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The partnership will boost GCC trade, finance and currency-clearing collaboration across the region[SINGAPORE] DBS Group, the largest bank in South-east Asia, said on Thursday (Oct 16) that it has partnered with Riyadh-based Banque Saudi Fransi (BSF) to strengthen trade finance and payment flows between Asia and Saudi Arabia.The partnership, aimed at capitalising on the economic ties within the Gulf Cooperation Council (GCC) region, will involve collaboration on trade settlement, financing and regional currency-clearing solutions, DBS said in a statement.The agreement comes as economic flows between the GCC and Asian nations accelerate. Trade between South-east Asia and the GCC reached about…

NEW DELHI — NEW DELHI (AP) — India says it is looking to step up purchases of crude oil and natural gas from the U.S. as it diversifies its energy supplies and confronts criticism by U.S. President Donald Trump over its imports of discounted Russian oil.Trump said Wednesday that Indian Prime Minister Narendra Modi had personally assured him his country would stop buying Russian oil, in a move that might add to pressure on Moscow to negotiate an end to the war in Ukraine.“There will be no oil. He’s not buying oil,” Trump said. The change won’t take immediately, he…

ZURICH: Nestle, the Swiss food giant whose brands include Nespresso coffee and Perrier water, will eliminate 16,000 jobs worldwide over the next two years, its new chief executive said on Thursday (Oct 16).”The world is changing, and Nestle needs to change faster,” Philipp Navratil, who took the reins of the multinational company in early September, said in a statement.That included making “hard but necessary decisions to reduce headcount”, he said.Navratil spoke as the company published nine-month figures showing sales down by 1.9 per cent to 65.9 billion Swiss francs (US$83 billion).The layoffs include 12,000 white-collar jobs, saving the company one…

The world’s biggest packaged food company, Nestle, is to cut 16,000 jobs in the next two years, it announced on Thursday.The cuts around the world come as the company said it was “automating” its processes and increasing focus on “operational efficiency”. Losses will primarily be in white-collar, professional parts of the business, with 12,000 roles to go. Around 4,000 manufacturing and supply chain jobs are to be lost, Nestle said.There will be a consultation on the roles to be axed “where applicable”, the announcement read.The company is behind brands such as Nescafe, Cheerios, KitKat, and Rolos. The impact on Nestle’s…

AMSTERDAM, Oct. 16, 2025 /PRNewswire/ — Critical Path Institute® (C-Path) today announced the official launch of the Critical Path Disease Modeling Coalition (CP-DMC) on pediatric inflammatory bowel disease (pIBD). This is a multi-stakeholder, public-private initiative to develop regulatory-grade, quantitative disease progression and care models to accelerate and better inform drug development and evaluations for pediatric Crohn’s disease and ulcerative colitis. Launched with leading academics and clinicians from the European Society for Paediatric Gastroenterology Hepatology and Nutrition (ESPGHAN), including Prof. Lissy de Ridder, M.D., Ph.D., Head of Department of Pediatrics, Leiden University Medical Center, based in Geneva, and supported by the…

MONTEVIDEO, Uruguay — MONTEVIDEO, Uruguay (AP) — Uruguay’s senate passed a law decriminalizing euthanasia on Wednesday, putting the South American nation among a handful of other countries where seriously ill patients can legally obtain help to end their lives.It makes Uruguay the first country in predominantly Catholic Latin America to allow euthanasia via legislation. Colombia and Ecuador have decriminalized the practice through Supreme Court decisions.In Chile, left-wing President Gabriel Boric recently revived a push for the approval of an euthanasia bill long stalled in the Senate. Fierce debates and spirited activism around the practice has gripped the region in recent…

PARIS/LONDON :There are “significant gaps” in countries’ attempts to regulate fast-growing crypto markets, which could potentially harm financial stability, the G20’s risk watchdog warned on Thursday.The Financial Stability Board (FSB), a body founded in the aftermath of the global financial crisis, made a series of recommendations on rules for crypto in 2023, to try to bring it in line with the mainstream financial sector.In Thursday’s review, it said while some progress had been made, international implementation and coordination of rules remained too “fragmented, inconsistent, and insufficient to address the global nature of crypto-asset markets”.Financial stability risks remain “limited at present”…

[LONDON] The UK economy resumed modest growth in August as a rebound in manufacturing helped offset a stagnant month for the dominant services industry.Gross domestic product rose 0.1 per cent after falling 0.1 per cent in July, the Office for National Statistics (ONS) said on Thursday (Oct 16). The increase was in line with the median forecast of economists surveyed by Bloomberg. Factory output grew a faster-than-expected 0.7 per cent, while services were flat for a second straight month and construction shrank.The figures put Britain on course for some growth in the third quarter, a modest boost for Chancellor of…

THE American stock market has see-sawed lately amid a flare-up in trade tensions, but remains near its all-time high. The surge, fuelled by enthusiasm around artificial intelligence, has drawn comparisons to the exuberance of the late 1990s that culminated in the dotcom crash of 2000. Though technological innovation is undeniably reshaping industries and increasing productivity, there are good reasons to worry that the current rally may be setting the stage for another painful market correction. The consequences of such a crash, however, could be far more severe and global in scope than those felt a quarter of a century ago.At…

[TAIPEI] TSMC, the world’s main producer of advanced artificial intelligence (AI) chips, posted a 39.1 per cent jump in third-quarter profit to record levels that handily beat market forecasts on Thursday (Oct 16), though US tariffs could weigh on its outlook.Benefiting from surging demand for advanced chips used in AI applications, Taiwan Semiconductor Manufacturing Company (TSMC) said net profit for July to September climbed to NT$452.3 billion (S$19 billion), its sixth straight quarter of double-digit growth.That was well ahead of an NT$417.7 billion LSEG SmartEstimate drawn from 20 analysts. SmartEstimates are weighted towards forecasts from analysts who are more consistently…