Foreign Business

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WASHINGTON: With a handful of US technology giants growing more powerful and dominant, debate is intensifying on whether big tech’s growth is healthy or not. Over the past few years, Apple, Google parent Alphabet, Facebook and Amazon have become among the world’s most valuable companies. Along with stalwarts like Microsoft…

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SAN FRANCISCO: Facebook on Friday reversed course on a plan to issue a new non-voting class of shares, avoiding a public trial in a suit filed by investors in the huge social network. The plan unveiled last year had been designed to allow founder and chief executive Mark Zuckerberg to…

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LONDON: As EU nationals leave Britain in ever greater numbers ahead of Brexit, restaurants like pizzeria chain Franco Manca are reporting shortages that could spell trouble for a sector that relies on immigrant labour. The number of EU nationals leaving Britain, most of them from central Europe, rose by 33,000…

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WASHINGTON, D.C.: Moody’s cut Britain’s long-term credit rating Friday, citing economic uncertainty sparked by complex Brexit negotiations and the likelihood of weaker public finances. The ratings agency cut the debt grade one notch to Aa2 from Aa1 with a stable outlook, which reflects expectations Britain’s debt will “continue to rise,”…

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SHENYANG, China: Trucks carrying hi-tech car components rumble in and out the gates of an American industrial zone in the heart of China’s rust belt—using roads that the city especially renovated for the complex. While foreign firms complain about being locked out of large swathes of China’s vast market, the…

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DONHUANG, Gansu province: China’s grand infrastructure program called the Belt and Road Initiative has turned into concrete plans with growing support of more countries and organizations around the globe, senior Chinese officials said on Tuesday. Zhang Ping, vice chairman of the standing committee of the 12th National People’s Congress, said…

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WASHINGTON: New claims for US jobless benefits fell for the second week in a row despite the massive economic disruptions from back-to-back hurricanes, Labor Department reported Thursday. The decrease suggested September job creation may not suffer as badly as feared from the hurricane destruction in Texas and Florida, since the…

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UNITED NATIONS, United States: US Treasury Secretary Steven Mnuchin said Thursday that firms around the world must now choose between doing business with the United States or North Korea, under broad new sanctions authorized by the United States. “Foreign financial institutions are now on notice that going forward they can…

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OTTAWA: The third round of talks on revamping NAFTA, which start Saturday in Ottawa, are expected to be punishing as diplomatic tensions mount. Over the course of a week, negotiators will hammer out details of the broad proposals submitted by some 20 working groups during the previous round of talks…

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BEIJING: Chinese internet giant Baidu on Thursday announced a $1.5 billion investment in autonomous driving projects over the next three years, as it seeks to diversify its portfolio and compete with rivals such as Google. Over the next three years, the “Apollo Fund” will invest 10 billion yuan ($1.5 billion)…

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