GM strike ends after almost six weeks at cost of $2 billion

Southfield, Michigan: General Motors Co. employees voted in favour of a new four-year labour agreement reached with the United Auto Workers, ending a nearly six weeklong strike that has cost the company about $2 billion and rippled through the US economy. The union said the deal was approved by 57.1 per cent of its members, […]

US, China say they are ‘close to finalising’ part of a Phase One trade deal

WASHINGTON: US and Chinese officials are “close to finalising” some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative’s office and China’s Commerce Ministry said, with talks to continue. The USTR provided no details on the areas of progress. “They made headway on specific issues and the two sides […]

India’s ICICI Bank’s profit misses estimate on a one-time tax impact

Mumbai: ICICI Bank Ltd, India’s second-largest private lender, posted a lower than expected profit due to a one-time income tax adjustment. Net income fell 28 per cent to Rs6.55 billion (Dh340 billion, $98 million) for the three months ended September 30 from Rs9.1 billion a year earlier, the lender said on Saturday. The profit compared […]

Greece hails S&P upgrade as proof of growth

ATHENS: Greece on Saturday welcomed its foreign debt rating upgrade by Standard and Poor’s as proof of further growth after a nearly decade-long debt crisis. Emerging from its third straight bailout last year, Greece has a public debt of more than 180 per cent of gross domestic product and remains under strict supervision by its […]