PARIS: Global trade tensions and political uncertainty are weighing on the world’s economy, the OECD warned Wednesday, cutting its global growth forecast for this year to 3.3 percent, down from the 3.5 percent it predicted in November.The Organization for Economic Co-operation and Development, which groups the world’s top developed economies, also warned of potential risks…
BRUSSELS: Air traffic control (ATC) strikes and staff shortages cost the EU economy $19.88 billion (€17.6 billion) in 2018 in the worst year of delays for air passengers in nearly a decade, industry association Airlines for Europe (A4E) said on WednesdayATC industrial action, a lack of controllers or other structural issues were responsible for over…
MEXICO CITY: Leaders of Mexico’s agricultural sector are urging “mirror measures” on US farm imports in politically sensitive products such as yellow corn and poultry, in an effort they argue would counter decades of subsidized imports from the United States.The three-month-old government of President Andres Manuel Lopez Obrador is currently working on an updated list…
SHANGHAI: Chinese online retailers have started discounting iPhones for the second time this year as Apple wrestles with a prolonged sales slowdown in the world’s largest smartphone market.Several electronics vendors announced discounts on iPhone devices this week, following mass discounts in January just before Apple reported sinking sales in China.Gadget retailer Suning.Com Co. Ltd. said…
DUBAI: Rating agency Moody’s downgraded Oman’s credit rating to junk, joining other rating agencies, and said its outlook for the rating is negative, citing fiscal challenges in an environment of moderate oil prices.Moody’s downgraded the long-term issuer and senior unsecured bond ratings of Oman to Ba1 from Baa3, it said in a statement late on…
SINGAPORE: Southeast Asian ride-hailing firm Grab said on Wednesday it has secured $1.5 billion in fresh financing from a fund run by Japan’s SoftBank and will use a significant portion of it to expand in Indonesia.Grab has seen its business grow rapidly since it bought US-based rival Uber’s regional ride-hailing and food business in March…
SHANGHAI: Chinese online retailers have started discounting iPhones for the second time this year as Apple wrestles with a prolonged sales slowdown in the world’s largest smartphone market.Several electronics vendors announced discounts on iPhone devices this week, following mass discounts in January just before Apple reported sinking sales in China.Gadget retailer Suning.Com Co. Ltd. said…
WASHINGTON: The “sharing economy” is becoming mainstream with the anticipated stock listings from services such as Uber, Lyft and Airbnb, signs that the trend is gaining momentum and impacting multiple sectors.These multibillion-dollar online platforms have already been a disruptive force in many economic segments, and analysts say the public listings may be a watershed moment,…
LONDON: Oil edged higher toward $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand.Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this…
LONDON: Oil edged higher toward $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand.Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this…
OSLO: Airlines are doing too little in the fight against global warming, a study funded by investors with $13 trillion of assets under management said on Tuesday.The fast-growing sector accounts for two percent of world greenhouse gas emissions and should do more to manage risks of climate change, the Transition Pathway Initiative (TPI) said in…
OSLO: Airlines are doing too little in the fight against global warming, a study funded by investors with $13 trillion of assets under management said on Tuesday.The fast-growing sector accounts for two percent of world greenhouse gas emissions and should do more to manage risks of climate change, the Transition Pathway Initiative (TPI) said in…
DUBAI: The Dubai International Financial Center (DIFC) investment hub reported its best-ever year for new company registrations in 2018 on the back of strong interest from Asian firms and fintech (financial technology) companies. Some 437 companies set up in the center last year, a 39 percent increase and the highest number in its 15-year history,…
DUBAI: The Dubai International Financial Center (DIFC) investment hub reported its best-ever year for new company registrations in 2018 on the back of strong interest from Asian firms and fintech (financial technology) companies. Some 437 companies set up in the center last year, a 39 percent increase and the highest number in its 15-year history,…
GENEVA: Production of BMW’s Mini will still be disrupted if there is a delay to Brexit, the carmaker’s CEO said on Tuesday, signaling the auto industry faces upheaval even if Britain avoids crashing out of the European Union without a withdrawal deal on March 29.Britain’s car industry, which employs around 850,000 people and is largely…
LONDON: Oil edged higher toward $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand.Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this…
DUBAI: Saudi Arabia’s non-oil private sector business rose to its highest level in 14 months due to a domestically-driven rise in new orders, the latest Purchasing Managers’ Index report from Emirates NBD show.“The main driver for the improvement in February was a stronger rise in new orders, despite the second consecutive decline in new export…
DUBAI: Saudi Arabia’s non-oil private sector business rose to its highest level in 14 months due to a domestically-driven rise in new orders, the latest Purchasing Managers’ Index report from Emirates NBD show.“The main driver for the improvement in February was a stronger rise in new orders, despite the second consecutive decline in new export…
BEIJING: China’s premier warned Tuesday that the country faces a “tough struggle” as he unveiled tax cuts and other measures to prop up an economy expected to slow further this year.Premier Li Keqiang told the opening session of China’s annual National People’s Congress that the government is targeting growth of 6.0 to 6.5 percent this…
TOKYO: The Tokyo District Court approved the release of former Nissan Chairman Carlos Ghosn on 1 billion yen ($9 million) bail on Tuesday, ending nearly four months of detention. The approval of Ghosn’s request for bail, his third, came a day after one of his lawyers said he was confident the auto executive would gain…
