Foreign Business

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TOKYO: Toshiba has approved a plan to place its US nuclear unit in bankruptcy protection, a report said Wednesday, as the troubled division wrestles with multi-billion-losses and accounting fraud claims. Japan’s Nikkei business daily said Toshiba’s board gave Westinghouse Electric the green light to make a Chapter 11 filing in…

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SAN SALVADOR: A giant Australian-Canadian gold mining group, OceanaGold, has been ordered to pay interest on $8 million in legal costs awarded to El Salvador over a lawsuit it lost, Salvadoran officials said Tuesday. The World Bank’s arbitration arm, the International Centre for Settlement of Investment Disputes (ICSID), handed down…

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SEOUL: Asia’s fourth-largest economy grew slightly more than previously thought in each of the past two years, South Korean authorities said Tuesday. The central Bank of Korea raised its figure for the 2016 economic growth rate by 0.1 percentage points to 2.8 percent, saying the manufacturing sector performed better than…

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RIYADH: Saudi Arabia on Monday cut taxes on oil companies in a major move that could attract investments in its energy giant Aramco, expected to be offered to investors in 2018. King Salman decreed a new set of income tax rates on oil companies working in the kingdom, ranging from…

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LONDON: Hong Kong subway operator MTR Corporation has been picked to help run South West Trains, one of Britain’s biggest rail franchises, the government said on Monday. MTR will operate SWT services alongside British train and bus company FirstGroup over the next seven years, the Department for Transport (DfT) announced…

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LONDON: Qatar will invest £5 billion in Britain within five years in a boost for the post-Brexit economy, Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani announced Monday. “Over the next three to five years Qatar will invest £5 billion ($6.23 billion, 5.8 billion euros) in the UK economy…

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SAN FRANCISCO: Uber on Monday said its self-driving cars were being put back in action on roads after a weekend crash prompted the ridesharing giant to halt testing. Self-driving Uber cars went back to work in San Francisco in the morning there and were to return to streets in Arizona…

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HONG KONG: Asian markets mostly bounced back Tuesday from the previous day’s hefty sell-off, on hopes Donald Trump can push through his economy-boosting agenda despite last week’s healthcare debacle. However, with expectations about the rate of future US interest rate rises receding, the dollar is struggling to break back against…

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SHANGHAI: China Southern Airlines said Tuesday it would sell almost a one-tenth stake to American Airlines in a $200 million tie-up that could see two of the world’s biggest carriers cooperate in a range of areas. American Airlines is the world’s largest carrier by scheduled passengers carried, while China Southern…

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LONDON: Supermarket Tesco has agreed to a fine and compensation costs totalling £214 million ($268 million, 247 million euros) after an accounting scandal at Britain’s biggest retailer, the Serious Fraud Office said Tuesday. Under a deal struck with the SFO over an affair stretching back three years, Tesco will not…

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