PARIS: The global economy is growing at the slowest pace since the financial crisis as governments leave it to central banks to revive investment, the OECD said on Thursday in an update of its forecasts. The world economy is projected to grow by a decade-low 2.9 percent this year and next, the Organization for Economic Cooperation…
BEIJING: China will strive to reach an initial trade agreement with the United States as both sides keep communication channels open, the Chinese commerce ministry said on Thursday, in an attempt to allay fears talks might be unraveling. China is willing to work with the US to resolve each other’s core concerns on the basis…
Thought leaders from the business world and the global political scene are descending on the Chinese capital Beijing for the New Economy Forum (NEF) run by the information and media giant Bloomberg. The two-day event aims to encourage solutions from the private sector to some of the big challenges the global economy faces today —…
BEIJING: World Bank chief David Malpass urged China on Thursday to further open up its economy and reduce state subsidies, echoing key demands made by the United States in protracted trade war negotiations. Malpass made the remarks after a roundtable meeting with Chinese Premier Li Keqiang and the heads of other global institutions, including the…
BEIJING: British carmaker Aston Martin unveiled its first-ever sports utility vehicle (SUV) on Wednesday at events in Beijing and Los Angeles, signaling it was banking on China’s growing appetite for luxury to prop up sales. Dubbed the DBX, the new vehicle is the biggest expansion in Aston Martin’s range in the brand’s history, CEO Andy Palmer…
WASHINGTON: A “phase one” trade deal between the United States and China was supposed to be a limited agreement that would allow leaders from both countries to claim an easy victory while soothing financial markets.But it may morph into something bigger if US President Donald Trump agrees to Beijing’s demands to roll back existing tariffs…
DUBAI: Emirates Airline on Wednesday slimmed down its purchasing plans with Boeing amid delays in delivering an order of 156 of the new long-range 777X aircraft, substituting instead 30 of its 787-9 Dreamliners.The Middle East’s largest airline in 2017 signed an initial agreement to buy 40 Boeing 787-10s in a deal worth $15.1 billion, but…
DUBAI: Boeing’s 737 MAX took center stage at the Dubai Airshow on Tuesday as airlines announced plans to order up to 50 of the jets worth $6 billion at list prices despite a global grounding in place since March. Kazakhstan flag carrier Air Astana said it had signed a letter of intent to order 30…
Nearly 20% of Japan households using e-money but cash still king About 18.5 percent of Japanese households said they use electronic money, such as smartphone apps and debit card payments Prime Minister Shinzo Abe is pushing to make more Japanese switch to cashless payments Updated 57 min 17 sec ago Reuters November 18, 2019 07:22…
NEW YORK: HP Inc. said on Sunday it was open to exploring a bid for US printer maker Xerox Corp. after rebuffing a $33.5 billion cash-and-stock acquisition offer from the latter as “significantly” undervaluing the personal computer maker. Xerox made the offer for HP, a company more than three times its size, on Nov. 5,…
DUBAI: Abu Dhabi’s flagship carrier Etihad Airways announced on Monday it is launching one of the world’s most fuel-efficient long-haul airplanes as the company seeks to save costs on fuel and position itself as a more environmentally-conscious choice for travelers.Etihad’s “Greenliner” is a Boeing 787 Dreamliner that will depart on its first route from Abu…
SAN FRANCISCO, California: Ever-expanding Google becomes a gaming company Tuesday with the launch of its Stadia cloud service that lets people play console-quality video games on a web browser or smartphone. The Internet giant hopes to break into the global video game industry expected to top $150 billion this year, with cloud technology that could…
DUBAI: Saudi Aramco’s multibillion-dollar initial public offering (IPO), probably the biggest in history, shifted to full gear as its share price was announced and subscription to the world’s biggest oil company commenced on Sunday. Saudi Aramco set an indicative share price between 30 and 32 riyals for the 1.5 percent of its oustanding shares –…
DUBAI: Saudi Aramco’s multibillion-dollar initial public offering (IPO), probably the biggest in history, shifted to full gear as its share price was announced and subscription to the world’s biggest oil company commenced on Sunday. Saudi Aramco set an indicative share price between 30 and 32 riyals for the 1.5 percent of its shares – or about…
DETROIT: Members of the United Auto Workers union at Ford Motor Co. voted Friday to approve a new contract with the company.The union said in a statement that 56.3 percent of workers who voted were in favor of the deal.The four-year agreement reached Oct. 31 gives workers a mix of pay raises and lump-sum payments…
BEIRUT: S&P Global Ratings Friday downgraded Lebanon’s sovereign debt, saying a twin political and economic crisis had hit investor confidence and constrained the government’s funding model, which relies on deposit inflows.The move to lower the protest-hit country’s credit ratings to ‘CCC/C’ from ‘B-/B’ with a negative outlook came one day after S&P said it had…
LONDON: OPEC and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group’s policy meeting next month. “The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply,” the Paris-based agency said in a monthly report.…
CHONGQING: The 2,000 residents of Muhe, whose village was moved to higher ground a decade ago to escape the rising Yangtze river, have tried to make the most of their remaining land by planting orchards of oranges and persimmons along its banks. With just 110 hectares on the edge of Asia’s longest river, Muhe lost…
CHONGQING: The 2,000 residents of Muhe, whose village was moved to higher ground a decade ago to escape the rising Yangtze river, have tried to make the most of their remaining land by planting orchards of oranges and persimmons along its banks. With just 110 hectares on the edge of Asia’s longest river, Muhe lost…
MIAMI: In May, after pulling out of a Chinese shipyard for repairs, a giant oil tanker set out on a perilous journey. Dialing in “Caribbean” on a mandatory tracking system, the captain of the Liberia-flagged vessel headed west. Then, weeks later, as it neared Venezuelan waters, the VL Nichioh suddenly stopped transmitting its location, course…
