal 2018 results


  TORONTO: Sunwah International Limited, TSX: SWH (the “Company”), an Asian based financial services firm, today announced its financial results for the period ended September 30, 2017. All figures quoted are in U.S. dollars. Sunwah International and its subsidiaries (collectively “the Group”) recorded a net profit attributable to owners of the Company of $0.3 million in the first quarter of ... Read More »

OPEC likely to extend supply cuts in bid to rebalance the market: UAE energy minister


  ABU DHABI: United Arab Emirates Minister for Energy Suhail al-Mazroui said Monday that he expected OPEC and non-OPEC countries to extend global supply cuts at a closely-watched meeting at the end of the month. Speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said: “My prediction is OPEC will continue to do what it takes to rebalance ... Read More »

Trade ministers agree Asia-Pacific trade pact without US


DANANG: Trade ministers from 11 Asia-Pacific countries agreed Saturday to press ahead with a major trade deal without the United States, as the world’s largest economy seeks to go it alone under President Donald Trump’s ‘America First’ policy. Trump pulled his country from the Trans Pacific Partnership (TPP) at the start of the year, dismaying allies and casting into doubt ... Read More »

Trump does not blame China for ‘unfair’ trade


  SHANGHAI: US President Donald Trump has said he does not blame China for the “unfair” trade relationship between the countries, despite long railing against the economic imbalance. Speaking in Beijing, he gave China “credit” for working to benefit its citizens by taking advantage of the US. He spoke alongside China’s president Xi Jinping on Thursday, as the US leader ... Read More »

Customs donate 33,114 bags of rice, other relief materials to Borno IDPs.


ABUJA: The Nigeria Customs Service (NCS) on Friday handed over  33,114 (50kg) bags of rice and other relief materials to assist the Internally-Displaced Persons  in Borno. The Assistant Comptroller-General, Abdulkadir Azarema who doubles as  Chairman, National Logistic Committee on Distribution of Relief Materials, handed over the items. He said the fifth round of distribution of government’s relief materials started on ... Read More »

Northeast unemployment rises to 6% in October


WASHINGTON: Unemployment in the Northeast jumped to six per cent in October, up slightly from 5.2 per cent recorded in August and September. In a labour force of 40,100, the region saw 37,800 people employed, down from 38,200 in September. Another 2,400 were unemployed last month, according to Statistic Canada’s labour force survey. The unemployment rate for British Columbia sat ... Read More »

Customs generates N829.5m in 6 months in Sokoto

customs export

ABUJA: The Nigerian Customs Service (NCS) Command in Sokoto, Kebbi and Zamfara says it has generated N829.5 million between May and October. The command’s Comptroller, Mr Nasiru Ahmad, who said this at a news conference in Sokoto on Wednesday, added that it also seized 39 vehicles worth N83.6 million paid duty value. Ahmad, who assumed duty  in April, said “the ... Read More »

Richmond area’s unemployment rate declined to 3.8% in September


WASHINGTON: The Richmond area’s unemployment rate declined to 3.8 percent in September from 4 percent in August, the Virginia Employment Commission reported Wednesday. The jobless rate was down from 4.3 percent in September 2016. The local rates reported by the state have not been adjusted for seasonal factors that may temporarily affect employment, such as school openings. A drop in ... Read More »

Colombia cenbank to trim rate if inflation fall continues


BOGOTA: Colombia’s central bank will make further cuts to the benchmark interest rate if inflation continues its downward trend, board member Adolfo Meisel, who estimates consumer prices will continue to ease, said on Wednesday. Policymakers surprised the market last week by cutting lending costs by 25 basis points to 5 percent, after holding the rate in September amid uncertainty about ... Read More »

Nigeria Customs impounds N5 mln poultry products, 300 bags of rice


ABUJA: The Nigeria Customs Service in Ogun State has impounded 350 cartons of contaminated poultry products valued at N5 million and 300 bags of rice illegally imported into the country. The Comptroller of the Area Command, Sani Madugu, told PREMIUM TIMES on Tuesday that the command made the seizure within one week. He said four fairly used vehicles illegally imported ... Read More »

Unemployment rate further drops in Romania in September


WASHINGTON: The unemployment rate reached 4.14% in September in Romania, down 0.06 percentage points compared to the previous month and down 0.63 percentage points over September 2016. The unemployment rate among men dropped to 4.37% in September, whereas the rate among women reached 3.88%, according to the National Workforce Occupation Agency – ANOFM. About 362,000 unemployed people registered in the ... Read More »

Kenya’s inflation drops to 5.72% in October

inflation eases

NAIROBI:  Kenya’s year-on-year inflation fell to 5.72 percent in October from 7.06 percent a month earlier, driven by a fall in prices of some food items, the statistics office said on Tuesday. Month on month, inflation was -0.63 percent, the Kenya National Bureau of Statistics said in a statement. Inflation for the food and non-Alcoholic beverages was -1.78 percent during ... Read More »

ANLCA urges members on trade facilitation


ABUJA: The Association of Nigerian Licensed Customs Agents (ANLCA) has urged its members to keep supporting the Federal Government’s trade facilitation programme. Investigations have revealed that the association mandated its members to follow all Customs’ rules and regulations associated with quick cargo clearance as the “Ember” months and the Yuletide season approach. The association’s Public Relation Officer, Dr Kayode Farinto, ... Read More »

Nigeria imports N45bn fishery products from Norway yearly


ABUJA: The Norwegian Ambassador to Nigeria, Mr Kjemprud Jens-Petter, says Nigeria imports fishery products worth $125m (N45bn) from his country annually. Jens-Petter said in Lagos on Monday that the fishery imports from Norway included stockfish, mackerel and salmon. “Annually, Norwegian fish exports to Nigeria stand at $125m and these include stockfish, pelagic fish, mainly mackerel and salmon. “We are interested ... Read More »

Zimbabwe inflation to quicken


HARARE: The International Monetary Fund (IMF) predicts Zimbabwe’s inflation to quicken, in light of the recent price increments and high premiums on the parallel market. This comes as the IMF has listed Zimbabwe as one of the 20 countries in a “fragile situation” due to fiscal challenges in a regional Economic Outlook for sub-Saharan Africa 2017 report which was launched ... Read More »