ABU DHABI // The British royal navy is strengthening its presence in the Arabian Gulf after it took command of US Task Force 50 – the first time it has led a US force in the Middle East. The force, which has assisted in battling ISIL in Iraq and Syria, plays an important role in the region because it allows free passage of trade throughout the Gulf […]
By Carl O’Donnell | NEW YORK NEW YORK U.S. food company Kraft Heinz Co (KHC.O) withdrew its proposal for a $143-billion merger with larger rival Unilever Plc (ULVR.L), the companies said on Sunday, raising questions about whether Kraft could turn its focus to another target. Kraft had made a surprise offer for Unilever to build a global consumer goods behemoth that was flatly rejected on Friday by […]
Last week, as delegations from the new US administration, Russia, China and the EU gathered at the Munich Security Conference to discuss the strategic challenges facing the international community, a very different international assembly was taking place at the Abu Dhabi headquarters of the UAE’s Ministry of Culture and Knowledge Development. As ministers in Germany prepared to debate matters diplomats define as “hard power” – military and […]
Kraft Heinz, the Warren Buffett-backed US food group, dropped its $143bn pursuit of consumer products rival Unilever on Sunday, only two days after publicly confirming its interest in acquiring the Anglo-Dutch rival. Kraft Heinz said in a joint statement with Unilever that it had “amicably agreed to withdraw its proposal for a combination of the two companies”. A takeover would have created the world’s second-largest consumer goods […]
LONDON British Prime Minister Theresa May has asked top officials to examine U.S. food company Kraft Heinz’s (KHC.O) proposed takeover of Unilever Plc (ULVR.L), the Financial Times reported on Sunday without citing any sources. Kraft’s surprise $143 billion offer, which would be the largest ever acquisition of a UK-based company, was flatly rejected by Unilever on Friday. The Financial Times said May had ordered officials to see […]
The EU’s Brexit negotiators expect to spend until Christmas solely discussing Britain’s divorce from the bloc, denying London any trade talks until progress is made on a €60bn exit bill and the rights of expatriate citizens. A narrow divorce-first approach favoured by Michel Barnier, the EU’s chief negotiator, would represent a big setback for Britain’s aim for a fast-track EU trade deal, completed by the end of […]
FRANKFURT PSA Group (PEUP.PA) has pledged to the German government to continue operating all four of Opel’s German production sites as part of the French carmaker’s planned takeover of General Motors’ (GM.N) European arm, German Sunday paper Bild am Sonntag reported. The planned sale was confirmed by both companies on Tuesday, raising the specter of cutbacks in the wake of a deal because Europe’s car industry has […]
Theresa May has ordered her top officials to examine Kraft Heinz’s proposed takeover of Unilever to see if it raises concerns for the wider British economy and merits government intervention. The $143bn takeover approach is a big test for Mrs May’s industrial policy: last year she criticised Kraft’s 2010 takeover of the British chocolate maker Cadbury — the US company reneged on a promise to retain factories […]
The two projects, the first to open since Mr. Trump became president, are among the dozen international business deals from his former life still moving forward — from India to Indonesia, Uruguay to the Dominican Republic. None of them are “new deals,” as defined by the family, as they were already well underway before the election. Continue reading the main story A Web of Complications Mr. Sajwani […]
DUBAI // The Terry Fox Run returned to Dubai yesterday for the first time in three years, with more than 4,000 people taking part in the cancer research event despite the cool, cloudy weather. Participants were able to run, walk, bike and rollerblade or use a wheelchair on the 5-kilometre route on the creek side of Dubai Festival City Mall. The event was held under the patronage […]
There is gratitude but also perhaps a hint of relief when British singer Nathan Skyes talks about his time with boy band The Wanted and their split in 2014. Having joined the band at the age of 16, he feels he was not taken seriously, being the youngest member of the band. “It was frustrating back then but that helped my drive to succeed,” says Skyes, who […]
Saudi Arabia officials and executives of around 14 companies plan to embark on a marketing tour of Singapore and Hong Kong next month to attract Asian investors in the $430 billion stock exchange, banking sources told Reuters on Thursday. The HSBC Saudi Arabia Investment Forum will include stops in Singapore on March 1-2 and Hong Kong on March 3, the sources said. The trip reflects the rising […]
Your daily guide to community and cultural activities across the Emirates for February 19, 2017, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. Ellen Fortini rounds up 10 things to do today in the UAE. Want to see your event listed here? Email us with the details and contact information at [email protected] newslide Abu Dhabi Art exhibition Catch […]
By Michelle Price / ReutersHONG KONG — Hong Kong is beefing up its anti-money laundering and corporate disclosure laws in a move that some financial crime specialists say could lead to the exodus of billions of dollars in assets from the territory as people seek to avoid increased scrutiny. The Chinese territory’s government has been rattled by last year’s Panama Papers scandal, which showed that Hong Kong […]
By Laurence Frost and David Milliken | PARIS/LONDON PARIS/LONDON The chief executive of Peugeot manufacturer PSA Group (PEUP.PA) will meet British Prime Minister Theresa May to discuss his firm’s planned acquisition of General Motors’ (GM.N) Opel and Vauxhall operations, a government spokesman said on Saturday. Both Britain and Germany fear PSA will cut jobs if the takeover goes ahead, and British politicians are particularly concerned that the […]
BEIRUT Syrian warplanes carried out air strikes in a besieged rebel-held district of Homs on Saturday that killed at least two people, adding to a death toll of more than 20 in nearly two weeks of air raids, an activist and monitors said. Al-Waer, the last rebel-held neighbourhood in the western city of Homs, had for months been spared much of the intense violence raging elsewhere in […]
When Paul Polman became chief executive of Unilever, the consumer goods company which on Friday rejected a $143bn takeover approach from Kraft Heinz, he told investors to steer clear unless they were prepared to sacrifice short-term profit for “sustainable” ideals. The same message has been delivered to the maker of Kool-Aid drinks and Oscar Mayer hot dogs, with a flat rejection of a deal that would be […]
Part of a poster issued by the British tax authorities to counter offshore tax evasion in 2014. PHOTO: H.M. Revenue & Customs Through the Panama Papers released at the beginning of last year, the offshore tax haven activity of the national elites were seen in the full light of day by citizens. The reverse engineering of the internal database of one of the world’s leading offshore money […]
By John Tilak and David French | TORONTO/NEW YORK TORONTO/NEW YORK Kinder Morgan Inc (KMI.N) has begun talks with institutional investors including major Canadian pension funds and private equity firms to raise capital for the C$6.8 billion ($5.2 billion) expansion of its Trans Mountain pipeline project, according to people familiar with the process. Kinder Morgan has held discussions with Canada Pension Plan Investment Board, the Caisse de […]
Land Rover really started something when it rolled out the first Range Rover – now known simply as the “Classic” – in 1970. Bearing in mind that the existing all-terrainers at the time were slow, noisy, lumbering devices with all the grace of an elephant stomping through the jungle, the “Rangie” was a comparative gazelle. The Range Rover was no less off-road capable than its Toyota Land […]
ABU DHABI // Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, took part in the Yemen Quartet meeting, held in Bonn, Germany, on Thursday. US Secretary of State Rex Tillerson, British Foreign Secretary Boris Johnson, Saudi Foreign Minister Adel Al Jubeir, Minister Responsible for Foreign Affairs in the Sultanate of Oman Yusuf bin Alawi bin Abdullah and the United Nations’ Special Envoy for Yemen […]
The welcome I have booked a hotel transfer for the two-hour drive from Muscat International Airport up into the Hajar Mountains, and it’s a great relief to settle back into a comfortable new Lexus four-wheel drive, equipped with entertainment screens, snacks and drinks, and relax until we get there. By the time we arrive at the hotel, it’s dark, but the entrance and interior courtyards are pleasantly […]
The Premier League’s most high-profile referee Mark Clattenburg is quitting to take up a position in Saudi Arabia, the Professional Game Match Officials Limited (PGMOL) said on Thursday. “The PGMOL would like to wish Mark Clattenburg well as he prepares for his move to the Saudi Arabian Football Federation,” it said in a statement. British media reported that Clattenburg will replace Howard Webb, another former Premier League […]
By Mike Stone | WASHINGTON WASHINGTON The cost of Lockheed Martin Corp’s stealthy F-35 jet could fall 16 percent to around $80 million in future purchases, according to the Department of Defense’s head of the program. In February, the Pentagon agreed to a deal for the tenth batch of the fighter aircraft at below $95 million per jet for the first time, compared with $102 million in […]
