Business

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UK govt rejects call for new visas

LONDON: Britain’s government has rejected calls from retail and logistics companies to temporarily ease post-Brexit immigration rules which they say are contributing to a shortage of truck drivers and acute supply chain disruption. Fast food chains McDonald’s, KFC, and Nando’s, as well as bakery chain Greggs, have all faced disruption …

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Japan sees peril in US chip hub to counter China

TOKYO: Japan is worried that US plans to pour billions of dollars into chip manufacturing to fend off China could finish off what’s left of a Japanese semiconductor industry that once dominated the world. After “three lost decades”, according to Japan’s industry ministry, the country’s share of global chip manufacturing …

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Huawei will return to smartphone ‘throne’

SHENZHEN: Huawei Technologies’ chairman said while US sanctions have choked its smartphone business, it will not give up and plans to eventually return to the industry’s “throne”. In 2019 former US President Donald Trump accused Huawei of being a threat to national security, put it on an export blacklist and …

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Top bankers move to EU from Britain

LONDON: Nearly a hundred highly paid bankers left Britain ahead of its departure from the European Union, the bloc’s banking watchdog said on Wednesday, the latest confirmation of how Brexit has reshaped Europe’s financial sector and its tax base. The European Banking Authority (EBA) said in its annual survey of …

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Asian markets rally despite virus woes

HONG KONG: Asian markets rallied on Wednesday as investors engaged in bargain hunting despite losses on Wall Street and a surge of the coronavirus Delta variant stoking fears about the global economic recovery. A fresh lockdown in New Zealand and a curfew imposed in Australia’s second-largest city of Melbourne over …

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Bitcoin tumbles 10% in wake of deepening China crackdown

TOKYO: Bitcoin tumbled almost 10% on Monday as recent volatility in the cryptocurrency market showed no signs of dampening down, with market players citing jitters over China’s expanding crackdown on bitcoin mining in thin liquidity for the losses. Bitcoin fell as low as $32,094 to its lowest in 12 days, …

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