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S.Korea’s GDP growth slows
SEOUL: A surge in government spending boosted South Korea’s economy in the fourth quarter but weakening exports braked last year’s annual pace of growth to a six-year low, underlining a dimming outlook in the face of in key trade partner China. Tuesday’s Bank of Korea GDP report showed growth of 1 per cent in the fourth quarter, the fastest in three quarters as the economy rode a spurt in government stimulus. Seoul increased
Tesla receives battery quotes from Tianjin Lishen
BEIJING: Tesla said on Tuesday it had received quotes from Tianjin Lishen to supply batteries for its new Shanghai electric car factory but had not signed any agreement with the Chinese firm. Reuters earlier on Tuesday reported, citing two sources with direct knowledge of the matter, that Tesla and Lishen had signed a preliminary agreement and were working on the details. The companies had yet to reach a decision on how large
Private equity firms team up to bid for Nestle’s skin care business
FRANKFURT/LONDON: Private equity firms Cinven and Advent have teamed up to bid in an auction that could value Nestle’s skin care business at about 7 billion Swiss francs ($7 billion), three sources familiar with the matter said. Private equity companies Blackstone, KKR, Carlyle, CVC, EQT and Partners Group are also expected to bid and might look for partners, according to the sources, who declined to be identified as the process
Japanese firms wary of boosting investment amid trade war woes
TOKYO: Over a third of Japanese firms aim to raise capital expenditure in the fiscal year starting April, with many others worried about the impact on spending plans of a trade war between major markets China and the United States, a Reuters survey showed. Tit-for-tat import tariffs and ensuing uncertainty have started to drag on global growth and hurt Japanese firms, particularly those with business in China. This has made many
UBS sees bumpy road ahead after Q4 profit misses estimates
ZURICH: UBS warned of a tough start to 2019 after fourth-quarter earnings fell short of expectations in conditions Chief Executive Sergio Ermotti described as “historically tough”. The first major European bank to report results said client activity in the first quarter of 2019 would be affected by a “lack of progress in resolving geopolitical tensions, rising protectionism and trade disputes along with increased volatility.”
Barrick Gold seeks options for Zambian copper mine
NEW YORK: Barrick Gold Corporation said that it was considering all options for Lumwana copper mine in Zambia as the country’s proposed new mining taxes would make it challenging to generate adequate returns for all its stakeholders. Barrick, which recently completed $6 billion deal to buy rival Randgold, said it is continuing to engage with the Zambian government to find a mutually beneficial solution for the operation of the
New Zealand to bat in first ODI against India
NAPIER: New Zealand won the toss and elected to bat first against Indi..
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China, Europe follow Brazil’s Bolsonaro onto Davos stage
DAVOS: China and Europe take centre stage at Davos on Wednesday, a day..
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Cardiff striker Sala ‘concerned about plane’ in final audio message
NANTES: Cardiff City’s record new signing Emiliano Sala expressed conc..
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Venezuela accuses US of ordering coup, seeks ‘revision’ of ties
CARACAS: Venezuela’s President Nicolas Maduro on Tuesday accused Washi..
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Australia seeking info on dual national missing in China
SYDNEY: Australia is investigating reports a dissident writer and Chin..
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Putin and Erdogan to hold Syria talks
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UAE 2nd most trusted government in the world
DUBAI: The Government of UAE ranked the second most trusted government..
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Sultan decree to establish Sharjah's free zone authority
SHARJAH: His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme..
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ADNOC named Middle East’s most valuable brand
ABU DHABI: The Abu Dhabi National Oil Company, ADNOC, has been named t..
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Abu Dhabi book fair to promote Emirati identity at Cairo
ABU DHABI: The Department of Culture and Tourism - Abu Dhabi, DCT Abu ..
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