Foreign Business

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WELLINGTON: Details of a revamped cross-Pacific pact aimed at slashing trade barriers were released Wednesday amid a renewed push for the United States to rejoin the 11-nation deal. New Zealand unveiled the official text of the Trans-Pacific Partnership, or TPP-11, which had to be redrawn after Donald Trump rejected it…

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CARACAS: Venezuela formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis. The leftist Caracas government put 38.4 million units of the world’s first state-backed digital currency, the Petro, on private pre-sale from the early hours. During the first…

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BRUSSELS: The EU warned on Tuesday it would take “appropriate measures” to defend its interests if the US imposes tough trade sanctions as President Donald Trump delivers on his protectionist policies. The US Commerce Department on Friday recommended imposing heavy tariffs on China, Russia and European exporters to counter a…

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AYALA Land Inc. unit Prime Orion Philippines, Inc. (POPI) announced on Tuesday that the company had elected Rowena Tomeldan, who is concurrently the head of Ayala Land’s malls group, as new president and chief executive officer. POPI, owner and developer of retail complex Tutuban Center in Manila, said in a…

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SYDNEY: Higher commodity prices helped global mining giant BHP report a first-half net profit of US$2.02 billion on Tuesday, but the result was weighed down by a hefty charge from US tax reforms. The result for the six months to December 31 was 37 percent lower than the US$3.20 billion…

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JERUSALEM: Israel has struck an “historic” contract to supply natural gas to Egypt, Prime Minister Benjamin Netanyahu announced Monday, in a deal one firm said was worth $15 billion over 10 years. “This will bring billions of dollars to state coffers,” Netanyahu said in a statement announcing the deal with…

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TOKYO: Electronics giant Sony announced a plan Tuesday to provide an AI-based ride-hailing system to Japanese cab companies, while another taxi firm said they were in talks with Uber on a tie-up. Sony said it was planning a joint venture to offer artificial intelligence technology to six taxi operators, which…

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SAN SALVADOR: Four Central American nations are to sign a free trade deal with South Korea on Wednesday after more than two years of talks to ease tariffs and barriers on a range of products, El Salvador’s government announced. El Salvador, Honduras, Nicaragua and Costa Rica will seal the pact…

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FRANKFURT AM MAIN: Investor sentiment in Germany eased in February, a survey found on Tuesday, but not enough to dent the overall positive outlook for Europe’s biggest economy, analysts said. The ZEW economic institute’s monthly barometer shed 2.6 points to 17.8 points this month, but still came in well above…

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HONG KONG: Banking giant HSBC more than doubled pre-tax profit to $17.2 billion in 2017, it announced Tuesday, after a recovery drive to streamline its business and slash costs. Adjusted pre-tax profit also rose 11 percent year-on-year to $21 billion as revenue growth outweighed operating expenses, the bank said. But…

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