Business

Business & Economy

Venezuela's president admits economy has failed

1 Aug 2018; AFP; Under-fire Venezuela President Nicolas Maduro admitted his economic model has "failed" in the wake of food and medicine shortages and public service paralysis, such as Tuesday's power failure that affected 80 percent of Caracas.

"The production models we've tried so far have failed and the responsibility is ours, mine and yours," Maduro told his ruling PSUV party congress, as Venezuela looks to tackle chronic inflation the International Monetary Fund predicted would reach one million percent this year.

Facebook discovers coordinated disinformation operation on its platform

SAN FRANCISCO, July 31 (Xinhua) -- Facebook announced Tuesday that its security unit has found a coordinated campaign on its platform aiming to exerting political influence ahead of the upcoming U.S. mid-term elections in the next few months.

The world's largest social media network said it has removed 32 Pages and accounts from Facebook and Instagram for being "involved in coordinated inauthentic behavior."

India's crude imports from Iran jumped 48% in June despite US pressure

Tehran , July 30, IRNA - India’s Ministry of Petroleum has claimed that crude imports from sanctions-hit Iran witnessed a massive jump this June in comparison to last year; disproving reports published by global research agencies that India had heavily cut down crude purchases from Iran due to American sanctions.

Russia may resume production of ‘digitalized’ Ruslan heavy-lift cargo planes

MOSCOW, July 30. /TASS/. Russia may resume the production of super-heavy Antonov An-124 cargo planes. They will be digitalized and will carry new PD-35 engines, Russian Deputy Prime Minister Yuri Borisov said on Monday.

"The resumption of the production of An-124 planes will be linked with the possibilities of PD-35 engines that are made in the United Engine-Building Corporation. But there will be nothing new. We will simply digitalize the An-124 with new engines," Borisov said.

BRICS talks Turkey: Erdogan’s wish to join group cannot be fulfilled now, expert says

MOSCOW, July 30. /TASS/. Turkish President Recep Tayyip Erdogan’s aspiration to make his country a full-fledged member of BRICS (Brazil, Russia, India, China and South Africa), expressed at the Johannesburg summit, cannot be fulfilled now, Executive Director for the National Committee on BRICS Research Georgy Toloraya told TASS.

Trump says ready to meet with Iranian president without preconditions

WASHINGTON, July 30 (Xinhua) -- U.S. President Donald Trump said here on Monday that he is ready to meet with Iranian President Hassan Rouhani without preconditions.

"I'd meet with anybody. I believe in meeting," Trump told a joint news conference with visiting Italian Prime Minister Giuseppe Conte, when asked whether he was willing to meet with the Iranian leader.

India key partner of US in Indo-Pacific region: Trump Admin

By Lalit K Jha

Washington, Jul 30 (PTI); India is a key partner in America's efforts to ensure peace, stability and prosperity in the strategic Indo-Pacific region, the Trump administration has said.

The remarks by a senior US diplomat came ahead of the announcement by the US of initiatives for development and economic assistance in the entire region.

Investment doubles in Nepal in 2017-18 fiscal

KATHMANDU, July 28 (Xinhua) -- Industrial investment more than doubled in Nepal in the last fiscal year 2017-18 that concluded in mid-July, the Department of Industry (DoI) said on Saturday.

Investors registered 496 industries at the DoI with the committed investment of 350.58 billion Nepali rupees (3.18 billion U.S. dollars) in the last fiscal, DoI data showed.

Subscribe to Business