Foreign Business

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PARIS: EU Economic Affairs Commissioner Pierre Moscovici said Sunday he does not expect a “perfect” accord on reforming the single currency at an EU summit in June. “We won’t get everything, we won’t have a perfect accord, but if there is progress on crisis management, the ability to combat shocks……

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ABU DHABI: Abu Dhabi National Oil Co. (ADNOC) said Sunday it has awarded Spanish Cepsa firm a 20 percent share in a concession of two offshore oil fields in a deal worth $1.5 billion. The 40-year deal aims to double production at the emirate’s offshore fields of SARB and Umm…

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TOKYO: Japan logged a trade deficit in January, the first negative figure in eight months, as imports of fossil fuel overwhelmed the revenue from exports, government data showed Monday. The world’s third-largest economy registered a trade balance deficit of 943.4 billion yen ($887 million) in January, the first since May…

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SYDNEY: Unibail-Rodamco Monday ruled out increasing its bid for Australia’s Westfield shopping mall operator despite the cash and script offer losing its premium after a fall in the French property giant’s share price. The two companies announced the deal, which would be the biggest-ever corporate takeover in Australia, in December.…

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STOCKHOLM: The heads of Sweden’s largest companies, including clothing giant H&M and telecoms maker Ericsson, denounced Friday deportations of highly-skilled workers as the nation’s technology sector suffers a shortage of staff. In a letter published by the financial daily Dagens Industri and signed by around 30 bosses — including H&M…

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BEIJING: China warned it would take necessary measures to protect its interests if the United States imposes tough trade sanctions against its steel and aluminium exports. The US Commerce Department on Friday (Saturday in Manila) recommended imposing heavy tariffs on China and other countries to counter a global glut in…

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WASHINGTON: Cyberattacks cost the United States between $57 billion and $109 billion in 2016, a White House report said Friday, warning of a “spillover” effect for the broader economy if the situation worsens. A report by the White House Council of Economic Advisers sought to quantify what it called “malicious…

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WASHINGTON: The Fitch ratings agency on Friday upgraded Greece’s sovereign debt grade, citing budget surpluses, greater political stability and the growing economy. The agency raised the debt rating one notch to ‘B’ from ‘B-,’ leaving the country in the “highly speculative” category but with a positive outlook. The decision followed…

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FRANKFURT AM MAIN: German transport authorities will next week recall thousands more Daimler and Volkswagen vehicles, Der Spiegel magazine reported Friday, as the massive emissions cheating scandal that has engulfed the sector for more than two years shows no sign of going away. VW in particular is still struggling to…

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GENEVA: Switzerland’s market watchdog released new guidelines Friday to govern crypto-currencies, as the high-tech Alpine nation emerges as the main global hub for the flourishing industry. Watchdog FINMA noted that Switzerland has seen a “sharp increase” in the number of Initial Coin Offerings (ICOs) applying to base their operations in…

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