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A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.

Global current account imbalances narrowed in 2019, can narrow even further in 2020: IMF

WASHINGTON: The International Monetary Fund said on Wednesday that global current account imbalances narrowed in 2019 as trade slowed, and the coronavirus could narrow them further in 2020, but some commodity exporters and tourism-dependent countries will swing to current account deficits. The IMF’s External Sector Report on currencies and imbalances for the world’s 30 largest economies showed that net current ... Read More »

China’s ByteDance to consider int’l HQ for TikTok, outside US

LONDON: Chinese tech company ByteDance said it was considering moving the headquarters of its TikTok video-sharing platform overseas, following a British media report that the unit could relocate to London. TikTok is under heavy fire from US President Donald Trump and other American politicians over concerns that it poses a national security risk, and Microsoft has emerged as a possible ... Read More »

Asian markets mostly lower as virus forces new lockdowns

HONG KONG: Asian markets mostly fell Monday with sentiment depressed by a spike in coronavirus infections that has forced fresh lockdowns and sparked worries about the impact on the world economy. A lack of substantial progress by US lawmakers on a new stimulus package is also frustrating traders, while China-US tensions continued as the White House considers measures against Chinese ... Read More »

Oil prices slide as virus surge weighs on demand outlook

LONDON: Oil prices fell on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output. The most-active Brent crude contract for October fell 58 cents, or 1.3pc, to $43.51 a barrel at 1224 GMT. The September Brent contract, which is expiring on Friday, fell ... Read More »

McDonald’s global sales suffer as Covid-19 lockdowns limit operations

NEW YORK: McDonald’s Corp on Wednesday reported a broad drop in global same-store sales and missed profit expectations, as its restaurants were shut due to the Covid-19 pandemic, limiting operations to only drive-thru and delivery. McDonald’s Corp reported a broad drop in global same-store sales and missed profit expectations, as its restaurants were shut due to the Covid-19 pandemic, limiting ... Read More »

US new home sales shine in June; business activity picks up

WASHINGTON: Sales of new US single-family homes raced to a near 13-year high in June as the housing market outperforms the broader economy amid record-low interest rates and migration from urban centres to lower-density areas because of the Covid-19 pandemic. The upbeat report from the Commerce Department followed on the heels of data this month showing a surge in homebuilder ... Read More »

Oil eases as high US oil stocks outweigh weak dollar

LONDON: Oil prices edged lower on Thursday as a weaker dollar, which usually boosts oil prices, was outweighed by concerns about rising US oil inventories and surging coronavirus cases. Brent crude fell 9 cents, or 0.2 per cent, to $44.20 a barrel by 1113 GMT, while US West Texas Intermediate (WTI) crude eased by 5 cents, or 0.1 per cent, ... Read More »

Pfizer to get $1.95b to produce millions of doses of COVID-19 vaccine

NEW YORK: Pfizer and German biotech firm BioNTech will get $1.95 billion from the U.S. government to produce and deliver 100 million doses of their COVID-19 vaccine candidate. The agreement allows the U.S. government to acquire an additional 500 million doses, the Department of Health and Human Services and the Department of Defense said. Pfizer will deliver the doses if ... Read More »

Oil steady as vaccine news counters rise in virus cases

NEW YORK: Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases. Prices were offered some support by positive news on the development of vaccines as drugmakers and medical ... Read More »

Asian markets turn lower as virus spikes around planet

HONG KONG: Shares saw further losses Monday as a spike in new coronavirus infections across the planet forced governments to impose fresh containment measures, fuelling fears about the stuttering economic recovery. Traders are also keeping tabs on Europe, where leaders are struggling to unite over an $860 billion rescue package for the battered European Union. The rally that has characterised ... Read More »

IMF MD urges further action to secure a resilient recovery

WASHINGTON: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued a statement today at the conclusion of the virtual meeting of the Group of 20 (G20) Finance Ministers and Central Bank Governors, chaired by Saudi Arabia. She said that due to the continuing impact of the COVID-19 pandemic, the global economy faces a deep recession this year, ... Read More »

Vaccine hopes give global stocks and oil shot in the arm

LONDON/SYDNEY: World shares climbed towards a four-month high on Wednesday with the euro and oil in tow, as hopes for a coronavirus vaccine offset rising tensions between the United States and China. Asia had a choppy session after more barbs between Beijing and Washington over Hong Kong, but near 1% gains for London, Frankfurt, Paris and Milan early on and ... Read More »

Fuelled by hopes of virus vaccine, Asian markets witness

HONG KONG: Fuelled by hopes for a coronavirus vaccine, Asian markets rose on Monday, recovering some of the losses at the end of last week, as investors followed a strong performance on Wall Street. Trillions of dollars in government support are keeping equities well supported but confidence is being strangled by the spread of the disease, with an explosion of ... Read More »

US unveils tariffs on France over tech tax but delays collection

WASHINGTON: The United States on Friday unveiled heavy import duties on France in retaliation for the country’s tax on American tech giants, but will hold off on collecting the fees to allow time for the dispute to be resolved. The office of US Trade Representative Robert Lighthizer found France’s digital services tax was discriminatory and “unfairly targets US digital technology ... Read More »

Tokyo shares open the week on positive note

TOKYO: Tokyo shares opened higher Monday while investors monitored with caution a continued rebound of global coronavirus infections. The benchmark Nikkei 225 index rose 25.74 points or 0.12 percent to 22,332.22, while the broader Topix index added 2.94 points or 0.19 percent to 1,555.27. Gains of major shares such as SoftBank Group, which rose 0.99 percent to 5,835 yen in ... Read More »

Asian shares hit four-month high as U.S., China recoveries gather

TOKYO/NEW YORK: Asian shares rallied to a four-month high on Friday on robust U.S. payrolls data and a brisk pickup in Chinese service sector activity but a surge in coronavirus cases in the United States kept a lid on further risk-taking. MSCI s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5%, reaching their highest level since late February, ... Read More »

Asia’s economy to shrink by 1.6pc due to coronavirus pandemic: IMF

NEW YORK: The International Monetary Fund (IMF) has said it expects Asia’s growth to contract by 1.6% as the economies grapple with the fallout of the coronavirus pandemic. “Projections for 2020 have been revised down for most of the countries in the (Asian) region due to weaker global conditions and more protracted containment measures in several emerging economies,” Chang Yong ... Read More »

Gold on course for third weekly gain as coronavirus cases spike

NEW YORK: Gold prices edged up on Friday en route to a third straight weekly gain, as a spike in coronavirus cases dashed hopes of a quick economic recovery. Spot gold rose 0.1 per cent to $1,762.41 per ounce by 0953 GMT, having soared to a peak since October 2012 at $1,779.06 on Wednesday, putting it on course for a ... Read More »

Oil falls below $40 on record US inventories, COVID fears

LONDON: Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. US crude stocks rose 1.4 million barrels to a record high, the Energy Information Administration said on Wednesday. This hit crude prices, as ... Read More »

Microsoft adds to diversity investment, aims to increase number of Black employees

NEW YORK: Microsoft Corp set a five-year diversity goal to address racial inequality at its offices, following protests over police brutality against African Americans in the United States. The company said it will add another $150 million in diversity and inclusion investment to double the number of Black and African-American people managers, senior individual contributors, and senior leaders in the ... Read More »