Washington: The prolonged trade war between the United States and China is taking a toll on the manufacturing sector, which contracted for the first time since 2009, data show. The US manufacturing purchasing managers’ index (PMI) fell to 49.9 in August from 50.4 in July, according to IHS Markit. It is the first time the […]
Hong Kong China announced plans to impose additional tariffs on $75 billion of American goods including soybeans, automobiles and oil — retaliation for President Donald Trump’s latest planned levies on Chinese imports that sent US stock futures tumbling. Some of the countermeasures will take effect starting September 1, while the rest will come into effect […]
Dubai: For Abu Dhabi-based billionaire Bavaguthu Raghuram Shetty, 2019 is looking up. Shares of NMC Health Plc, the London-listed hospital operator that he founded, soared as much as 42% on Thursday, erasing a big chunk of their decline for the year. Another major investment for the 77-year-old Indian-born investor, financial services company Finablr Plc, is […]
Dubai: The port operator DP World reported revenues of $3.4 billion for the first-half of the year, a 10.8 per cent gain over last year’s tally. The gains were partly led by benefits from recent acquisitions. Profit for the period attributable to owners of the company were up 26.8 per cent to $753 million. “Our […]
Seattle: Amazon.com Inc, criticised for wielding too much power over third-party merchants on its marketplace, said it will spend some $15 billion this year to help them boost sales. The sum, which Amazon hasn’t previously disclosed, includes spending on portions of the company’s warehouse network dedicated to storing and shipping sellers’ items as well as […]
Los Angeles: Apple Inc is readying a clutch of new hardware for the coming weeks and months, including “Pro” iPhones, upgrades to iPads and its largest laptop in years. The tech giant is planning to announce three new iPhones at an event next month. The handsets will likely go on sale in September, contributing to […]
Stockholm. Sweden’s government cut its economic growth forecasts for a second time this year, and promised a “neutral” fiscal policy for next year to cope with the slowdown. At a press conference in Harpsund, south of Stockholm, Finance Minister Magdalena Andersson said next year’s budget, which still pencils in a surplus, will be “well-calibrated” and […]
WASHINGTON. Sales of new US single-family homes sank more than expected in July, a sign that the housing market continued in low gear despite lower mortgage rates and a strong labour market. The Commerce Department said on Friday new home sales dropped 12.8 per cent to a seasonally adjusted annual rate of 635,000 units last […]
Modi is set to meet Sheikh Mohamed bin Zayed Al Nahyan.
COLOMBO. Sri Lanka’s central bank cut its main lending rate Friday for the second time in three months hoping to lift the economy as its struggles in the wake of the devastating Easter attacks that hit the key tourism sector. The Central Bank of Sri Lanka (CBSL) said the rate at which it lent to […]