GENEVA: The United States said on Monday that China’s “unfair competitive practices” were harming foreign companies and workers in a way that violates World Trade Organization (WTO) rules, but vowed to lead reform efforts. US trade ambassador Dennis Shea drew fire from Chinese envoy Zhang Xiangchen who said the Trump administration’s tariffs on steel and […]
Dubai: Saudi Arabia on Tuesday unveiled its 2019 budget, revealing a record high spending plan of 1.11 trillion Saudi riyals ($295 billion; Dh1.07 trillion), targeted at boosting the country’s growth. The government expects revenue to increase by more than 9 per cent to touch $260 billion against a projected deficit of $35 billion. Figures in […]
Halfway through Donald Trump’s first term, it’s getting easier to piece together an account of how his policies are supposed to drive economic growth. And the economy is, in fact, expanding pretty fast — but not necessarily for the reasons Trump said it would. The president promised to squeeze more American growth out of businesses […]
Dubai: The founders of e-commerce start-up Wadi are set to step down from their positions, following a $30 million investment from retail giant Majid Al Futtaim. They both say that their decision is not linked to the increasing involvement of Majid Al Futtaim (MAF). Ankit Wadhwa, co-founder of Wadi, told Gulf News that his decision […]
LONDON: Stocks worldwide tumbled on Friday after weak economic data from China and Europe fanned concerns of a global economic slowdown and left investors fretting over the wider impact of a still-unresolved Sino-U. S. trade dispute. The MSCI All-Country World Index, which tracks stocks across 47 countries, was down over half a per cent by […]
Mumbai, New Delhi: Reserve Bank of India (RBI) Governor Urjit Patel’s shock resignation following a policy tussle with the government sent tremors through financial markets on Tuesday, and investors are keen to see the government quickly name a credible replacement. Both foreign and domestic investors say any openly political appointee with little macro-economic experience, would […]
Helsinki: Ten former employees of the Estonian branch of Danske Bank have been detained in connection with a probe into a major money laundering scandal that allegedly involved money from Russia and former Soviet states. Estonia’s Prosecutor General Lavly Perling said Wednesday the employees were mainly Danske Bank client managers suspected of knowingly assisting large-scale […]
New Delhi: The exit of Urjit Patel as governor of the Reserve Bank of India (RBI) was the culmination of months of simmering tensions between the government and the central bank. In a way, it gives the government the opportunity to do what it wants: name a new governor who is more willing to do […]
Dubai: The city of Dubai continues to attract new businesses, with the emirate’s licensing division recently approving close to 2,000 permits. The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED) of Dubai issued 1,748 new licenses in November 2018, a testament that Dubai remains a destination of choice for investment […]
Hong Kong: While 2018 was the year trade wars broke out, 2019 will be the year the global economy feels the pain. Bloomberg’s Global Trade Tracker is softening amid a fading rush to front-load export orders ahead of threatened tariffs. And volumes are tipped to slow further even as the US and China seek to […]