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In this file photo, Chief Executive Officer of Amazon, Jeff Bezos, tours the facility at the grand opening of the Amazon Spheres, in Seattle, Washington. Bezos announced thursday he was launching a philanthropic fund with a $2 billion initial commitment to help homeless families and launch preschools in low-income communities. — AFP
Amazon's Jeff Bezos unveils $2bn philanthropic fund
WASHINGTON — Amazon founder Jeff Bezos announced Thursday he was creating a philanthropic fund with a $2 billion initial commitment to help homeless families and launch preschools in low-income communities. The world's richest individual made the announcement on Twitter a year after asking for ideas on how he could use his personal fortune — now estimated at some $163 billion — for charitable efforts. The "Bezos Day One Fund" created by Bezos and his wife MacKenzie will focus on two areas — helping "existing nonprofits that help homeless families" and funding "a network of new, nonprofit, tier-one preschools in low-income communities," he wrote. For the homeless, grants will be given to organizations "doing compassionate, needle-moving work...
September 13, 2018

Amazon's Jeff Bezos unveils $2bn philanthropic fund

The logo of Airbus is pictured at the company's headquarters in Colomiers near Toulouse, France, in this file photo. — Reuters
Airbus appoints ATR boss as sales chief after Schulz quits
PARIS — Airbus named its second new sales chief in less than a year on Thursday after chief commercial officer Eric Schulz resigned nine months after being poached from Rolls-Royce to lead the battle for jet sales against Boeing.The European planemaker said Christian Scherer, head of turboprop maker ATR, an Airbus veteran who had been beaten to the job by Schulz in November last year, would take over the position immediately, reporting to Chief Executive Tom Enders.Reuters earlier exclusively reported that Schulz was expected to resign. Airbus said his decision had been taken for personal reasons.The switch comes as Airbus faces a slowdown in sales and delays and reliability problems with engines that have soured relations with several customers and left the Frenchman increasingly...
September 13, 2018

Airbus appoints ATR boss as sales chief after Schulz quits

A shopper descends an escalator as she enters a John Lewis department store on Oxford Street in London on Thursday.  John Lewis announced on Thursday that half-year profits had dropped 98.8 percent, as they posted pre-tax profits of GBP 1.2 million for the six months leading up to July 28. – AFP
John Lewis profits evaporate as struggling rivals slash prices
LONDON — Profits at John Lewis Partnership were wiped out in the first half of its financial year as Britain's biggest department store chain was forced to match discounting by struggling rivals. Britain's department stores have been hit by a squeeze in consumers' disposable incomes, higher property taxes and a rise in online shopping, with Debenhams issuing a string of profit warnings and House of Fraser rescued last month by a deal with Sports Direct. John Lewis also pointed to uncertainty caused by Britain's departure from the European Union, drawing fire from British Brexit minister Dominic Raab, who told BBC Radio 4: "It is rather easy for a business to blame Brexit and the politicians rather than to take responsibility for their own situation." The...
September 13, 2018

John Lewis profits evaporate as struggling rivals slash prices

Tesla Motors Inc Chief Executive Elon Musk pauses during a news conference in Tokyo, Japan, in this file photo. — Reuters
Another Tesla executive heads for exit
SAN FRANCISCO — Tesla confirmed on Wednesday that finance executive Justin McAnear is leaving the electric car maker as it strives to become profitable by the end of the year. Word that McAnear was heading for the off-ramp followed chief accounting officer Dave Morton's departure after just a month on the job, citing the company's frenetic pace. "Several weeks ago, I announced to my team that I would be leaving Tesla because I had the chance to take a (chief financial officer) role at another company," McAnear said in a statement. "This was simply an opportunity I couldn't pass up." McAnear added that he is working with the Tesla team to smooth the road for his departure in early October. The company said last week in a blog post human resources chief...
September 13, 2018

Another Tesla executive heads for exit

Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on Wednesday in Cupertino, California. Apple released three new versions of the iPhone and an updated Apple Watch. — AFP
Apple iPhones get bigger and pricier, Watch turns to health
CUPERTINO, Calif., — Apple Inc introduced its largest-ever iPhone and a watch that detects heart problems on Wednesday in an attempt to get customers to upgrade to more expensive devices in the face of stagnant global demand for smartphones. The relatively small changes to its lineup, following last year's overhauled iPhone X, were widely expected by investors and the company's shares ended down 1.2 percent at $221.07. The strategy has been successful, helping Apple's stock to rise more than 30 percent this year and making it the first publicly traded US company to hit a market value of more than $1 trillion. Apple's new iPhone XS, pronounced "ten S," has a 5.8-inch (14.7-cm) screen, and will be sold at a starting price of $999. The XS Max, the largest iPhone...
September 13, 2018

Apple iPhones get bigger and pricier, Watch turns to health

Top White House economic adviser Larry Kudlow speaks to reporters at the White House in Washington, in this file photo. — Reuters
China welcomes US invite for trade talks, Asian markets relieved
WASHINGTON/BEIJING — China said on Thursday that it welcomed an invitation by the United States to hold a new round of trade talks, as Washington prepares to further escalate the US-China trade war with tariffs on $200 billion worth of Chinese goods. The Trump administration had invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, news that gave a lift to Asian stocks, including Chinese shares and the yuan currency. Chinese Foreign Ministry spokesman Geng Shuang told reporters that China welcomed the invitation, and the two countries were discussing the details. "China has always held that an escalation of the trade conflict is not in anyone's interests. In fact, from last month's preliminary talks in Washington,...
September 13, 2018

China welcomes US invite for trade talks, Asian markets relieved

Ryanair union representative Didier Lebbe holds a joint news conference with other European union representatives in Brussels, Belgium. on Thursday. – Reuters
Ryanair cabin crew in 5 countries to strike Sept 28: union
BRUSSELS — Ryanair cabin crew members from five European countries will go on strike on Sept. 28, threatening hundreds of flights, a Belgian union said on Thursday. Staff from Belgium, the Netherlands, Italy, Spain and Portugal will stage a stoppage on the Irish no-frills airline, the CNE said, after several European labour unions met in Brussels. "Unfortunately, discussions continue without results," CNE delegate Yves Lambot told AFP at the meeting, describing negotiations with Ryanair management. Ryanair workers — pilots, ground staff and cabin crew — are demanding improved working conditions and want their contracts to be based on the law in their country of residence rather than Ireland. "They have promised to change our contracts into national contracts by...
September 13, 2018

Ryanair cabin crew in 5 countries to strike Sept 28: union

Britain's ex-Prime Minister Gordon Brown appears on the Marr Show on BBC television in London, Britain, in this file photo. — Reuters
World is sleepwalking towards another financial crisis, former UK PM Brown warns
LONDON — Former British Prime Minister Gordon Brown warned that the world is on the verge of sleepwalking into another financial crisis because governments have failed to tackle the causes of the last major financial crash a decade ago. Britain's leader when the collapse of the US investment bank Lehman Brothers triggered the worst financial crisis since the Great Depression said the world is leaderless and was now entering a period of vulnerability. "We are in danger of sleepwalking into a future crisis," Brown, 67, told The Guardian. "There is going to have to be a severe awakening to the escalation of risks, but we are in a leaderless world." Brown said the global economy had failed to introduce an early warning system and a way of monitoring financial flows...
September 13, 2018

World is sleepwalking towards another financial crisis, former UK PM Brown warns

Uber drivers in Denmark must pay fine for every ride, supreme court rules
COPENHAGEN — The Danish supreme court on Thursday ratified fines given to four Uber drivers for operating illegally, paving the way for similar fines on a further 1,500 drivers. The four taxi drivers, one of whom was fined 486,500 Danish crowns ($78,060), were charged with failing to have permits and for violating a law introduced to combat Uber which imposed extra rules on taxis operating in Denmark. After launching its service in Denmark in 2014, Uber Technologies Inc was criticized by taxi driver unions, companies and politicians who said the company posed unfair competition by not meeting legal standards required for established taxi firms. "We are very disappointed for the drivers involved and our top priority is to support them during this difficult time," an Uber...
September 13, 2018

Uber drivers in Denmark must pay fine for every ride, supreme court rules

Walid Majdalani
Leejam Sports listed on Tadawul
MANAMA — Investcorp, a global provider and manager of alternative investment products, announced the successful listing of portfolio company, Leejam Sports Company on the Saudi Stock Exchange (Tadawul) last Sept. 10, 2018. Leejam marks Investcorp’s second Saudi portfolio company to successfully list on the Tadawul, the first fitness chain to list in the region, and the first company to list on the Saudi exchange so far this year.Leejam is considered the largest fitness center operator in Saudi Arabia and the MENA region, and was ranked the 17th largest company globally by the International Health, Racquet & Sports Club Association (IHRSA) in its 2017 “Global 25” list in terms of number of fully owned fitness centers. As of 31 December 2017, the company owned and operated over 112...
September 12, 2018

Leejam Sports listed on Tadawul

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