Fitch downgrades Hong Kong for first time since 1995 on turmoil

Hong Kong. Fitch Ratings Inc. downgraded Hong Kong as an issuer of long-term, foreign currency debt for the first time since 1995, saying that the territory’s recent political turmoil raises doubts about its governance. The rating was lowered to AA from AA+ with a negative outlook, the company said in an emailed statement Friday. The […]

India’s biggest drugmaker Sun Pharmaceutical ordered to review accounts

NEW DELHI. India’s biggest drugmaker Sun Pharmaceutical said it has been ordered to undertake a “forensic” audit of its accounts, following whistle-blowers’ claims that sent its shares down sharply. The firm said in a statement to financial markets late on Thursday that the Securities and Exchange Board of India (Sebi) has told it to review […]

Sharjah Chamber, Russian Business Council eye further economic growth, new investment opportunities

SHARJAH: On the sidelines of the UAE – Russia Business Forum, organised by the Sharjah Chamber of Commerce & Industry, SCCI, Abdullah Sultan Al Owais, SCCI’s Chairman, held a bilateral meeting with Vladimir Platonov, President of the Moscow Chamber, to discuss the role of entrepreneurship in the sustainable development in both countries. The two sides […]

German industrial recession worsens as trade uncertainty bites

Frankfurt: German industrial production unexpectedly declined further in July as trade tensions and waning business confidence continued to weigh on global demand. Output fell 0.6 per cent from June, missing economist estimates for a slight gain. The numbers point to further deterioration in the outlook for Europe’s largest economy, with production down 4.2 per cent […]

China ratchets up stimulus amid trade war, cutting reserve ratio

Beijing: China’s central bank said it will cut the amount of cash banks must hold as reserves to the lowest level since 2007, injecting liquidity into an economy facing both a domestic slowdown and trade-war headwinds. The required reserve ratio for all banks will be lowered by 0.5 percentage points, taking effect on Sept. 16, […]

UK consumers are worried about Brexit pushing up prices

London. Half of Britons say that the UK’s departure from the European Union has pushed up their expectations for price growth, a Bank of England survey showed Friday. Inflation expectations for the coming year stood at 3.3 per cent in August, the BoE said, the highest since 2013 and up from 3.1 per cent in […]