Friday, 19 April 2019

Business

Australia central bank calm as house prices skid

SYDNEY: Australia’s top central banker said on Wednesday a downturn in Australia’s once-booming housing market was unlikely to derail the country’s enviable record of 27 years of recession-free expansion and urged banks to ease credit supply. As property prices cool and household consumption slows, the labour market has become particularly ...

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Oil slips on weak demand growth outlook

HONG KONG: Oil prices fell as markets eyed only modest prospects for growth in fuel demand, although OPEC-led efforts to cut output still offered some support. US West Texas Intermediate (WTI) crude oil futures were at $56.30 per barrel at 0210 GMT, down 29 cents, or 0.5 percent, from their ...

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Trump says Washington to terminate India, Turkey duty-free status

WASHINGTON: The United States will terminate India’s duty-free status after it failed to provide the United States access to its markets, US President Donald Trump said in a letter to Congress. “I am providing notice of my intent to terminate the designation of India as a beneficiary developing country under the Generalized System of Preferences (GSP) ...

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Subaru to recall 2.2 million cars over brake light glitch

TOKYO: Subaru announced a global recall of 2.2 million SUVs, the biggest ever for the company, over a brake light glitch that could affect how the vehicle engines start. The company said it was recalling 306,728 units of Impreza and Forester in Japan, while the remaining 1.96 million vehicles will ...

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Macron: France will force Ford to revitalise site of plant closure

PESSAC: French President Emmanuel Macron pledged to force automaker Ford to pay to help create new jobs on an industrial site the US firm plans to close in southwestern France. The French government has denounced Ford’s decision to shut its plant making gear boxes after the company rejected a takeover ...

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Glencore cites trade as its ‘foremost risk’, others rising

LONDON: Miner and trader Glencore said trade barriers are its “foremost risk”, but climate, political, legal and other risks had become more prominent. Glencore said in its annual report published on Friday that it was seeking to mitigate these challenges through conservative spending and strict compliance. It also said in ...

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Facebook’s ‘Workplace’ claims two million users

SAN FRANCISCO: A version of Facebook tailored for businesses collaboration announced Thursday that it has more than two million paying subscribers “Workplace by Facebook” is an enterprise-oriented version of the social network that, instead of distracting workers, lets them connect and collaborate. The software-as-a-service business began as an internal collaboration ...

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India-Pakistan tensions spread from Asia to European markets

LONDON: European stock markets opened lower after fresh hostilities erupted between India and Pakistan, causing Asian assets to fall and pushing investors into safe havens such as the yen. After about an hour of trading, the pan-European STOXX 600 was down about 0.5%. All the main regional indexes were in the ...

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Huawei Mate X – World’s fastest 5G foldable Phone

BARCELONA: Chinese telecoms giant Huawei unveiled a phone with a folding screen, just four days after rival Samsung became the first major handset maker to offer the feature. The phone, Mate X, will be compatible with the new fifth-generation wireless networks which are starting to be installed around the world, ...

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BMW and Daimler join forces to develop self-driving cars

FRANKFURT: German high-end car giants BMW and Mercedes-Benz maker Daimler said they would work together to develop automated driving and driver assistance systems, the latest cooperation for the historically fierce rivals. The two manufacturers have sealed a “long-term, strategic cooperation… to make next-level technologies widely available” by around 2025, they ...

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