Business

EU Starts on Tricky Path Towards Relaxing China Trade Defense

By Philip Blenkinsop and Robin Emmott BRUSSELS, Jan 10 – The European Union will take the first step on Wednesday towards refashioning its trade ties with Beijing, torn over how to lower its defenses to avert Chinese retaliation while protecting key industries against a damaging flood of cheap imports. Commissioners from the bloc’s 28 members

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In Turkey, Syrians Show Refugees’ Economic Potential

GAZIANTEP, Turkey, Jan 6 – Sitting in the bare office above his factory where thousands of baby rattles and plastic bottles are cranked out every hour, Saad Chouihna believes that if you can make it in Turkey, you can make it anywhere. “The Turkish market is the hardest,” said the 28-year-old Syrian from the city

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Volkswagen Faces Billions in Fines for Environmental Violations

By Julia Edwards and Georgina Prodhan WASHINGTON/FRANKFURT, Jan 5 – The U.S. Justice Department has sued Volkswagen for up to $90 billion for allegedly violating environmental laws – five times regulators’ initial estimate and a reminder of the carmaker’s problems nearly four months after its emissions scandal broke. Although such U.S. lawsuits are typically settled

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Global Markets: Asia Shares, Currencies Tumble; Oil Jumps

By Hideyuki Sano TOKYO, Jan 4  – Asian shares and currencies tumbled on Monday on the first day of trading in 2016 after China factory activity contracted and its central bank guided the yuan lower, while oil prices jumped as much as 3 percent on rising tensions in the Middle East. Leading the losses, mainland

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Big Oil to Cut Investment Again in 2016

By Karolin Schaps and Ron Bousso LONDON, Jan 3  – With crude prices at 11-year lows, the world’s biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors. At around $37 a barrel, crude prices are well

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Dubai Says Its Non-oil Foreign Trade Worth $263 bn During Jan-Sept 2015

DUBAI Dec. 30 – Dubai has managed to contain the impact of the instability of the global economic environment, marked by a decline in commodity prices and currency rates, to maintain a strong economic performance in 2015 writes the Government of Dubai’s Media Office. Despite the adverse impact of the recent downturn in oil and

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Saudi Economic Shake-up Shows It is Planning for Cheap Oil

By Rania El Gamal DUBAI, Dec 29 – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it

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Saudi Plans Spending Cuts, Reforms to Shrink Budget Deficit

By Angus McDowall and Andrew Torchia RIYADH/DUBAI, Dec 29 – Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the Finance Ministry on Monday,

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