Category: WORLD

World’s richest 500 lose $135 billion as Evergrande concerns spark market rout

By Tom Maloney & Blake Schmidt A global rout in stock markets sparked by concerns over China Evergrande Group hit the world’s biggest fortunes Monday, with the richest 500 people losing a combined $135 billion. Tesla Inc.’s Elon Musk led the declines as his world-leading net worth fell $7.2 billion to $198 billion, according to […]

Over $157 billion deployed in last 15 months to fight Covid-19 pandemic: World Bank

NEW DELHI: In its largest-ever crisis response, the World Bank has deployed over USD 157 billion to fight the impact of the COVID-19 pandemic on health, economic and social fronts over the last 15 months. This represents an increase of more than 60 per cent over the 15-month period prior to the pandemic, the bank […]

Ericsson signs $8.3 billion 5G deal with Verizon

NEW DELHI:Ericsson said that it has signed $8.3 billion agreement with Verizon to provide its industry-leading 5G solutions to accelerate the deployment of Verizon’s world-class next-generation 5G network in the U.S. Niklas Heuveldop, President and Head of Ericsson North America, says: “This is a significant strategic partnership for both companies and what we’re most excited […]

Joe Biden signs competition order targeting big business

By Aamer Madhani and Marcy Gordon WASHINGTON: President Joe Biden signed an executive order on Friday targeting what he labelled anticompetitive practices in tech, health care and other parts of the economy, declaring it would fortify an American ideal that true capitalism depends on fair and open competition.” The sweeping order includes 72 actions and […]

Thousands of Indian youth face deportation in US, seek White House’s help

WASHINGTON: A group of Indian youngsters from across America, facing imminent prospects of deportation, has met senior Biden administration officials at the White House and influential lawmakers, appealing them to “let us stay in the US”. There are 200,000 such young Americans, who have spent their entire childhood and teenage in the US, who are […]

China launches first bullet train in Tibet, close to Indian border

BEIJING: China on Friday operationalised its first fully electrified bullet train in the remote Himalayan region of Tibet, connecting the provincial capital Lhasa and Nyingchi, a strategically located Tibetan border town close to Arunachal Pradesh. The 435.5-km Lhasa-Nyingchi section of the Sichuan-Tibet Railway has been inaugurated ahead of the centenary celebrations of the ruling Communist […]

Amazon to buy MGM Studios for $8.45 billion

By JOSEPH PISANI NEW YORK: Online shopping giant Amazon is buying MGM, the movie and TV studio behind James Bond, “Legally Blonde” and “Shark Tank,” with the hopes of filling its video streaming service with more stuff to watch. Amazon is paying $8.45 billion for MGM, making it the company’s second-largest acquisition after it bought […]

Joe Biden seeks to appoint 20 American corporate leaders to US-India CEO Forum

WASHINGTON: The Biden administration has started the process of appointing 20 American corporate leaders to the US section of the US-India CEO Forum. Established in 2005, the US-India CEO Forum brings together leaders of the respective business communities of the two countries to discuss issues of mutual interest. The forum has US and Indian public […]

China opens 5G station at world’s highest radar location near Tibet border

BEIJING: China has opened a 5G signal base at the Ganbala radar station in the remote Himalayan region of Tibet which is the world’s highest manually operated radar station at an elevation of 5,374 meters, the Chinese military’s official website reported on Monday. The mountain is located in Nagarze County in Tibet which is in […]

Imposing sanctions on India would be victory for Russia: Republican Senator

WASHINGTON: A top Republican Senator has said that imposing CAATSA sanctions on India for buying the multi-billion-dollar S-400 missile system from Russia would be a geostrategic victory for Moscow. Senator Todd Young, a member of the Senate Foreign Relations Committee, wrote in the Foreign Policy magazine that if the Joe Biden administration imposes sanctions on […]

Pakistan’s textile industry upset on move to not import cotton from India

KARACHI: Pakistan’s struggling textile industry has voiced its disappointment after the Imran Khan government rejected a proposal to import cotton from India, the world’s biggest producer, saying it is the need of the hour to avoid a massive slump in the country’s exports. The Cabinet headed by Prime Minister Khan on Thursday rejected the proposal […]

China’s liquor company starts beer production in Balochistan; to cater to Chinese workers in Pakistan

By Sajjad Hussia ISLAMABAD: A Chinese liquor company which was granted a licence in 2018 for making beer has formally started production at its plant in Pakistan’s Balochistan province, the first such alcohol firm from China to establish its unit in the Islamic nation, according to media reports on Wednesday. Hui Coastal Brewery and Distillery […]

French MP Olivier Dassault, whose family-owned company made Rafale jets, dies in helicopter crash

French billionaire Olivier Dassault, a politician and scion of the Dassault aircraft-making family, was killed in a helicopter crash on Sunday. Dassault, 69 and a father-of-three, died around 6 pm (1700 GMT) when his helicopter crashed near the upmarket coastal resort of Deauville in northwest France, parliamentary and investigation sources told AFP. French President Emmanuel […]

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