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Nicolas Dujovne
Argentina Treasury minister resigns
BUENOS AIRES — The economy minister for the province of Buenos Aires is set to become Argentina's treasury minister following the resignation of Nicolas Dujovne, government sources told EFE on Saturday.The move comes after Dujovne presented his resignation in a letter to President Mauricio Macri following a financial crisis in the Argentinian market last week — an adverse reaction from investors to the ruling party's defeat in the presidential primaries on Aug. 11.Dujovne believed the government needed "significant renewal” in its economic team amid a crisis which saw the peso plunge this week.Dujovne said in a letter to Argentine President Mauricio Macri that he had given his "all” to the job, helped tame a significant deficit and trim public spending."We...
August 18, 2019

Argentina Treasury minister resigns

Finance Minister Olaf Scholz
Germany has fiscal muscle to counter next crisis
BERLIN — Germany has the fiscal strength to counter any future economic crisis "with full force", Finance Minister Olaf Scholz said on Sunday, suggesting Berlin could make available up to 50 billion euros ($55 billion) of extra spending.With its economy on the brink of recession and borrowing costs at record lows, Germany is facing pressure at home and abroad to ditch its pledge to target balanced budgets and instead boost investment by taking on new debt.A government official told Reuters earlier this month that the finance ministry was toying with the idea of issuing debt in line with the more formal debt-brake rules to help finance a climate protection program.Speaking at a government "open day" news conference, Scholz acknowledged the debate about debt-financed...
August 18, 2019

Germany has fiscal muscle to counter next crisis

Donald Trump
US and China seeking to revive trade talks
WASHINGTON — Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump's chief economic advisor said Sunday.If teleconferences between both sides' deputies pan out in the next 10 days "and we can have a substantive renewal of negotiations," Larry Kudlow said on "Fox News Sunday," "then we are planning to have China come to the USA and meet with our principals to continue the negotiations."That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July.But...
August 18, 2019

US and China seeking to revive trade talks

Larry Kudlow
White House says no recession in sight despite market turmoil
WASHINGTON — White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States."There is no recession in sight," White House economic adviser Larry Kudlow said on "Fox News Sunday.""Consumers are working. Their wages are rising. They are spending and they are saving...I think we are in pretty good shape."US stock markets tanked last week on recession fears with all three major US indexes closing down about 3% on Wednesday only to pair their losses by Friday due to expectations the European Central Bank might cut rates.For a brief time last week bond...
August 18, 2019

White House says no recession in sight despite market turmoil

Fahad Al-Hesni
Saudi Re's net profit before Zakat surges by 203% in H1 2019
RIYADH — Saudi Reinsurance Company (Saudi Re), listed on the Saudi Exchange Market (TASI), recorded a net profit before Zakat of SR42.6 million in the six-month period ending June 30, 2019, an increase of 203 per cent from SR14.0 million in the same period last year.The company achieved growth in operating results (the results of reinsurance operations) amounted to 2.9% in the first half of this year by SR8.0 million compared to SR7.8 million for the same period in the previous year. Moreover, the net profit of investments amounted to SR40.0 million in the first half compared to SR10.5 million for the same period in the previous year, with an increase of 280 %.The total shareholders’ equity amounted to SR867 million for the first half, with an increase of 4% compared to the end of...
August 18, 2019

Saudi Re's net profit before Zakat surges by 203% in H1 2019

saxo graph.jpeg
Gold reigns as global bond yield collapse continues
By Ole S. Hansen*GLOBAL growth concerns and ample supply of key commodities have been the main drivers behind the weakness seen across the sector so far this quarter. Precious metals remain the exception with gold responding strongly to the ongoing collapse in global bond yields.The trade war between the US and China remains one of the main drivers behind global growth concerns. This in turn impacts the demand prospects for growth-dependent commodities ranging from crude oil and industrial metals to some agricultural products. As a result, the market has been “pumping and mostly dumping” as news from Washington and Beijing continued to alternate between hope and despair. Such volatile market conditions have not been helped by lower liquidity during the peak summer holiday period across...
August 18, 2019

Gold reigns as global bond yield collapse continues

Saudi Customs raises efficiency in cooperation with Mashroat
RIYADH — Saudi Customs and the National Program to Support the Management of Projects in Public Entities (Mashroat) have signed a memorandum of understanding (MoU) appointing Mashroat as the enabling arm to support infrastructure projects.Mashroat will provide consultancy services and technical support to manage the Saudi Customs’ construction projects and facilities, including 19 land ports, administrative facilities, seaports and other related facilities, on a built-up area of about 25 million square meters.According to the MoU, Mashroat will support Saudi Customs to enhance the efficiency of its operations, maintenance and quality of its infrastructure and facilities based on the highest standards.This is a step toward building sustainable economic growth and creating an advanced...
August 18, 2019

Saudi Customs raises efficiency in cooperation with Mashroat

All-new Sonata
Saudi media delegation visits Hyundai Motor R&D Center
SEOUL —At the invitation of Yousuf Mohamed Naghi Motors Company – Hyundai, a Saudi media and press delegation visited Hyundai Motor’s headquarters at Korean capital, Seoul. The delegation was received by the company’s senior officials, whom briefed the delegation on the latest production and design technologies of Hyundai. The Saudi delegation, as well, participated in a press conference held by the company for launching both Hyundai Sonata 20120, and the family all-new SUV car Palisade.The press conference was held in the world’s largest integrated technical center of Hyundai Motor Company, which is the world’s first of its kind, The Saudi media delegation had the opportunity to view the car production stages of this Center. At the press conference, the company's senior...
August 18, 2019

Saudi media delegation visits Hyundai Motor R&D Center

Indian film actress Tamannaah Bhatia inaugurates the 26th showroom of Malabar Gold & Diamonds in Karnataka, India at Bannerghatta Road, Bengaluru last Aug. 16  in the presence of  Chairman  MP Ahammed, Managing Director - India Operations Asher O                                     management team members of the group, along with the customers, media & well-wishers.
Tamannaah Bhatia inaugurates 26th showroom of Malabar Gold in Karnataka
JEDDAH — Malabar Gold & Diamonds, one among the largest jewelry retailers globally with a strong retail network of 250 outlets spread across 10 countries, launched its new showroom at Bannerghatta Road, Bengaluru last Aug. 16. This is the 26th showroom of Malabar Gold & Diamonds in the state of Karnataka, IndiaLeading Indian film actress and its brand ambassador Tamannaah Bhatia inaugurated the showroom at Bannerghatta Road situated near Bilekahalli signal, Bengaluru in presence of Chairman MP Ahammed, Managing Director - India Operations Asher O, management team members of the group, along with the customers, media & other well-wishers.The showroom has an extensive collection of traditional and modern designs in tune with the taste of jewelry lovers. Malabar Group offers exquisite and...
August 18, 2019

Tamannaah Bhatia inaugurates 26th showroom of Malabar Gold in Karnataka

2013(2)
Jeddah International Education and Training Exhibition kicks off
By Saleh FareedJEDDAH — Jeddah International Education and Training Exhibition is inaugurating its 1st edition today (April 19) at the Jeddah Center for events and Exhibitions. Held under the patronage of Jeddah Chamber, the show will run until tomorrow (Aug. 21).The first edition comes in line with the government of Saudi Arabia’s continued interest and support for the development of the general and higher education sector and the training and rehabilitation sector, which was clearly reflected in Vision 2030. These sectors have witnessed significant growth over the past years. Where the largest share of the kingdom’s budget for the year 2019 allocated to the education sector and it’s share amounted to SR193 billion to support and develop this vital sector’s growing population...
August 18, 2019

Jeddah International Education and Training Exhibition kicks off

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