WOLFSBURG, Germany Volkswagen (VOWG_p.DE) unveiled plans to cut 23,000 jobs in Germany to help achieve 3.7 billion euros ($3.92 billion) in annual savings by 2020 to turn around its core brand and help fund a shift to electric and self-driving cars following its emissions scandal. The agreement foresees a 25 percent improvement in productivity at German plants, the company said at a news conference on Friday. The […]
For much of the last decade the derivatives industry has been caught in the gravitational pull of the Dodd-Frank act, the sweeping piece of legislation meant to contain the risk of another financial crisis. Six years after its passage, US president-elect Donald Trump wants to dismantle the law. The industry, however is not racing to join him. At this week’s Global Financial Leadership Conference, a gathering of derivatives traders, […]
Saudi Energy Minister Khalid Al Falih said on Thursday he was optimistic that OPEC would formalise a preliminary oil output deal reached in Algeria in September. “I’m still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states’ levels and fair and balanced cuts among countries,” he told Saudi-owned Al-Arabiya TV. Falih said he believed the market was on […]
By Andrea Hopkins | OTTAWA OTTAWA Canadian manufacturers want their access to the U.S. market protected at all costs if Canada renegotiates the NAFTA trade deal with U.S. President-elect Donald Trump, even if that means losing the trilateral partnership with Mexico. Amid fears a Trump administration will tear up the North American Free Trade Agreement, the Canadian Manufacturers and Exporters group is lobbying Canada’s Liberal government to […]
Rising market expectations for growth and inflation were not the only things behind the selling pressure on US Treasuries after the US election. One gauge of long-term Treasury market risk known as the term premium has also climbed. The day after the election of Donald Trump as the next US president, the 10-year term premium made its biggest single-day jump since 2011. The move was within the […]
17 November 2016 Ashurst has advised Saudi Arabian client Delta Marketing Company on the agreement to dispose of its bottled water division, to Abu Dhabi-based Agthia Group. Corporate counsel Chris Young led the transaction for Delta, with Saudi law advice provided by Jeddah-based partner Dr. Faisal Baassiri. Dr. Faisal Baassiri said: ‘We are delighted to have supported our long-time and valued client Delta Marketing on this transaction. […]
Federal prosecutors have charged a former Valeant manager and the former chief executive of Philidor, a defunct pharmacy chain, alleging the pair operated an illegal kickback scheme to personally enrich themselves to the tune of tens of millions of dollars. New York prosecutors alleged that Gary Tanner of Valeant and Andrew Davenport of Philidor secretly worked together to promote a deal under which the Canadian drugmaker purchased […]
BANGKOK Thailand’s Charoen Pokphand Foods Pcl (CPF) (CPF.BK) said it will acquire U.S. frozen-food producer Bellisio Parent LLC for $1.075 billion, paving the way for an entry into the world’s largest food market. The acquisition is in line with CPF’s strategy to expand into high-potential markets, CEO Adirek Sripratak said in a statement. CPF, controlled by Thailand’s richest man Dhanin Chearavanont, signed a purchase agreement on Thursday […]
Since last week’s US elections, emerging market assets have been spooked by the possibility of higher US interest rates and greater trade protectionism. That this should result in sudden and broad-based losses for holders of all types of EM investments — including equities, local debt, external bonds and currencies — should not come as a great surprise. What is unusual, however, is for such large losses to […]
SINGAPORE Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day (bpd), according to data released […]
In June this year, a video titled The DNA Journey went viral. In it, 67 people from all over the world took a closer look at their ancestry. After a quick spit into a jar, their DNA was sent away and the participants were asked to return two weeks later. Many of the results were, to say the least, surprising. Those who expressed a strong sense of […]
ABU DHABI // The security of the Gulf states is a shared responsibility where a threat against one will be considered a threat against all, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, said on Wednesday. “We will protect our common security in the Gulf region in actions not in words. We will build an insusceptible barrier to fend off any threat to […]
By Alex Lawler and Rania El Gamal | LONDON/DOHA LONDON/DOHA OPEC officials are working to nail down details of their plan to limit oil supply and gaps over some sticking points are narrowing, OPEC sources said, a sign of progress in finalizing the exporter group’s first such deal since 2008. OPEC agreed in Algeria on Sept. 28 to limit supply with special conditions given to Libya, Nigeria […]
British multinational hotels company InterContinental Hotels Group (IHG) and Dubai’s Al-Futtaim have signed an agreement for management of the largest Holiday Inn hotel in the UAE. The 520-room Holiday Inn Dubai Festival City, a mixed-use waterfront community, is expected to be completed towards end-2017. The new hotel, the first branded mid-market hotel in the area, will connect directly to Dubai Festival City Mall. The hotel will also […]
DUBAI: Yemeni Foreign Minister Abdel Malek Al-Mekhlafi said on Tuesday his government was not interested in a cease-fire and unity government announcement by US Secretary of State John Kerry.Speaking after talks in Oman, which is close to the Houthis, and in the UAE, a key member of the Saudi-led coalition, Kerry said he had presented Houthi delegates with a document outlining a cease-fire and peace deal.He said […]
London, 15 November 2016 Users of the Bloomberg Professional service can now access Oxford Business Group’s full range of research on emerging economies, following a distribution agreement between the two firms. Bloomberg, the global business and financial information and news leader, gives influential decision-makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and […]
US President-elect Donald Trump is sending another strong signal that he plans to take a pro-growth and business friendly approach to economic policy, with leading New York investors Steve Mnuchin and Wilbur Ross on his short list for Treasury and Commerce secretary. The pair on Tuesday won the endorsement of billionaire investor and Trump backer Carl Icahn who turned to Twitter after speaking with the incoming Republican […]
MARRAKECH// The UAE delegation headed by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, attended the opening session of the Conference of Parties 22 on Tuesday. Sheikh Mansour thanked the government and people of Morocco for hosting this important event to tackle climate change and to put in place an effective mechanism for the implementation of last year’s Paris Agreement. The session was […]
Photo A blanket of smog covered Tehran on Monday. Every year, heavy pollution gets trapped by the Alborz Mountains. Credit Atta Kenare/Agence France-Presse — Getty Images TEHRAN — This week, as a yellow blanket of smog settled in for what is typically a winter-long stay, Reza Shajiee, a prominent hipster socialite, posted a picture of himself on Instagram wearing a gas mask under his motorcycle helmet. The […]
“Phase one is the hope phase,” Stephen Cucchiaro, chief investment officer at 3 Edge Asset Management, says of the reaction in financial markets to president-elect Donald Trump. “As it is a while until he’s president, you can hope for fiscal stimulus getting growth going and reawakening animal spirits.” Evidence of exuberance is not hard to find. S&P 500 financials and heathcare stocks are flying; US 10-year Treasury […]
PARIS U.S. President-elect Donald Trump will have little choice but to adopt a softer line on trade than the one he has flagged during his campaign, although flare-ups with some partners are likely, former WTO chief Pascal Lamy said. With financial markets wondering whether Britain will opt for a hard or soft Brexit, Lamy said that there was a similar scenario for trade under a Trump presidency. […]
By Corina Pons and Eyanir Chinea | CARACAS CARACAS Multinational companies are selling their Venezuelan operations at hefty discounts – or even giving them away – as they to seek to escape the OPEC nation’s soaring inflation and chronic supply shortages. Six firms, including General Mills and oil producer Harvest Natural Resources, have sold operations for as little as half their assessed value on the companies’ books, […]
Photo Donald Trump at a rally against the Iran deal in Washington last year. He vowed during his campaign to renegotiate or renounce the agreement. Credit Doug Mills/The New York Times Seventy-six national security experts urged President-elect Donald J. Trump on Monday to reverse his hostility to the nuclear agreement signed with Iran last year and to use it as a tool to ease other tensions with […]
|By Arabian Post Staff| UAE telecom major Etisalat suffered a setback in its claim against its estranged Saudi partner Zain, when the arbitration panel dealing with the dispute between the two parties awarded the leading UAE player just 10 percent of the 2.2 billion Saudi riyal it had claimed as compensation. Last week the arbitration panel announced its judgment alloating Mobily SAR 219 million, amounting to less […]
