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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.

White House to host meeting on Huawei ban

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WASHINGTON: White House Economic Adviser Larry Kudlow will host a meeting with semiconductor and software executives on Monday to discuss the US ban on sales to China’s Huawei Technologies Co Ltd, two sources briefed on the said meeting. Treasury Secretary Steven Mnuchin will also attend the White House event, to which chipmakers Intel Corp and Qualcomm Inc have been invited, ... Read More »

Toyota, China’s BYD team up to develop battery EVs

A BYD E.SEED Concept car is displayed at the Beijing auto show on April 26, 2018. - Global carmakers touted their latest electric and SUV models in Beijing as they warily welcomed China's promise of better foreign access to the world's largest auto market, where domestic vehicles are making major inroads. Industry behemoths like Volkswagen, Daimler, Toyota, Nissan, Ford and others are displaying more than 1,000 models and dozens of concept cars at the Beijing auto show. (Photo by WANG ZHAO / AFP)        (Photo credit should read WANG ZHAO/AFP/Getty Images)

TOKYO: Toyota Motor said it would develop battery electric vehicles (EVs) and batteries with BYD Co Ltd, in a sign it was ramping up partnerships with Chinese players as planned to build affordable EVs for the world’s top auto market. In a joint statement, Toyota and the Chinese electric automaker said on Friday that they would develop sedans and sport ... Read More »

Samsung in hot water over splashy Australian phone ads

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SEOUL: Australia’s consumer watchdog has sued Samsung Electronics Co Ltd’s Australian unit for allegedly misleading consumers by promoting water-resistant Galaxy smartphones as suitable to use in swimming pools and the surf. The world’s largest smartphone maker did not know or sufficiently test the effects of pool or saltwater exposure on its phones when ads showed them fully submerged, the Australian ... Read More »

WTO opens way for Chinese sanctions against US tariffs in Obama-era dispute

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GENEVA: The United States did not fully comply with a World Trade Organisation (WTO) ruling and could face Chinese sanctions if it does not remove certain tariffs that break WTO rules, the WTO’s appeals judges said in a ruling on Tuesday. China went to the WTO in 2012 to challenge US anti-subsidy tariffs on Chinese exports including solar panels, wind ... Read More »

Saudi Arabia approves 24-hour trading for retail, restaurants

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The cabinet decision ‘doesn’t include carrying out commercial activities during prayers and it doesn’t touch any previous decision related to prayer times,’ said Khalid Al-Degaither, a deputy at the ministry implementing the change Saudi Arabia said it will allow some businesses to stay open 24 hours a day, an announcement that triggered puzzlement over whether it was ending rules that ... Read More »

IMF to begin search for new leader as Lagarde resigns as of Sept 12

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WASHINGTON: Christine Lagarde will resign from the International Monetary Fund on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank, she announced Tuesday. Her departure allows the IMF board to begin the search for her replacement. “With greater clarity now on the process for my nomination as ECB President and the ... Read More »

Facebook’s new currency plan under scrutiny in Congress

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NEW YORK: Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from United States President Donald Trump, his treasury secretary and the head of the Federal Reserve. Congress begins two days of hearings on Tuesday on the currency planned by Facebook, to be called Libra, starting ... Read More »

Investors in Saudi markets cautious as a $20bn wave crests

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Investors are starting to tune out the noise of the billions of dollars that flowed into Saudi bonds and stocks in the first half of the year after the kingdom’s upgrade to emerging-market status. While the Saudi government has accelerated the pace of deregulating its capital markets, concerns about the economy’s reliance on oil and escalating tensions in the Arabian ... Read More »

This is the latest sign that Trump could be easing up on the United States trade ban with Huawei

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WASHINGTON (Reuters) – The U.S. may approve licenses for companies to re-start new sales to Huawei in as little as two weeks, according to a senior U.S. official, in a sign President Donald Trump’s recent effort to ease restrictions on the Chinese company could move forward quickly. Huawei, the world’s largest telecommunications equipment maker, was added to a Commerce Department ... Read More »

Aramco to restart preparations for mega IPO

FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

RIYADH: Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said. Aramco, the world’s most profitable company, recently held talks with a select group of investment banks to discuss potential roles on the offering, according to the people. Detailed work on ... Read More »

India, US resume trade talks as tariffs war heats up

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NEW YORK: The United States and Indian trade teams started negotiations as tensions mount over protectionist measures taken by both sides. While India and the US have become increasingly close in recent years, US President Donald Trump took a swipe at the giant South Asian nation on Twitter this week, saying that India’s tariffs were “no longer acceptable”. Washington removed ... Read More »

Resumed talks raise hopes for China-US trade deal

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BEIJING: Analysts have said they hope that China and the United States will iron out their differences and deliver a win-win outcome as top negotiators from both nations resumed trade talks on Friday. Vice Premier Liu He spoke by phone with US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin on Tuesday evening, the Ministry of Commerce said ... Read More »

France, US in spat over future ‘Gafa’ tax on top tech firms

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The French finance ministry has slammed a US call for an inquiry into France’s “Gafa” Bill, which passed into law Thursday. The Law will impose a full rate of tax on leading tech firms Google, Apple, Facebook and Amazon. The treasury in Paris is outraged at the US hinting at hiking tax on French goods as a retaliatory measure. The ... Read More »

Sri Lanka leaves rates unchanged to support growth

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COLOMBO: Sri Lanka’s central bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April. The Central Bank of Sri Lanka kept the standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) steady at 7.50% and ... Read More »

Bitcoin extends losses after Fed chief urges halt to Facebook’s crypto project

South Korea to introduce bitcoin currency soon

LONDON: Bitcoin dipped almost 8% on Thursday, extending losses the day after US Federal Reserve Chairman Jerome Powell called for a halt to Facebook’s Libra cryptocurrency project until concerns ranging from privacy to money-laundering were addressed. The original cryptocurrency BTC=BTSP initially fell 7.7% to $11,164 in early morning trade, following a 3.8% slide on Wednesday after Powell’s testimony on monetary ... Read More »

IBM closes $34b deal to buy Red Hat

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WASHINGTON: International Business Machines Corp (IBM) said on Tuesday it has closed its $34-billion acquisition of software company Red Hat Inc as it looks to ramp up its cloud computing business. Underscoring the drive into high-margin businesses, IBM in October agreed to buy Red Hat, the company’s biggest acquisition in its more than 100-year history. Ginni Rometty, IBM Chief Executive ... Read More »

Irish business associations around the world

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Join IrishCentral this July as we pay tribute to the #InternationalIrish who are breaking the mold, smashing glass ceilings, and emerging as the next generation of global thinkers and leaders. We take a look at Irish business associations around the world who play pivotal roles in strengthening the bonds between the adopted nations of the Irish diaspora and their ancestral ... Read More »

Oil rises towards $65 as supply concerns outweigh trade dispute

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LONDON: Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand. OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by ... Read More »

Deutsche Bank to slash 18,000 jobs by 2022

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FRANKFURT AM MAIN: Germany’s biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country’s financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would ... Read More »

Europe needs to find candidate to head IMF

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AIX-EN-PROVENCE / FRANCE: European finance ministers need to find a compromise candidate to replace Christine Lagarde as the head of the International Monetary Fund (IMF), French Finance Minister Bruno Le Maire said. European leaders nominated Lagarde last week to succeed Mario Draghi as president of the European Central Bank, raising the question of who would in turn replace her at ... Read More »