BUSINESS

Federal Reserve Chair Jerome Powell said Wednesday that he was "not concerned" the US central bank would lose its independence, despite President-elect Donald Trump's suggestion that he should have input into interest rate decisions.

The event featured activities like the Abu Dhabi Business Summit, Marketing Lab, Innovation XChange, and the Business Exhibition Ecosystem, which showcases local manufacturers, suppliers, and top international companies.

The OECD warned Wednesday that protectionist trade measures pose a major risk to disrupting the world economy, just weeks before Donald Trump is set to return to the White House.

South Korean stocks sank Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.

Germany's blue-chip DAX stock index jumped above 20,000 points for the first time Tuesday following gains on US and Asian markets, defying multiple headwinds battering Europe's biggest economy.

US President-elect Donald Trump on Monday said he would "block" a planned takeover of US Steel by Japanese company Nippon Steel, a deal worth $14.9 billion including debts.

Thousands of Volkswagen workers went on strike Monday in an escalating industrial dispute, with unions warning that the crisis-hit German auto giant is intent on making mass layoffs and closing factories.

Stellantis chief executive Carlos Tavares on Sunday resigned "with immediate effect", the auto giant announced, signalling differences over how to confront the group's profit slump.

The annual Black Friday shopping day has always been about finding the best deals, but this year retailers are preparing for a US consumer more zealously fixated than ever on getting value for their money.

The yen rallied Friday after forecast-busting inflation data out of Tokyo boosted talk of another Japanese interest rate hike next month, while equity markets were mixed as traders weigh the economic outlook during a second Trump administration.

Equity markets diverged Thursday as investors brushed off a negative lead from Wall Street while welcoming a drop in Treasury yields and data showing US inflation was holding steady.

The OPEC+ alliance of major oil-producing nations has postponed a weekend meeting to December 5 in what analysts said were signs of disagreement among the group over plans to increase output.

European stock markets mostly retreated Wednesday on concerns Europe could be the next tariffs target for US president-elect Donald Trump, who has announced a tough-negotiating hawk as his trade envoy.

EU chief Ursula von der Leyen warned Wednesday that Europe has "no time to waste" to boost its defences and competitiveness, as European lawmakers prepared to approve her new executive team to start work.

India's Adani Group conglomerate said Wednesday it had lost almost $55 billion in a stock market rout since US prosecutors last week accused its founder and other officials of fraud.

Stock markets retreated and the dollar was mixed Tuesday after Donald Trump warned he would impose huge new tariffs on China, Mexico and Canada immediately on taking over as US president in January.

Indonesia has rejected an Apple $100 million investment proposal aimed at lifting a ban on iPhone 16 sales, saying it lacks the "fairness" required by the government.

Global stocks diverged and the dollar gained Friday following a bounce on Wall Street as traders weighed weak European economic data and concerns over escalating tensions in the Russia-Ukraine war.

India's Adani Group on Thursday called US charges that their billionaire tycoon founder Gautam Adani had paid more than $250 million in bribes "baseless", as the opposition leader demanded his arrest.

The US government late Wednesday asked a judge to order the dismantling of Google by selling its widely used Chrome browser in a major antitrust crackdown on the internet giant.

US chipmaking behemoth Nvidia said Wednesday it made a $19 billion profit on record high revenue last quarter as demand continued for its hardware to power artificial intelligence.

Japan is readying a $65-billion push in microchips and artificial intelligence aimed at reclaiming its status as a global tech leader and meeting the urgent challenges of its ageing, shrinking population.

Markets rose Tuesday after a broadly positive day on Wall Street, with focus turning to the upcoming release of tech giant Nvidia's earnings, while traders also kept tabs on Donald Trump's picks for his new administration.

The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country's most serious cases of fraud.

Asian markets were mixed Monday following a sell-off on Wall Street as investors scale back their bets on Federal Reserve interest rate cuts owing to worries Donald Trump could reignite inflation.

Two senior Federal Reserve officials praised the US central bank's independence on Thursday, amid concerns that President-elect Donald Trump may seek to influence Fed policy.

Troubled British fashion house Burberry on Thursday announced cost-cutting plans after posting a loss, with the global luxury sector pressured by weak Chinese demand.

ADNOC L&S saw its third-quarter revenue rise by 32% year-on-year to $928 million (AED 3.410 billion), with EBITDA increasing by 26% to $275 million (AED 1.011 billion).

The Japanese owner of 7-Eleven said Wednesday its founding family had offered a counter-bid to a takeover attempt by Canadian convenience store rival Alimentation Couche-Tard (ACT).