Foreign Business

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WASHINGTON: The gathering of world finance ministers began with heightened anxiety about the potential damage a US-China trade war could do to the economic recovery but ended Saturday with a door open to negotiations. International Monetary Fund chief Christine Lagarde, who has been urging countries to avoid damaging protectionism, said…

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WASHINGTON: World Bank shareholders approved a “historic” increase in the bank’s lending capacity Saturday after the United States backed a reform package that curbs loans and charges more for higher income countries like China. World Bank President Jim Yong Kim said neither China nor any middle income countries was happy…

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NEW YORK: Wells Fargo agreed Friday to pay $1 billion in fines over US allegations of bank misconduct that damaged consumers — the largest such penalty so far under the administration of President Donald Trump, who has lambasted the scandal-hit bank. The big US bank, which has been under fire…

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FRANKFURT AM MAIN: All that glitters is definitely gold in a new exhibition at Germany’s central bank that lifts the veil on the nation’s massive reserves of the precious metal, partly to reassure sceptics that the prized ingots are really there. Europe’s top economy and export powerhouse has the world’s…

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BRUSSELS: The EU and Mexico said Saturday they had reached an “agreement in principle” to modernize an existing free trade deal, as the Latin American country faces pressure from protectionist measures threatened by US President Donald Trump. Under the updated terms of the 2000 deal, “practically all bilateral trade in…

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HONG KONG: Asian markets mostly fell Friday as investors struggled to maintain the previous day’s positive momentum following losses on Wall Street, with technology firms tracking a sharp fall in Apple. While worries about the Syrian crisis and a potential China-US trade war keep dealers on edge, focus has for…

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SYDNEY: The CEO of Australian bank AMP resigned suddenly on Friday after revelations of widespread abuses by the financial company, including charging thousands of customers for services never received. Following several days of damaging testimony by AMP executives before a Royal Commission set up in February to investigate misconduct in…

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WASHINGTON: The European Union has no plans to extend Greece’s financing program beyond the planned August end date, EU Economic Affairs Commissioner Pierre Moscovici said Thursday. “It is out of the question. Our common goal is to conclude this joint program in time,” Moscovici told AFP. “There is no reason…

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WASHINGTON: Despite continued economic growth, US businesses and farmers are increasingly concerned about the trade spat with China which already has pushed prices higher, according to a Federal Reserve survey released Wednesday. In the wake of the steep tariffs imposed last month by President Donald Trump, steel and aluminum prices…

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WASHINGTON: The International Monetary Fund urged central banks Wednesday to take a gradual and transparent approach to tightening monetary policy, warning that unexpected moves could shock the global economy. The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will…

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