Tuesday, 19 September 2017

Business

London stays world’s top finance centre despite Brexit

UK-LONDON

FRANKFURT/ LONDON: London remains the globe’s most attractive financial centre, extending its lead over New York despite Britain’s looming departure from the European Union, a survey found on Monday. Britain’s departure from the trading bloc has led to some politicians and economists predicting London will lose its pre-eminent status as ...

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China to ban production of petrol, diesel cars soon

ELECTRIC-CAR

BEIJING: China’s Ministry of Industry and Information Technology is developing a time frame for ending the construction and sale of fuel cars as it makes the transition to electric vehicles (EVs), according to state media citing a Cabinet official. Deputy industry minister Xin Guobin said at an auto industry forum ...

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China bans imports of soft European cheese

CHEESES

PARIS: Soft European cheese has fallen on hard times in China. Customs officials have banned a host of soft, mould-ripened cheese for containing “too much bacteria”, with authorities reportedly alarmed the mould contained colonies of bacteria that had not been officially approved. The ban mainly affects French and Italian cheese, ...

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Student invents clothes that grow

grow-2

A 24-year-old graduate student has created clothes for infants that “grow” as the child does, sparing parents from having to buy new garments every few weeks. Ryan Yasin invented the material while studying at the Royal College of Art and is now using it to launch a clothing range called Petit ...

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Poland threatens to block part of EU-Canada trade deal

POLAND

POLAND is threatening to block a part of the EU’s trade deal with Canada because of its concerns over a planned mechanism for resolving disputes between governments and multinational companies. How to enshrine investor protection in trade agreements has become an increasingly vexed question for the EU. Traditional tribunal systems ...

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Drinks industry distorts alcohol cancer risk: scientists

DRINKING

LONDON: The alcohol industry uses denial, distortion, and distraction to mislead people about the risks of developing cancer from drinking, often employing similar tactics to those of the tobacco industry, a study said on Thursday. Drinks industry organizations often present the relationship between alcohol and cancer as highly complex, implying there is ...

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Venezuela to sell oil in currencies other than dollar

maduro-donald

CARACAS: Venezuelan President Nicolas Maduro announced his government will sell oil and other commodities in currencies other than the dollar, in a bid to weather US imposed sanctions on the embattled country. “I have decided to start selling oil, gas, gold and all other products that Venezuela sells with new ...

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Habib Bank to pay $225 million New York fine for compliance failures

HBL

WASHINGTON: The New York State Department of Financial Services said Pakistan’s Habib Bank had agreed to pay $225 million to settle an enforcement action brought against it for infringing laws designed to combat illicit money transfers. The DFS said in a legal filing last month it was seeking to fine ...

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Retail spending surges to two-year high

market

LONDON: Spending in British shops increased last month at the fastest pace in nearly two years, a survey showed on Friday, as a weaker pound led to more Britons opting to holiday at home and to an influx of tourists from abroad. Britain’s economy has cooled as the rise in ...

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Just 25% UK-based banks seek EU licence

Brexit EU UK

PARIS: Fewer than ten of the approximately 40 banks that conduct EU business out of London have applied so far for a licence to continue banking in the bloc after Britain leaves, regulatory sources told Reuters. The slow pace of applications is raising concern at the European Central Bank, the ...

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