Business

The US formally suspended tariffs rises on £200bn of Chinese goods but hopes of resolving a trade war between the two nations faded, sending global stock markets fell for the third straight day on Thursday. US Trade Representative (USTR) Robert Lighthizer pushed back higher import duties which had been due …

French Economy Minister Bruno Le Maire said on Sunday that Germany should ease its strict arms export rules for countries outside the European Union to strengthen the defense industry. France has complained that joint arms manufacturing projects are being stalled by Berlin’s refusal to authorize future arms export licenses to …

Volkswagen warned investors about a tough year ahead as the 12-brand car and truck making group posted disappointing preliminary full-year results on Friday. “The headwinds in key markets are expected to strengthen further in 2019,” Chief Executive Herbert Diess said in a statement accompanying earnings. Volkswagen reiterated it wanted to …

Those who predicted Nike’s stock would take a tumble hours after Zion Williamson blew out his shoe while injuring his knee during Duke’s loss to North Carolina are correct. On Thursday morning, the shoe giant opened at the New York Stock Exchange at 83.57 per share after closing trading on …

Swiss banking giant UBS has been fined €3.7bn (£3.2bn; $4.2bn) in a French tax fraud case. A court in Paris found that the bank had illegally helped French clients hide billions of euros from French tax authorities between 2004 and 2012. UBS said it had consistently contested any criminal wrongdoing …

Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains. Brent futures were last up 16 cents …

India will look into commercial considerations and related factors to determine the value of oil imports from any country, an Indian official said, after a top US official warned countries against buying oil from Venezuela. Earlier this week, U.S. National Security Advisor John Bolton warned countries and companies against buying …

Brent crude oil climbed above $65 a barrel to its highest this year as OPEC-led supply cuts and this week’s announcement of a higher than expected cut by Saudi Arabia encouraged investors. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia started voluntary production cuts last …

  OPEC said on Tuesday it had cut oil production steeply under a global supply deal, although it flagged headwinds confronting its efforts to prevent a glut this year including weaker demand and higher rival output. In a monthly report, OPEC said its oil output fell almost 800,000 barrels per …

Oil prices fell on Monday as an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks overshadowed support from OPEC-led supply restraint. Benchmark Brent oil fell 16 cents or 0.26 percent to $61.94 a barrel at 1220 GMT. U.S. West Texas Intermediate …

Iraqi Oil Minister Thamer Ghadhban said on Monday that disagreements remained over profit-sharing between the government and Exxon Mobil and Petrochina over its South Integrated Project. Speaking at a news conference in Basra during his first visit to the oil-rich province since taking office, Ghadhban said he believed profits exceeding …

The European Commission is planning to name Saudi Arabia in a list of countries that have failed to fight against terrorist financing and money laundering, a report says. Brussels is in the final stages of adopting the list, which will include 23 countries and jurisdictions who failed to combat “dirty …

Transparency International says the Emirati city of Dubai has turned into “a money laundering paradise,” where criminals can easily purchase luxurious property with their dirty cash. In its Corruption Perceptions Index 2018 released recently, the leading anti-graft NGO said Dubai “has become an active global hub for money laundering.” Citing …

Chinese telecoms giant Huawei has denied any wrongdoing after US prosecutors filed a host of criminal charges against the firm. Huawei has also rejected criminal claims against its chief financial officer Meng Wanzhou, who was arrested in Canada last month. The charges filed against Huawei in the US include bank …

The recent partial US government shutdown cost the American economy twice as much as the money President Donald Trump had requested to build a wall on the border with Mexico, the Congressional Budget Office has revealed. The 35-day impasse, which began on December 22 after congressional Democrats refused to give …

Mining giant Vale says it will curb dividends for shareholders and halt bonuses for managers. Its statement comes as it starts to investigate the dam breach in Brazil which killed 58 people. It is also setting up a committee to offer help to the victims. Rescue teams searching for 300 …

The World Trade Organization launched an investigation into U.S. President Donald Trump’s tariffs on $250 billion of Chinese goods, ratcheting up tensions as the two nations are set to begin a new round of trade talks, according to an official with knowledge of the probe. The Geneva-based arbiter of trade …

EU warns Washington of ‘harmful’ impact on US of car tariffs  The European Commission has warned the United States that imposing tariffs on European cars “will be harmful first and foremost for the US economy.” The Commission’s warning was part of a response to a US request for comment on …