Business

Alibaba’s Ma says 1m US jobs pledge thwarted by trade row

Alibaba founder Jack Ma said his ambitious pledge to create one million jobs in the US had been scuppered by the trade row between Beijing and Washington, Chinese state news reported Thursday. The billionaire owner of China’s largest online shopping portal made the headline-grabbing promise to Donald Trump last year, as Beijing courted the then-newly elected president. But Ma told...

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Stocks jump as hopes rise for progress on China trade talks

NEW YORK — Stocks rose late in the day Friday as investors welcomed signs of progress in resolving the trade dispute between the U.S. and China. The Wall Street Journal reported that the countries hope to have a resolution by November. Industrial, health care and basic materials companies made some of the biggest gains. The report came a day after...

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Australia expects free trade deals this year with Indonesia, Hong Kong

SYDNEY - The Australian government expects to seal free trade agreements with Indonesia and Hong Kong by year’s end, its trade minister said on Friday. Concluding the two agreements would wrap years of talks, which in the case of Indonesia have dragged on since 2010, stalling along the way as diplomatic tensions between the two sides flared. “I think by...

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Asian shares gain on U.S.-China trade talks, lira recovers

TOKYO- Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, a day after it hit its lowest level...

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If Indian rupee slump persists, it can hurt Modi

NEW DELHI/MUMBAI: The rupee’s plunge to a record low has worried a wide cross-section of India’s society: companies, importers, those going on vacation and students planning to study overseas. But if the weakness persists, Prime Minister Narendra Modi’s job could become a lot harder just before big state and national elections. India is a big buyer of everything from crude...

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Asian stocks slide as investors fret over China’s economy

TOKYO — Asian shares fell Thursday after deepening worries about global economic growth, particularly in China, set off a rout on Wall Street. KEEPING SCORE: Japan’s Nikkei 225 index fell 0.2 percent to 22,158.75 and the Hang Seng in Hong Kong lost 0.6 percent to 27,155.66. The Shanghai Composite index sank 0.9 percent to 2,699.60. South Korea’s Kospi reopened from...

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China to send negotiator to US for trade talks this month

China will send a top negotiator to the United States in late August to resume trade talks, the commerce ministry said Thursday, the first public meeting on the subject in weeks as the trade conflict intensifies. Vice Commerce Minister Wang Shouwen, the deputy representative on international trade negotiations, will meet with a senior US treasury official, David Malpass, at the...

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Turkey hits back at US with tariff hikes on key products

ISTANBUL: Turkey on Wednesday said it was hiking tariffs on imports of several key US products in retaliation for American sanctions against Ankara, as a bitter dispute between the two allies that sent the Turkish lira into freefall showed no sign of ending. The lira -- which had lost just under a quarter of its value in trade on Friday...

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Euro edges up, but threat from Turkey remains

LONDON: The euro recovered on Tuesday from earlier losses linked to the collapse of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to trouble the single currency. The lira TRYTOM=D3 has lost more than 40 percent of its value against the dollar this year, hit by worries over President Tayyip Erdogan's calls for...

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Turkey Currency Crisis: Pakistan stands with Turkey as Lira Plunges 20%

ISLAMABAD: Pakistan on Monday expressed solidarity with Turkey as the country grapples with a currency crisis that saw the lira plunge as much as 20% last week against the US dollar. The Turkish lira has nosedived after a political clash with the United States intensified and investors fretted about the Turkish government's lack of action to tackle the problems plaguing...

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Iran arrests 67 people for suspected financial crimes

DUBAI: Iranian authorities have arrested 67 people in a drive against financial crime, the judiciary said on Sunday, as the country faces renewed US sanctions and a public outcry against profiteering and corruption. Special revolutionary courts were being set up to try suspects quickly after Supreme Leader Ayatollah Ali Khamenei called on Saturday for “swift and just” legal action to...

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Saudi fund shows no interest in financing Tesla

DUBAI/RIYADH/LONDON: Saudi Arabia’s Public Investment Fund (PIF) has shown no interest so far in financing Tesla Inc CEO Elon Musk’s proposed $72-billion deal to take the US electric car maker private, despite acquiring a minority stake in the company this year, two sources familiar with the matter said. The 47-year-old investor and engineer stunned financial markets on Tuesday when he...

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US budget deficit totals $76.9 billion in July

WASHINGTON — The federal government racked up a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years. The Treasury Department reported Friday that in the first 10 months of this budget year, the deficit totaled $684 billion, up 20.8 percent from the same...

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Erdogan tells Turks to buy crumbling lira as Trump turns the screws

ISTANBUL/WASHINGTON - President Tayyip Erdogan told Turks on Friday to sell their gold and U.S. dollars to support the country’s currency which plunged after U.S. President Donald Trump escalated a feud with NATO ally Turkey by doubling tariffs on metals imports. The Turkish lira TRYTOM=D3 has long been falling on worries about Erdogan's influence over monetary policy and worsening relations with the...

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Chinese media keep up drumbeat of criticism of U.S.

SHANGHAI  - China’s state media continued a barrage of criticism of the United States on Saturday as their tit-for-tat trade war escalated, while seeking to reassure readers the Chinese economy remains in strong shape. Commentaries in the People’s Daily, China’s top newspaper, likened the United States to a bull in a China shop running roughshod over the rules of global...

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Turkey lira crashes as Trump piles on pressure

The embattled Turkish lira tumbled almost 20 percent to new record lows against the dollar on Friday as strains with the United States intensified, but President Recep Tayyip Erdogan defiantly proclaimed Turkey would emerge victorious in an "economic war". Compounding the lira's agony, President Donald Trump said he had doubled steel and aluminium tariffs on Turkey, noting that relations between...

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Further US sanctions would be ‘declaration of economic war’: Russia

Russia warned Friday that if the US followed through with threats to impose further harsh economic sanctions it would be seen as a "declaration of economic war". The warning by Prime Minister Dmitry Medvedev came after Washington unveiled a raft of new sanctions against Russia over its alleged use of the Novichok nerve agent against a former double agent which...

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