News

  Mumbai / AFP The dollar hit a record high against the Indian rupee on Thursday as the US unit rockets against other global currencies on expectations of a rise in US interest rates. Trump’s victory last week lit a fire under the greenback as investors bet his big-spending tax-cutting plans will fan inflation and force the Federal Reserve to ramp ...

  New Delhi / AFP India’s former prime minister said Thursday the government’s shock move to withdraw all high-value notes from circulation would slow growth in the world’s fastest expanding major economy, calling it “legalised plunder”. Manmohan Singh, whose economic reforms are credited with rescuing the country from the brink of bankruptcy in the early 1990s, said the two-week-old scheme had ...

  Geneva / AFP The head of the World Trade Organization said on Thursday he had received no indication the United States would move to leave the WTO under Donald Trump’s administration. “I haven’t had any indication from anybody that that could be the case,” WTO chief Roberto Azevedo told reporters. During his campaign, in which he repeatedly attacked global ...

  Frankfurt am Main / AFP Global markets face rising instability due to political uncertainty after the election of Donald Trump and with polls next year in key European countries, the European Central Bank warned on Thursday. “Risks of global asset market corrections have intensified, partially due to political uncertainty and expected US policy changes,” the ECB said in its ...

  Athens / AFP Strikes hit Greece on Thursday against a new round of tax hikes and labour changes considered by the government under the country’s EU rescue deal. Civil servants, teachers, sailors and hospital doctors walked off the job to protest the new austerity measures currently negotiated with the country’s creditors. Some 6,500 people demonstrated in Athens in support ...

  Berlin / AFP The German economy has shrugged off the shock election of Donald Trump as US president, with business confidence holding at a two-year high and consumption expected to rise in December. “The economic upturn in Germany remains intact. The German economy seems to be unfazed by the election of Donald Trump as US President,” said the Munich-based ...

  London / AFP Official forecasts that Brexit will blow a £59-billion hole in the British government’s budget drew fire from eurosceptics on Thursday, and even finance minister Philip Hammond said there was a “high degree of uncertainty” about the numbers. Former cabinet minister Iain Duncan Smith said the predictions from the government’s budget watchdog, the independent Office for Budget ...

  Barcelona / AFP Barcelona city hall said on Thursday it would fine home rental websites Airbnb and rival HomeAway 600,000 euros ($635,000) each for marketing lodgings that lacked permits to host tourists. The fine comes as the popular seaside resort struggles with a rising tide of tourism that has exasperated locals, threatening to drive out poorer residents and spoil ...

  Dubai / Emirates Business A revamped 14th edition of the region’s only natural and organic products show, MENOPE 2016, under the patronage of the UAE Ministry of Climate Change and Environment will run from November 29 to December 1 at the Dubai International Convention and Exhibition Centre (DICEC) with a participation of over 140 companies from 27 countries including ...

  Dubai / WAM Dubai International Airport (DXB) welcomed 6.4 million passengers in October, according to the monthly traffic report issued today by operator, Dubai Airports. Passenger traffic at DXB reached 6,420,208 passengers compared to 6,250,810 in the corresponding month last year, an increase of 2.7 percent. The year to date traffic totalled 69,366,094, up 6.8 percent compared to 64,947,684 during ...