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6281 - 6290 from 16560 . In "BUSINESS"
Stock markets gloomy on Italian crisis
LONDON — European stock markets turned lower on Tuesday as political crisis in Italy weighed on sentiment, while US stocks flatlined, cutting short their recent recovery.London's main index ended firmly in the red on Tuesday after new US-China trade jitters and political instability in Italy took down heavyweight firms across sectors, while exporter stocks dipped as the pound gained after German Chancellor Angela Merkel's comments on the Brexit process.The FTSE 100 gave up earlier gains and shed 0.9%, though investors still hoped for fresh stimulus from central banks and governments to beat back the risk of recession. The FTSE 250 lost 0.5%.European markets had started higher, lifted by hopes for central bank and government stimulus measures, and for easing tensions in the...
August 20, 2019

Stock markets gloomy on Italian crisis

Cameras point at an exchange rate board in the financial district of Buenos Aires on August 20 after Argentina's President Mauricio Macri swore Hernan Lacunza in as the country's new economy minister. — AFP
Argentine peso falls despite vow to stabilize
BUENOS AIRES — Argentina will stand by the fiscal targets it has agreed with the International Monetary Fund and work to stabilize the peso, the country's new treasury minister said on Tuesday in remarks that failed to stop the currency's sharp recent slide.Minutes after being sworn in by President Mauricio Macri, Treasury Minister Hernan Lacunza told reporters the government will stick with the goal of erasing its primary fiscal deficit this year, despite a series of spending measures announced last week aimed at spurring growth in the recession- and inflation-racked economy.He said his top priority will be to stabilize the peso, which tumbled 18% last week after the business-friendly Macri was unexpectedly thumped in an Aug. 11 primary election by Alberto Fernandez. The...
August 20, 2019

Argentine peso falls despite vow to stabilize

AVEVA launches Unified Operations Center solution
DUBAI — AVEVA, a global leader in engineering and industrial software, on Tuesday launched Unified Operations Center, its command-and-control solution for infrastructure operators such as smart cities and facilities management, and for industries like Oil & Gas and Mining.Working side-by-side with leading companies in these verticals, AVEVA has turned best practices into templated solutions that are repeatable, scalable and adaptable, enabling fast implementation and return on investment. Organizations such as the Abu Dhabi National Oil Company (ADNOC), Assmang Proprietary Ltd and the city of Atal Nagar in India have pioneered early versions of this tailored approach and have realized reductions in project implementation times by as much as 60% over the more time-intensive process of...
August 20, 2019

AVEVA launches Unified Operations Center solution

Seoul to fine Volkswagen over 'illicit' emissions devices
SEOUL — South Korea said Tuesday it would issue fines and file criminal complaints against Volkswagen and and its luxury arm, Porsche, for installing "illicit devices" that helped multiple diesel vehicles cheat pollution standards.The environment ministry said over 10,000 vehicles sold in South Korea by Volkswagen and Porsche from May 2015 to January 2018 were fitted with the devices, resulting in 10 times more nitrogen oxide emissions than standard levels.The certifications for eight models – including Audi A6, Volkswagen Touareg and Porsche Cayenne – will be revoked and the carmakers will face an estimated fine of 11.5 billion won ($9.5 million), the ministry said."We plan to continue responding firmly to manipulation of gas emissions in future," a ministry...
August 20, 2019

Seoul to fine Volkswagen over 'illicit' emissions devices

Marks first sustainability report issued by a Chinese company in Saudi Arabia
DAMMAM — China Petroleum & Chemical Corporation has officially launched its SINOPEC in Saudi Arabia: Sustainability Report on Serving the Construction of the Belt and Road (the "Report") in Dammam, Saudi Arabia. The Report showcases how SINOPEC is fulfilling its economical, safety, environmental and social responsibilities in Saudi Arabia. It is the first sustainability report issued by a Chinese company in Saudi Arabia.LogoHaving operated in Saudi Arabia for 19 years, Sinopec has from the beginning adhered to local laws and regulations and dedicated to fulfilling its social responsibilities. Abiding by the principle of"mutual benefits and win-win cooperation", the company has been committed to strengthening its operations and management to meet the highest global...
August 20, 2019

Marks first sustainability report issued by a Chinese company in Saudi Arabia

Barakah Nuclear Energy Plant
Unit 3 transformers energized at Barakah Nuclear Energy Plant
ABU DHABI — The Emirates Nuclear Energy Corporation (ENEC) has achieved another milestone in the construction of Unit 3 of the Barakah Nuclear Energy Plant, being built at the Al Dhafra region of Abu Dhabi, United Arab Emirates. ENEC has safely and successfully energized Unit 3’s Main Power Transformer and Gas Insulated Bus (GIB), an important step in the continued testing and commissioning of the plant.In addition to the Main Transformer and GIB, Unit 3’s Auxiliary Power Transformers and Excitation Transformer were energized safely and successfully in normal operating configuration. This work was performed with the approval and support of Abu Dhabi Transmission & Despatch Company (TRANSCO), and comes approximately one year after the completion of similar work on Unit 2, and two...
August 20, 2019

Unit 3 transformers energized at Barakah Nuclear Energy Plant

Swaied Alzahrani
Saudi Trade Finance Summit to address latest innovation and trends in financial sector
RIYADH — The Middle East region is undergoing constant economic developments and social reformations with impactful transformation in Saudi Arabia. In lines with the overall growth in the Kingdom and Saudi's Vision 2030, Saudi Credit Bureau (SIMAH), the 1st licensed & pioneer credit bureau in Saudi Arabia for consumers and commercial, announced its participation as a platinum sponsor at the 7th Annual Saudi Trade Finance Summit.To address the latest innovation and trends in the financial sector, the Saudi Trade Finance Summit organized by QnA International will be held on Nov. 13-14 in Riyadh. The high-profile event which exclusively brings together CEOs, presidents, chairman, group CFOs, Finance & Treasury heads from leading corporates to meet leading financial, banking and...
August 20, 2019

Saudi Trade Finance Summit to address latest innovation and trends in financial sector

UAE medical tourism sales reach AED12 billion in 2018
DUBAI — Medical tourism sales in the UAE increased 5.5% year-over-year to reach AED2.1 billion in 2018 with growth supported by a number of government-led initiatives and the rising number of medical tourists in the country, new analysis released by Dubai Chamber of Commerce and Industry revealed.The analysis, based on recent data from Euromonitor International and Fitch Solutions, found that health expenditure in the UAE amounted to an estimated AED 50.3 billion in 2018, marking a 5.4% increase compared to the previous year.Key factors supporting this growth trend include new medical tourism initiatives implemented by government entities and increasing sector privatization of the sector in the form of investment and the building state-of-the-art health facilities.Among the main...
August 20, 2019

UAE medical tourism sales reach AED12 billion in 2018

Top 10 KSA
Emirates, Al Baik and Google top brands in MENA in 2019
DUBAI — The latest YouGov BrandIndex rankings reveal that Emirates, Al Baik and Google are the most popular brands in the Middle East. While Emirates tops YouGov BrandIndex’s annual brand health rankings for the UAE for the third year in succession, Al Baik and Google dethrone Almarai and Facebook to top the rankings for Saudi Arabia and Egypt, respectively.The rankings are based on the Index score from YouGov BrandIndex, which measures overall brand health. The score takes into account consumers’ perception of a brand’s overall quality, value, impression, reputation, satisfaction and whether consumers would recommend the brand to others.Technology giants WhatsApp and YouTube make an appearance in all three countries. In both UAE and Egypt, WhatsApp has made an improvement....
August 20, 2019

Emirates, Al Baik and Google top brands in MENA in 2019

Participants in a group photo
InterContinental Jeddah Hotel holds blood donation drive
JEDDAH — InterContinental Jeddah Hotel reinforced its commitment and social responsibility to the local community by conducting a blood donation campaign for King Abdulaziz University Hospital under the theme “Serving Community is Our Responsibility”.On this occasion, General Manager Norbert Borszcz said: “We are proud to have our colleagues participate in this blood drive which is a live-saving cause. The gift of one’s own blood to save another life is a gracious commitment. At the same time, I would like to convey our appreciation to King Abdulaziz University Hospital for their enduring support in helping the community.”Following the donations, Borszcz, Executive Assistant Manager Mohammed AlRefai, Director of Sales & Marketing Ahmed Jarkass, thanked Dr. Nihal Yaqout and...
August 20, 2019

InterContinental Jeddah Hotel holds blood donation drive

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