Japan to issue 2.2 trillion yen bonds to offset trade war’s hit on tax revenues

TOKYO: Japan’s government will issue an additional 2.2 trillion yen ($20.25 billion) of deficit-financing bonds to make up for a tax revenue shortfall, Finance Minister Taro Aso said, after the cabinet approved on Friday an extra budget for the fiscal year ending March 2020. The extra budget will be compiled along with an annual budget […]

Bank of Russia delivers fifth rate cut, signals more easing

Moscow: The Bank of Russia delivered a fifth consecutive bout of monetary easing and said it would consider more cuts in the first half of next year as inflation continues to fall below target. The bank lowered its benchmark interest rate by 25 basis points to 6.25 per cent, according to a statement published on […]

Shabbir Merchant: Dubai-based Pakistani businessman who turned his Dh1,500 monthly salary into millions

Dubai: Shabbir Merchant was an 18-year-old boy with a dream to succeed when he set foot for the first time in the UAE. The year was 1976. Today, at 61, he only has gratitude for all the blessings bestowed upon him and his family. For he knows that none of it could have been achieved if […]

Trump signs off on US-China trade deal: sources

US President Donald Trump signed off on a so-called phase-one trade deal with China, averting the December 15 introduction of a new wave of US tariffs on about $160 billion of consumer goods from the Asian nation, according to people familiar with the matter. The deal presented to Trump by trade advisers Thursday included a […]

Microsoft shows new Xbox, setting up holiday 2020 console clash

Tokyo: Microsoft Corp showed off its new game console, the Xbox Series X, for the first time, confirming the machine would go on sale in the 2020 holiday period. That sets up a clash with Sony Corp’s PlayStation 5 console, scheduled to release at the same time. The US company’s new console boasts an unusual […]