Business

Pakistan will this week begin the process of selling unused telecom spectrum in an auction it hopes will raise around $1 billion and enhance network capacity, said three senior government officials familiar with the matter.

President of India Ram Nath Kovind has accorded assent to the bill, according to a notification dated September 28. The bill has now become an Act, the official said.

United Airlines and its pilots have reached an agreement that both sides say will avoid about 2,850 furloughs that were set to take effect later this week.

The solid growth that the United States enjoyed before the viral pandemic paralyzed the economy this spring failed to reduce racial disparities in Americans' income and wealth from 2016 through 2019, the Federal Reserve said Monday.

"Customers are now being targeted on WhatsApp. Don't let cyber criminals fool you! Please be aware and stay vigilant," the bank tweeted.

The rating agency added that if the number for Q1FY21 gets revised down after data for the small businesses and less formal sectors becomes available, the overall GDP outcome for FY21 'could be even worse' than estimated by the 11 per cent contraction.

Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct an investigation into the affairs of the mortgage firm.

ClevelandCliffs Inc, the largest U.S. producer of iron ore pellets, has agreed to buy the U.S. assets of the world's largest steelmaker ArcelorMittal SA for about $1.4 billion in cash and shares.

A look at some of the key business events and economic indicators upcoming this week:

China's capital called on importers on Monday to shun frozen food from countries suffering from severe novel coronavirus outbreaks after several cases of imported seafood products testing positive for the virus.

New Zealand Prime Minister Jacinda Ardern said on Monday that she will negotiate to extend the operations of Rio Tinto's aluminium smelter in the country by 35 years if she is returned to power in the Oct. 17 election.

Global investors are watching the bill closely to see that its terms have not been watered down in parliamentary debates, as Southeast Asia’s largest economy tries to compete for manufacturing investment relocating from China.

Asian stocks were set to open higher on Friday as a late Wall Street rally supported global sentiment although weak U.S. data and uncertainty about a stimulus package in Washington have kept a lid on confidence.

Toshiba Corp's top investor has called for an investigation of a botched meeting in July at which it says several shareholders were deprived of their vote, a letter to the Japanese conglomerate's board seen by Reuters shows.

Oil prices dropped on Thursday, weighed down by concerns that U.S. economic recovery is slowing as the coronavirus outbreak lingers, while a renewed wave of COVID19 cases in Europe have led to reimposed travel restrictions in several countries.

Gold fell on Thursday to its lowest level in more than two months, crippled by a robust dollar, while investors fretted over uncertainties surrounding further stimulus measures to support a sluggish economic recovery in the United States.