Foreign Business

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TOKYO: Shares in Mitsubishi Materials plunged more than eight percent on Friday after it admitted to falsifying product data, the latest major Japanese firm to acknowledge problems with quality control. Stock in the Nikkei-225-listed firm was down 330 yen (8.06 percent) as the market neared the close on Friday, with…

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LOS ANGELES: Two female-led investor groups are interested in taking over The Weinstein Company, which is on the verge of bankruptcy after the sexual misconduct allegations that have poured in against co-founder Harvey Weinstein, said US media and a source close to the issue. One is led by Killer Content,…

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SYDNEY: Entrepreneur Elon Musk has won a US$50 million bet by beating a 100-day deadline for building a giant battery to help South Australia avoid energy blackouts, officials said. State Premier Jay Weatherill said testing of the massive lithium ion battery would begin within days, ahead of the December 1…

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BERLIN: German heavy industry giant ThyssenKrupp on Thursday defended its disputed merger with India’s Tata Steel, saying its restructuring plan and the tie-up would help to secure tens of thousands of jobs. The tie-up, announced end-September to form Europe’s second biggest steel works after ArcelorMittal, has sparked fears for 4,000…

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HONG KONG: Asian investors moved warily on Friday after a sharp sell-off in Shanghai the previous day fuelled concerns of fresh turmoil in China’s markets. The benchmark composite index plunged more than two percent in a late afternoon sell-off Thursday as mainland traders were spooked by a government crackdown on…

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SINGAPORE: Singapore’s economy beat expectations to grow at its fastest pace in nearly four years during the third quarter, data showed Thursday, boosted by a surge in global demand that has buoyed Asia in the face of brewing protectionist fears. The forecast-beating performance for the island-state follows similarly strong readings…

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WASHINGTON: New claims for US jobless benefits fell in mid-November, confirming the strength of American labor markets and continuing a record streak of low levels, official data showed Wednesday. The result suggested November could see continued strong job creation as employment recovers from hurricane-related disruptions at the end of the…

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SAN FRANCISCO: Uber said Tuesday that hackers compromised personal data from some 57 million riders and drivers in a breach kept hidden for a year. “None of this should have happened, and I will not make excuses for it,” said a statement from chief executive Dara Khosrowshahi, who took over…

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MEXICO CITY: Delegates from the United States, Mexico and Canada on Tuesday wrapped up a fifth round of talks on renegotiating the North American Free Trade Agreement — but pushed off some of the thornier issues to later meetings. Their efforts, this time held in Mexico City, are aimed at…

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WASHINGTON, D.C.: The top US telecom regulator formally unveiled plans Tuesday to roll back “net neutrality” rules adopted in 2015 aimed at treating all online traffic equally. The announcement by Federal Communications chairman Ajit Pai marked the latest twist in a decade-old political dispute with both sides claiming to represent…

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