MONEY

In Dubai, US sanctions pressure historic business ties with Iran

With its Persian restaurants and shop signs in Farsi, Murshid Bazaar, a dense maze of alleys in Dubai’s old quarter, has for decades been a centre for small-scale trade with Iran.

Reuters, Nov 20 2018

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Footwear imports outweigh exports

While imports of footwear has been growing at a fast pace, export numbers are stagnating, as the burgeoning middle class of Nepal today are preferring foreign goods to domestic goods, say traders.

KRISHANA PRASAIN, Nov 20 2018

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Xiaomi swings to net profit in third quarter

Chinese smartphone maker Xiaomi Inc on Monday said it swung to a net profit in the third quarter, beating analyst estimates, driven by robust sales in India and Europe.

Nov 20 2018

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Telecom Italia names Gubitosi as new CEO

Telecom Italia, Italy’s legacy telecoms provider, has a new CEO, veteran business executive Luigi Gubitosi. Its board met Sunday to replace Amos Genish, who was ousted last week after a long-running boardroom battle.

Nov 20 2018

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Turkey warns ExxonMobil against drilling

Turkey’s Foreign Ministry has cautioned an international energy company against cooperating with the government of Cyprus in its search for gas. Foreign Ministry spokesman Hami Aksoy said Sunday that the exploratory drilling ExxonMobil has started in the eastern Mediterranean “did not contribute to the region’s stability” and could change “sensitive balances.”

Nov 20 2018

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Turbulent stock market spooks some older workers, retirees

The recent turbulence in the US stock markets is spooking some older workers and retirees, a group that was hit particularly hard during the most recent financial crisis.

Associated Press, Nov 20 2018

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Japan exports up

Japan’s trade deficit grew to its largest since July 2015 in October as a gain in exports was outpaced by a nearly 20 percent jump in imports.

Associated Press, Nov 20 2018

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French fuel depots targeted as ‘yellow vest’ protesters persist

Protesters angry over high fuel prices blocked access to fuel depots and stopped traffic on major roads on Monday after the government refused to back down on fuel taxes after a weekend of demonstrations across France.

Agence France-Presse, Nov 20 2018

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Impeached minister to head Iran oil firm

Iran’s former economy minister, impeached less than three months ago, will head the national oil company as it works to evade renewed US sanctions, local media reported Monday.

Agence France-Presse, Nov 20 2018

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Nissan chief arrested over financial abuse

Nissan chairman Carlos Ghosn was reportedly under arrest in Tokyo on Monday, as his firm accused him of “significant acts of misconduct” and said it would seek to oust him.

Agence France Presse, Nov 20 2018

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VR tech retains spectacle of China import expo

An online platform has been launched to allow Internet users to revisit the concluded China International Import Expo (CIIE) via virtue reality (VR) technology.

Nov 20 2018

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Six bln-USD Xinjiang airport expansion project approved

China’s top economic planner on Monday said that it had approved an airport expansion project in Urumqi, capital of the northwestern Xinjiang Uygur Autonomous Region.

Nov 20 2018

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BHP settles huge Australia tax bill

Mining giant BHP on Monday settled a long-running tax dispute with Australian authorities for Aus$529 million ($387 million), as the country pursues global firms shifting profits offshore to minimise liabilities.

Nov 20 2018

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Global shares advance, cheered by Wall Street buying spree

World shares saw moderate gains on Monday after a buying spree on Wall Street sustained investor optimism into the new week, despite continuing worries over trade tensions.

Associated Press, Nov 20 2018

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Vietnam and Russia to triple trade by ’20

The prime ministers of Vietnam and Russia agreed Monday to nearly triple their countries’ two-way trade to $10 billion by 2020 from $3.55 billion last year.

Associated Press, Nov 20 2018

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South Korea debt growth slows down

South Korea’s household debt growth slowed down for the first 10 months of this year compared with the same period for the past two years, financial regulator data showed Monday.

Xinhua, Nov 20 2018

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EU deliberates on Brexit plan

European governments started to thrash out a plan for close ties with post-Brexit Britain on Monday in the last week before they gather to sign their divorce papers.Ministers from the other 27 EU members met in Brussels at the start of what Prime Minister Theresa May calls “an intense week of negotiations” ahead of Sunday’s summit.

Agence France Presse, Nov 20 2018

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Bloomberg donates $1.8b to John Hopkins

Former New York City Mayor Michael Bloomberg announced Sunday he’s donating $1.8 billion to his alma mater, Johns Hopkins University, to boost financial aid for low- and middle-income students.

Associated Press, Nov 20 2018

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Banks post record first quarter profits

Banks posted record profits in the first quarter ended mid-October despite encountering an acute shortage of loanable funds. Unaudited financial reports of 27 commercial banks show a staggering 45.87 percent growth in profits year-on-year. One bank among the 28 commercial banks in the country is yet to issue its financial report for the first quarter.

BIBEK SUBEDI, Nov 20 2018

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Edible insects hit supermarket shelves in UK first

Fancy some roasted crickets for a light snack? Look no further than in the local supermarket aisles.

Reuters, Nov 20 2018

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EIB delegation to discuss support for energy sector

A high-level team from the world’s largest international public bank, European Investment Bank (EIB), is arriving in Kathmandu to discuss its support for Nepal’s energy, transport and forestry sectors with political and business leaders.

Post Report, Nov 20 2018

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Over 3m travellers passed through TIA in 9 months

Tribhuvan International Airport (TIA) recorded robust international passenger traffic growth in the first nine months of the year despite infrastructure bottlenecks.

SANGAM PRASAIN, Nov 20 2018

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