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10141 - 10150 from 16583 . In "BUSINESS"
Saudi British Bank, Alawwal bank Boards recommend merger
RIYADH — The Boards of Directors of The Saudi British Bank (SABB) and Alawwal bank have unanimously recommended a merger of the two banks to their shareholders, creating a franchise that will support more opportunity for customers and help deliver new growth in an ambitious Kingdom.The merger, subject to shareholder and regulatory approval, will create the Kingdom’s third-largest bank, increase its strength in corporate and retail banking, and provide unrivalled access to a global banking network to facilitate the flow of international investment capital into Saudi Arabia.“The combination of SABB and Alawwal bank will create a powerful banking franchise ready to fuel growth in the Kingdom. As Vision 2030 transforms Saudi Arabia, our own transformation will ensure our customers...
October 04, 2018

Saudi British Bank, Alawwal bank Boards recommend merger

File photo shows an Emirates Airbus A380-800 airliner prepares to land at Nice international airport, France. — Reuters
Emirates to reduce flights during Dubai airport runway closure next year
DUBAI — Emirates is to reduce the number of flights it operates by nearly a third for 45 days next year when one of two runways at Dubai International Airport is closed for upgrade work, the airline said on Thursday. The southern runway will be closed from April 16 to May 30, 2019 for resurfacing and replacement of ground lighting and other infrastructure. Dubai International, which handled 88.2 million passengers in 2017, is the base for airlines Emirates and flydubai, and an engine for Dubai's economy, which relies heavily on tourism and travel. "Emirates can confirm that it will be required to reduce its operating schedule by approximately 28 percent during this time," said an airline spokeswoman in a statement. Emirates will cancel some flights, reduce the number of...
October 04, 2018

Emirates to reduce flights during Dubai airport runway closure next year

This combination of file pictures created shows the GMC logo displayed on a truck in Colma, California and a photo of the logo of Japanese automobile manufacturer Honda seen at the Autodromo Nazionale circuit in Monza. General Motors and Honda have joined forces with the tech firm Cruise to develop autonomous vehicles as the race to market self-driving cars continues, the companies announced on Wednesday. — AFP
Honda joins forces with GM's Cruise to develop autonomous vehicles
SAN FRANCISCO — Japanese carmaker Honda has joined forces with the General Motors tech startup Cruise to develop autonomous vehicles as the race to market self-driving cars heats up, the companies announced Wednesday. Honda's investment promises broader market access for the new cars once they are ready for the public. The Japanese government hopes to showcase self-driving cars when Tokyo hosts the Summer Olympics in 2020. With a $2.75 billion commitment in equity and shared development costs over 12 years, Honda joins Japanese conglomerate Softbank in backing the GM venture to create a multi-purpose vehicle that can be manufactured in high volume for use worldwide, the US auto giant said. Major automakers, start-ups and tech firms are racing to develop truly autonomous vehicles,...
October 04, 2018

Honda joins forces with GM's Cruise to develop autonomous vehicles

SoftBank Group head Masayoshi Son (2nd L) and Toyota Motor president Akio Toyoda (2nd R) shake hands as SoftBank representative director and chief technology officer Junichi Miyakawa (L) and Toyota Motor executive vice president Shigeki Tomoyama (R) stand alongside during their joint press conference in Tokyo on Thursday. Japanese car giant Toyota and conglomerate Softbank announced a tie-up to develop self-driving vehicles, the latest massive tie-up as the global race to get autonomous cars on the road accelerates. — AFP
Toyota, Softbank unveil tie-up, eye autonomous vehicle services
TOKYO — Japanese car giant Toyota and conglomerate Softbank on Thursday announced they would create a joint venture to provide "new mobility services" including autonomous vehicles for services such as meal deliveries. The new company will be called "Monet" — short for "mobility network" — and will be 50.25 percent owned by Softbank, with the remainder held by Toyota. Monet would be created by April 2019 and would have an initial capital injection of 2.0 billion yen ($17.5 million), rising eventually to 10 billion yen, said the new firm's CEO Junichi Miyakawa. By the second half of the next decade, the new firm would be rolling out autonomous services using Toyota's battery electric vehicles. "Possibilities include demand-focused...
October 04, 2018

Toyota, Softbank unveil tie-up, eye autonomous vehicle services

File photo shows Amazon and Blue Origin founder Jeff Bezos addressing the media about the New Shepard rocket booster and Crew Capsule mockup at the 33rd Space Symposium in Colorado Springs, Colorado, United States. Apple Inc and Amazon denied a Bloomberg report on Thursday that their systems contained malicious computer chips inserted by Chinese intelligence. — Reuters
Apple, Amazon deny Bloomberg report on Chinese hardware attack
LONDON — Apple Inc and Amazon denied a Bloomberg report on Thursday that their systems contained malicious computer chips inserted by Chinese intelligence, statements from the tech companies released separately by Bloomberg showed. Bloomberg Businessweek cited 17 unnamed intelligence and company sources as saying that Chinese spies had placed computer chips inside equipment used by around 30 companies, as well as multiple US government agencies, which would give Beijing secret access to internal networks. Reuters was unable to reach Apple, Amazon or representatives with the FBI, Dept of Homeland Security Agency and National Security Agency for comment. China's Ministry of Foreign Affairs did not immediately respond to a written request for comment on Thursday. Beijing has...
October 04, 2018

Apple, Amazon deny Bloomberg report on Chinese hardware attack

FIle photo shows a Nissan logo at a car dealership in Sunderland, Britain. — Reuters
Nissan, RBS join chorus of warnings over disorderly Brexit
LONDON — Japanese carmaker Nissan and Royal Bank of Scotland (RBS) have became the latest companies to warn about damage to the economy if Britain fails to secure a trade deal before leaving the European Union. Less than six months before Britain is due to exit the bloc, Prime Minister Theresa May has yet to find a proposal for economic ties that pleases EU negotiators and both sides of her divided Conservative party. The government has stepped up planning for a so-called no-deal Brexit when the world's fifth-largest economy leaves the EU on March 29, 2019, a step that could spook financial markets and dislocate trade flows across Europe and beyond. Nissan, which operates the country's largest automotive factory, said leaving without a deal would have "serious...
October 04, 2018

Nissan, RBS join chorus of warnings over disorderly Brexit

Indians wait to fill petrol at a filling station as India Finance Minister Arun Jaitley announced cut in the retail prices of gasoline and diesel fuel by 2.50 rupees ($0.034) per liter on Thursday.
India cuts gasoline, diesel prices to offset oil rise, rupee losses: Jaitley
NEW DELHI — India cut the retail prices of gasoline and diesel fuel by 2.50 rupees ($0.034) per liter, Finance Minister Arun Jaitley said on Thursday, the government's latest step to tackle a sharp hike in crude oil prices and the impact of a weak Indian rupee. The cut is a result of a reduction in the excise duty of 1.50 rupees per liter with oil marketing companies taking a revenue hit of 1 rupee per liter, he said. Jaitley also asked state governments to cut the value added tax on fuel by a further 2.50 rupees per liter. "I hope all state governments do this, and they announce this so that consumers benefit by 5 rupees," he told reporters. The Nifty Energy Index fell 6.14 percent lower on Thursday in reaction to the news. Shares in Indian Oil Corp, the country's...
October 04, 2018

India cuts gasoline, diesel prices to offset oil rise, rupee losses: Jaitley

International Monetary Fund (IMF) managing director Christine Lagarde speaks during a press conference in Tokyo on Thursday.  — AFP
IMF chief urges 'revamp' of Japan economic policy
TOKYO — The head of the IMF Thursday called for an overhaul of Japan's economic policy, as the world's third-biggest economy battles stubborn low inflation, sluggish growth and a rapidly ageing population. Christine Lagarde called for a "fresh look" at "Abenomics", the economic policy of Prime Minister Shinzo Abe, which combines ultra-loose monetary policy with fiscal stimulus and structural reforms. "We believe that it will require a revamping of policies. The basic principles in our view are still valid but need to be broadened, sustained and accelerated," said Lagarde. She warned that the economic challenges facing Japan will "only grow as Japan's population continues to age and shrink," noting that both the size of the economy...
October 04, 2018

IMF chief urges 'revamp' of Japan economic policy

This picture shows a general view of the 'Danske Bank' in Copenhagen, Denmark. Danske Bank said Thursday it was being investigated by the US Department of Justice over possible money laundering related to more than $200 billion transferred through the Danish lender's Estonian branch. — AFP
Danske Bank says US probing money laundering claims
COPENHAGEN — Danske Bank said Thursday it was being investigated by the US Department of Justice over possible money laundering related to more than $200 billion transferred through the Danish lender's Estonian branch. Denmark's largest lender is at the center of a storm of controversy and several inquiries after it said "a large part" of transactions totaling 200 billion euros ($235 billion) at its Estonian branch between 2007 and 2015 were "suspicious". "Danske Bank has also now received requests for information from the US Department of Justice (DOJ) in connection with a criminal investigation relating to the bank's Estonian branch conducted by the DOJ," the bank said. "We are cooperating with the authorities investigating us as a...
October 04, 2018

Danske Bank says US probing money laundering claims

ICICI Bank's Chief Executive Officer Chanda Kochhar listens to a speaker at a news conference in Mumbai, India, in this file photo. — Reuters
India bank chief Kochhar steps down amid probe
MUMBAI — The chief executive of one of India's largest banks, and a rare woman at the top of male-dominated corporate India, resigned on Thursday amid a favoritism probe. ICICI — India's second-largest private bank by assets — said in a statement that Chanda Kochhar was immediately stepping down as CEO. She has been the subject of an investigation over a conflict of interests, facing charges that she favored loans to a company linked to her husband. "The board of directors... accepted the request of Ms Chanda Kochhar to seek early retirement from the Bank at the earliest. "The Board accepted this request with immediate effect," ICICI said in a filing to the Bombay Stock Exchange. The bank announced that head of its insurance operations, Sandeep Bakhshi,...
October 04, 2018

India bank chief Kochhar steps down amid probe

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