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10251 - 10260 from 16528 . In "BUSINESS"
ALMALL — region’s newest online shopping destination
DUBAI — Following Crown Prince Muhammad Bin Salman’s ascension to his role last year, Saudi Arabia has been working towards realizing a complete transformation of its economy and society based on key objectives set under its Vision 2030, a national strategy to modernize its economy and diversify the country’s economy, moving it away from oil dependency. As part of the long-term goals Saudi Arabia has set for itself, the Kingdom is looking to become a world player in e-commerce, providing the kind of support local companies will need to allow them to go beyond borders and become key players in world markets. It is looking in particular to support expansion into new areas of investment in the digital economy, e-marketing, and e-services, to improve the quality of existing...
September 20, 2018

ALMALL — region’s newest online shopping destination

File photo shows a container is loaded on to the first Chinese container ship to depart after the inauguration of the China Pakistan Economic Corridor port in Gwadar, Pakistan. — Reuters
Pakistan invites Saudi to invest in China economic corridor
ISLAMABAD — Islamabad has invited Saudi Arabia to invest in the Beijing-funded, multi-billion dollar infrastructure corridor being constructed in Pakistan, its information minister said Thursday, as concerns grow over the country's debt levels. The China-Pakistan Economic Corridor (CPEC) is an ambitious plan to build energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan, as part of Beijing's broader Belt and Road initiative. But the opaqueness of CPEC financing has led to concerns as Pakistan faces a looming balance-of-payments crisis, including fears about the country's ability to repay Chinese loans. "Saudi Arabia is the first country whom we have invited to join CPEC as third partner," Information...
September 20, 2018

Pakistan invites Saudi to invest in China economic corridor

A branded sign is displayed on a Vodafone store in London, Britain, in this file photo. — Reuters
Vodafone to roll out 1,000 5G sites in UK by 2020
NEWBURY, England — Vodafone said it would have 1,000 5G-enabled network sites in Britain by 2020, delivering blisteringly fast speeds and near-instant response times that it demonstrated by making Britain's first holographic mobile call on Thursday. The mobile phone company, which will start trials of 5G technology in seven British cities in the coming weeks, said Cornwall in southwest England and the Lake District national park in the northwest — two regions poorly served by existing coverage - would receive 5G during 2019. The advent of fifth generation mobile telecoms is essential to coping with growth in demand for ever-higher speeds, capacity and reliability, and operators hope it will open up a host of new business cases such as connected cars, factories and cities. All...
September 20, 2018

Vodafone to roll out 1,000 5G sites in UK by 2020

A farmer harvests his field at his farm in Pecatonica, Illinois, US, in this file photo. — Reuters
WTO members clamor for more clarity on US farm spending
GENEVA — Trading partners will demand more details from the United States at the World Trade Organization next week about its planned $12 billion aid package for US farmers hurt by the Trump administration’s tariff wars. The US aid package, announced in July, is intended to shield US farmers from the repercussions of trade disputes between the United States and China, the European Union and others. But other WTO members want more clarity on how long it will last and whether it adheres to WTO rules as it could have an impact on their own agriculture sectors and competition. A compilation of written questions submitted to the WTO's regular agriculture committee meeting on Sept. 25-26 included questions from New Zealand, Japan, India, the European Union, Canada and Australia, all...
September 20, 2018

WTO members clamor for more clarity on US farm spending

Etihad Airways Airbus A320-200 plane is seen at the National Airport Minsk, Belarus, in this file photo. — Reuters
Emirates, Etihad airlines deny report they may merge
DUBAI — State-owned Emirates and Etihad, two of the Middle East's top airlines, denied a Bloomberg report on Thursday which quoted unnamed sources as saying Emirates was seeking to take over smaller Etihad to create the world's largest carrier. "There is no truth to this rumor," an Emirates spokeswoman told Reuters. Etihad made a similar statement. Emirates is owned by the government of Dubai, the region's tourism hub, while Etihad is controlled by the government of neighboring Abu Dhabi, which thanks to oil exports is the wealthiest member of the United Arab Emirates. The ownership of the two airlines would make any merger politically sensitive. There have been few cross-border mergers within the UAE, a federation of seven semi-autonomous emirates; such tie-ups...
September 20, 2018

Emirates, Etihad airlines deny report they may merge

France's President Emmanuel Macron addresses a press conference at the end of the EU Informal Summit of Heads of State or Government at the Mozarteum University in Salzburg, Austria, on Thursday. — AFP
EU leaders keep up pressure on May to take Brexit deal
SALZBURG, Austria — EU leaders lined up on Thursday to tell Theresa May she needs to give guarantees on the Irish border before they will grant her the Brexit deal the prime minister wants to avoid Britain crashing out of the bloc in March. On a second day of summitry in Austria, May's European Union peers rammed home their message on her plea for them to ease up on a "backstop" plan dealing with the border between the British province of Northern Ireland and EU member state Ireland. The backstop would keep Northern Ireland under EU economic oversight if London and Brussels cannot agree a trade pact to keep UK-EU borders open after a transition period ends in 2020 — an idea that May and a small party in the province that props up her minority government...
September 20, 2018

EU leaders keep up pressure on May to take Brexit deal

Andy Palmer, CEO of Aston Martin, poses for a photograph next to the company's new Vantage car in Gaydon, Britain, in this file photo. — Reuters
James Bond carmaker Aston Martin targets £5.1 bn IPO
LONDON — Aston Martin, the luxury British sports car brand favored by fictional spy James Bond 007, said Thursday that its upcoming stock market flotation would look to value the group at up to £5.1 billion ($6.7 billion, 5.7 billion euros). The glitzy carmaker's latest starring role will be on the London Stock Exchange in October, the group revealed in a statement, in a plot twist that will make it the only listed British automobile manufacturer. The part-flotation of Aston Martin — whose top-end cars are cherished by Hollywood actors, global sports stars and British royalty — will carry a price range of £17.50 to £22.50 per share. "By becoming the only automotive company listed on the London Stock Exchange, Aston Martin Lagonda will provide investors with a fitting...
September 20, 2018

James Bond carmaker Aston Martin targets £5.1 bn IPO

Ryanair Chief Executive Michael O'Leary addresses a news conference in Schwechat, Austria, in this file photo. — Reuters
Ryanair chairman gets shareholder slapdown amid strikes
GORMANSTON, Ireland — Ryanair shareholders delivered a blow to the no-frills airline's chairman on Thursday amid widespread strike action by European staff that has rattled confidence in the company. Chairman David Bonderman was re-elected but only with 70.5 percent of the vote at the annual general meeting — a dip on last year's assembly where he garnered a 89.1 percent endorsement. The company's flamboyant chief executive Michael O'Leary was re-elected with 98.5 percent of the vote — and lent his voice in effusive support of the chair. "We have been very fortunate to have David Bonderman as chairman for the last 22 years," he told the roughly 90 shareholders present. The Local Authority Pension Fund Forum (LAPFF), a shareholder, had earlier recommended...
September 20, 2018

Ryanair chairman gets shareholder slapdown amid strikes

IMF leaves Kiev without announcing aid deal, central bank sees accord soon
KIEV — An IMF mission has left Ukraine without announcing a deal on new aid but a top central bank official said on Thursday he expected an agreement "in the near future" that would help preserve financial stability during 2019, an election year. Analysts expressed surprise at the lack of an IMF statement at the end of the visit, which ran from Sept. 6 to 19, though markets responded calmly, with Ukraine's dollar bonds slightly firmer on Thursday. The IMF has been pushing Ukraine to raise household gas prices, which have been kept artificially low since Soviet times, to market levels. It was not immediately clear whether the two sides had made progress in their talks on this issue. "There are productive negotiations on the new program. Significant progress has been...
September 20, 2018

IMF leaves Kiev without announcing aid deal, central bank sees accord soon

Turkish Treasury and Finance Minister Berat Albayrak speaks during a presentation to announce medium-term economic program in Istanbul, Turkey on Thursday. — Reuters
Seeking to restore confidence, Turkey slashes growth forecasts
ANKARA — Turkey sharply cut its growth forecasts for this year and next on Thursday, but disappointed investors who had hoped for deeper reductions that reflected the fragile state of the economy and a plan to help banks. Turkey has seen its lira currency plunge by 40 percent this year on concerns over President Tayyip Erdogan's influence over monetary policy, with the turbulence jolting financial markets around the world. Finance Minister Berat Albayrak hoped to use his medium-term economic plan to rebuild confidence by giving investors a full account of the country's economic prospects. He said growth would be 3.8 percent this year and 2.3 percent in 2019, both revised down from forecasts of 5.5 percent. Sources, however, had said there was debate among top government...
September 20, 2018

Seeking to restore confidence, Turkey slashes growth forecasts

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