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7351 - 7360 from 16554 . In "BUSINESS"
Ma’aden awards L&T Construction large contract for gold processing
DUBAI/MUMBAI — In a major international competitive bidding process, the Metallurgical & Material Handling Business of L&T Construction has been awarded a large order from Ma’aden Gold and Base Metal Company (MGBM), wholly owned subsidiary of Saudi Arabia Mining Company (Ma’aden) for setting up Mansourah Massarrah Gold project.Ma’aden is the champion of the Saudi Arabian mining industry, and now internationally recognized mining company with global presence.This (EPC) Engineering, Procurement & Construction order for gold processing plant in Saudi Arabia, secured against stiff global competition, is the largest single EPC order for the Metallurgical Business in International market.Mansourah Massarrah gold project once commissioned will be the largest capacity gold processing plant...
May 02, 2019

Ma’aden awards L&T Construction large contract for gold processing

International Islamic Trade Finance Corporation (ITFC) Partners with IE School of Global & Public Affairs and International Trade Centre to Launch Pioneering Trade Master’s Degree. — Courtesy photo
ITFC partners with IE School & ITC to launch pioneering trade master’s degree
MADRID, Spain — The International Islamic Trade Finance Corporation (ITFC), in collaboration with the IE School of Global and Public Affairs (IE) and International Trade Centre (ITC) celebrated the launch of the groundbreaking Executive Master in Internationalization and Trade in Spain.Held at the IE School campus in Madrid, the event featured a panel discussion on the Challenges of Global Trade and International Business Expansion with panelists including Eng. Hani Salem Sonbol (ITFC CEO), Arancha Gonzalez (ITC Executive Director) and Isaac Martin Barbero (Cabify Chief Cities & Communities Officer).The Executive Master in Internationalization and Trade is a co-designed program, originally initiated by the ITFC after it recognized the need for a specialized executive course capable of...
May 02, 2019

ITFC partners with IE School & ITC to launch pioneering trade master’s degree

Saudi Air Navigation Services (SANS) signed an agreement for provision of data link services to aircrafts during the 2019 Global Airport Leaders Forum event in Dubai with SITAONAIR.
SANS, SITA sign deal to upgrade digital comms in Saudi skies
DUBAI — Saudi Air Navigation Services (SANS) signed an agreement for provision of data link services to aircrafts during the 2019 Global Airport Leaders Forum event in Dubai with SITAONAIR — an industry leader in aircraft communications.Under this agreement, SITAONAIR will provide SANS with country-wide state-of-the-art VHF and Digital Automatic Terminal Information Service (D-ATIS) solutions and establish stations that will improve coverage and communications between air traffic controllers and pilots, as well as optimize datalink coverage and services Kingdomwide.SANS CEO, Eng. Ryyan Tarabzoni said, “Safety is one of the foremost & primary factors at the heart of our operations, and in order to ensure that we operate at the highest safety standards we always strive to implement the...
May 02, 2019

SANS, SITA sign deal to upgrade digital comms in Saudi skies

Vegan burger maker Beyond Meat sizzles in market debut
NEW YORK — Shares of vegan burger maker Beyond Meat Inc surged 84 percent in their market debut on Thursday, as investors look to cash in on the growing popularity of veganism.The stock opened at $46, well above its IPO price of $25, giving Beyond Meat a market capitalization of around $2.75 billion, including underwriters' option.Shares surged to $50 just minutes after starting to trade and were halted due to volatility. It has since resumed trading.Earlier on Tuesday, the company raised the size and price of its offering after increased demand from investors. The IPO raised $240 million.The money raised from the IPO gives Beyond Meat firepower to compete with its chief rival and Silicon Valley startup Impossible Foods.Plant-based substitutes for meat have been gaining popularity as...
May 02, 2019

Vegan burger maker Beyond Meat sizzles in market debut

Electric cars are seen at Tesla charging station in Gulsvik, Norway in this file photo. — Reuters
Tesla ends 'Spartan diet,' seeks up to $2.3bn from share, debt issues
SAN FRANCISCO — Tesla Inc will raise up to $2.3 billion in new capital, renouncing what Elon Musk called a "Spartan diet" and easing Wall Street concerns about the money-losing company's ability to overcome a drop in sales and build new product lines.Tesla's plan to issue debt and convertible shares comes after the company repeatedly pushed back forecasts for turning a profit. It also is confronting expensive challenges, including launching production in China, overhauling its U.S. retail and service operations and preparing new models, including the high-volume Model Y SUV and a Semi commercial truck.Many analysts have calculated that Tesla would not be able to carry out its plans without new cash."The market seems to be breathing a sigh of relief. Now they need...
May 02, 2019

Tesla ends 'Spartan diet,' seeks up to $2.3bn from share, debt issues

In this combination of file pictures a facade of an Apple store in Beijing (up) and a file photo of a Qualcomm logo during the Consumer Electronics Show (CES) 2018 in Las Vegas is seen. — AFP
Qualcomm to see at least $4.5bn from Apple settlement
SAN FRANCISCO — US mobile chipmaker Qualcomm on Wednesday said it expects a windfall of $4.5 billion to $4.7 billion this quarter from its recent settlement with Apple in a royalty battle.Qualcomm factored the additional revenue into a forecast in its latest earnings release, saying the money would be a payment "from Apple and the release of our obligations to pay or refund Apple and the contract manufacturers certain customer-related liabilities."The Southern California-based company also factored in revenue expected for new royalties from Apple and the makers of its devices.Qualcomm reported revenue of $5 billion in the recently ended quarter, while its forecast for the current quarter was from $9.2 billion to $10.2 billion in revenue.In April, Apple and Qualcomm announced an...
May 02, 2019

Qualcomm to see at least $4.5bn from Apple settlement

People walk past a National Australia Bank (NAB) branch in Melbourne on Thursday, as the NAB revealed that in the last six months it had put aside $368 million for
Scandal-hit Aussie banks earmark billions to repay customers
SYDNEY — Australia's big banks — once among the world's most profitable — are being forced to amass war chests worth billions of dollars to reimburse customers for years of dodgy fees.Industry heavyweight the National Australia Bank on Thursday became the latest financial house to outline the mounting cost of refunding ripped-off customers following a government probe into the sector.The company announced it had set aside A$1.1 billion ($770 million) in the last financial year to remediate customers.A Royal Commission exposed rampant bank malpractice that included charging fees to dead people, charging fees for no services at all, aggressive selling tactics and poor advice that led to significant financial upheaval for clients.The year-long investigation singled out NAB for...
May 02, 2019

Scandal-hit Aussie banks earmark billions to repay customers

File photo shows Volkswagen's Teramont X SUV being displayed at the second media day for the Shanghai auto show in Shanghai, China. — Reuters
Volkswagen dodges weak auto market to accelerate in Q1
FRANKFURT AM MAIN — German car behemoth Volkswagen on Thursday reported a slip in profits in the first quarter, but defied a soft patch in the global car market with rising revenues.Net profits at the group fell 7.5 percent between January and March, to just over three billion euros ($3.4 billion).The group said the bottom line was weighed down by a fresh one-billion-euro charge over "legal risks" related to its "dieselgate" emissions cheating scandal.The charge continues 2018's pattern — when the group booked 3.2 billion euros linked to its 2015 admission to manipulating millions of diesel cars to appear less polluting under test conditions than on the road.It brings the total cost of the diesel scandal so far in fines, compensation, buybacks and refits to 30...
May 02, 2019

Volkswagen dodges weak auto market to accelerate in Q1

File photo shows a woman looks at her phone as she walks past a branch of Lloyds bank in London, Britain. — Reuters
Lloyds bank cautions on Brexit as profits climb
LONDON — Britain's state-rescued Lloyds Banking Group on Thursday logged rising first-quarter net profits but warned on the impact Brexit could have on the nation's economy.Profits after tax rose two percent to £1.2 billion ($1.6 billion, 1.4 billion euros) in the three months to March from a year earlier, LBG said in a results statement.LBG, which returned to full private ownership in 2017 after its financial rescue by the UK government more than a decade ago, added that pre-tax profits were flat at £1.6 billion.Revenues gained two percent to £4.4 billion, while total costs fell four percent to just under £2.0 billion."In the first three months of 2019 we have again delivered a strong business performance with continued strategic progress, increased statutory and...
May 02, 2019

Lloyds bank cautions on Brexit as profits climb

Saudi Arabia's economic strength ‘Very High’
JEDDAH — Moody’s Investors Service rated Saudi Arabia's economic strength as “Very High (-)” based on its large scale, comparatively high per capita income levels and moderately strong growth dynamics. “We have set the final score for economic strength above the indicative score of “High (+)” to better reflect Saudi Arabia's highly competitive position in the oil market which is not appropriately captured by the indicative score,” it noted. Other sovereigns that score similarly for economic strength include Denmark (Aaa stable), France (Aa2 positive), Hong Kong (Aa2 stable), New Zealand (Aaa stable) and Malaysia (A3 stable). Moreover, in its latest “Issuer In-dept” report issued May 1, Moody’s said progress on ambitious plans to diversify Saudi Arabia's...
May 01, 2019

Saudi Arabia's economic strength ‘Very High’

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