Foreign Business

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DETROIT: Ford will increase its investment in electrification, planning to spend $11 billion by 2022 to create hybrid and all-electric versions of its vehicles, the company announced Sunday at the Detroit Auto Show. Ford executive James Farley said the increased expenditure essentially doubles and extends Ford’s previous $4.5 billion investment…

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LONDON: British construction group Carillion announced its immediate liquidation Monday after the heavily-indebted company failed to secure a financial rescue from the UK government and banks in last-ditch talks. Carillion, which employs 43,000 staff worldwide including 19,500 in Britain, said that the government would nevertheless provide some funding to allow…

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DETROIT: A year after dressing down carmakers for cutting US jobs due to trade agreements and automation, has President Donald Trump delivered on his vow to turn the tide? The US president got some good news just four days before the Detroit auto show when Fiat Chrysler announced it would…

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HONG KONG: Asian traders continued their blistering start to the year on Monday with most markets rising and Hong Kong within spitting distance of its record high, while the euro extended its gains against the dollar. Wall Street once again provided a strong lead on the back of optimism about…

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STOCKHOLM: A racism scandal at H&M is the latest indication of management problems at the Swedish clothing giant, once the darling of shoppers but now struggling to make the switch to e-commerce, analysts say. The fast-fashion group is one of Sweden’s largest export brands and industrial heavyweights, alongside Ikea, Spotify,…

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PARIS: Bitcoin may be the world’s most famous cryptocurrency, but despite a dizzying rise, it’s not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting. Dozens of crypto units see the light of day every week, as baffled financial experts look on,…

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WASHINGTON: Two decades ago, Fatima Nolasco walked over the border into the United States in search of a better life, going on to build a successful business, and a new home. Now, after Donald Trump decided to end a program that has allowed her to work legally in the country,…

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MOSCOW: Despite repeatedly vowing to reduce its energy dependency on Moscow, Europe is more reliant on Russian gas than ever before, and there are few signs of this trend reversing. Russian gas giant Gazprom said this month it had completed record deliveries to Europe and Turkey in 2017 at a…

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BEIJING: China’s trade surplus with the United States expanded last year, raising the possibility of fresh blowback from President Donald Trump who has often bashed Beijing over the issue and fanned fears of a trade war. The increase came despite a tumble in China’s global surplus as domestic demand spurred…

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WASHINGTON: In the run-up to the latest North American Free Trade Agreement (NAFTA) renegotiations, friction is high between Canada and the US — with Ottawa determined not to bow to the Trump administration’s demands, while Mexico opts for a more measured approach. Irritated by countervailing duties imposed on its exports…

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