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CMA, Tadawul, DMO unveil enhancements to sukuk, bonds market
RIYADH — The Capital Market Authority (CMA), the Saudi Stock Exchange (Tadawul) and the Debt Management Office (DMO) unveiled a number of enhancements to the fees and commissions’ structure of the sukuk and bonds market in a joint effort to further develop the capital market. According to the enhancements, fees and commissions will be restructured for Sukuk and Bonds’ services that will include new key changes in fees and commissions for issuers, members, and investors.According to the changes, sukuk and bonds issuers will benefit from Edaa’s reduced IPO file upload fees and annual registry fees. Also, the changes include reducing Tadawul’s annual listing fees for first and subsequent issuances of sukuk and bonds in addition to introducing caps for Tadawul’s annual listing fees...
April 27, 2019

CMA, Tadawul, DMO unveil enhancements to sukuk, bonds market

Renault wants joint holding with Nissan: Report
TOKYO — French car maker Renault wants to create a common holding company with its Japanese partner Nissan that will own 100 percent of both auto manufacturers, the business daily Nikkei reported Friday.Renault controls 43.4 percent of Nissan’s capital, with the Japanese manufacturer owning 15 percent of Renault, but without voting rights.The new joint holding would be held “equally” by the two companies, with the French state owning around seven percent of the new company, Nikkei said.The Wall Street Journal, citing sources close to the proposal, said that the shareholders of Renault and Nissan would each have “around 50 percent” of the new holding.According to a source close to the matter, the idea is to build an “integrated industrial tool” to face the challenges...
April 26, 2019

Renault wants joint holding with Nissan: Report

A man looks out his window at an American Airlines plane at Reagan National Airport in Arlington, Virginia, in this Feb. 24, 2017 file photo. — AFP
American Airlines cuts 2019 forecast on 737 MAX, high oil prices
NEW YORK — American Airlines will take a $350 million hit due to the grounding of Boeing 737 MAX aircraft and faces $650 million in higher fuel costs, prompting the company to slash its 2019 profit forecast on Friday.The US carrier, which has canceled flights on the Boeing plane through August 19, said it now expects profits this year of $4.00 to $6.00 a share, down from the prior range of $5.50 to $7.50.“As we progress toward the busy summer travel period, demand for our product remains strong,” Chief Executive Doug Parker said in a press release.“However, our near-term earnings forecast has been affected by the grounding of our Boeing 737 MAX fleet,” along with much higher oil prices “than we forecast just three months ago,” Parker added.The airline said net income for the...
April 26, 2019

American Airlines cuts 2019 forecast on 737 MAX, high oil prices

Saudi Airlines Cargo Company graduates from the first batch of Cargo Future Cadres program.
Saudia Cargo celebrates graduating first batch from Cargo Future Cadres program
JEDDAH — Saudi Airlines Cargo Company celebrated the occasion of graduating the first batch of Cargo Future Cadres program in collaboration with The National Training Center for Facilities and Hospitality Management (FHM) which was attended by Dr. Talal Al-Harigi, executive director of FHM & representatives from several official organizations that supports the program.Omar Hariri, CEO of Saudia Cargo, handed the certifications to the first batch members who successfully passed the program & officially started their duties in cargo operations management in the ground handling sector of the company.Hariri congratulated the first batch cadres composed of 19 employees. In his speech he addressed the care given by Saudia Cargo towards Saudization programs & cadres preparation as well as...
April 26, 2019

Saudia Cargo celebrates graduating first batch from Cargo Future Cadres program

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Bahri reports 46% jump in first-quarter 2019 net profit
RIYADH — Bahri, a global leader in logistics and transportation, has reported positive results for the first quarter of 2019 despite challenging market conditions. The company’s net profit jumped 46 percent and revenue grew 17 percent during the quarter ended on March 31, 2019.Bahri posted a net profit of SR179.33 million, marking a staggering 96.1 percent increase from the previous quarter and a sharp rise from SR 123.14 million reported for the first three months of 2018. Total revenue for the quarter under review stood at SR 1.7 billion, as compared to SR 1.45 billion in the year-ago period.Commenting on the quarterly results, Abdullah Aldubaikhi, CEO of Bahri, said: “We are pleased to deliver positive results for the first quarter of the year in spite of facing various challenges...
April 26, 2019

Bahri reports 46% jump in first-quarter 2019 net profit

Tawuniya signs an agreement with Vitality Group, the global leader in integrating wellness benefits with insurance products, in Riyadh. — Courtesy photo
Tawuniya announces first health program of its kind In MENA in partnership with Vitality Group
RIYADH — The Company for Cooperative Insurance (Tawuniya) has signed an agreement, which is the first of its kind in the Saudi insurance market with Vitality Group, the global leader in integrating wellness benefits with insurance products. Part of Discovery Group, Vitality operates its Shared-Value Insurance model in 19 countries. Through this agreement, Tawuniya will lead the way in the Middle East and North Africa by developing its first Shared-Value Insurance product. The agreement was signed during the Financial Sector Conference held in Riyadh. It will allow Tawuniya customers to enjoy the benefits and services of the Vitality health and wellness program and join millions of members worldwide. The signing ceremony of the agreement was attended by Tawuniya CEO Abdulaziz Hassan...
April 26, 2019

Tawuniya announces first health program of its kind In MENA in partnership with Vitality Group

In this file photo, workers set up products at the Microsoft display at the annual Consumer Electronics Show in Las Vegas, Nevada. Microsoft hit the trillion-dollar value mark on Thiursday, for the first time, becoming the third technology giant to reach the symbolic milestone. — AFP
Microsoft tops trillion-dollar mark for first time
NEW YORK — Microsoft hit the trillion-dollar value mark Thursday for the first time, becoming the third technology giant to reach the milestone. Shares in Microsoft rallied some five percent in early Wall Street trade after a robust earnings report a day earlier to lift the value briefly above $1 trillion. The stock ended the day with a gain of 3.3 percent at $129.15, translating to a market valuation of some $990 billion. At its current levels, Microsoft is the world's most valuable company, ahead of Apple and Amazon, which both topped $1 trillion last year before slipping back. On Wednesday, Microsoft said profits in the quarter to March 31 rose 19 percent to $8.8 billion on revenues of $30.8 billion, an increase of 14 percent from the same period a year earlier. The results...
April 26, 2019

Microsoft tops trillion-dollar mark for first time

This file photo tshows the Amazon logo at the 855,000-square-foot Amazon fulfillment center in Staten Island, one of the five boroughs of New York City. — AFP
Amazon delivers record profits on gains in cloud, advertising
SAN FRANCISCO — Amazon on Thursday delivered record profits for the first quarter, fueled by gains in cloud computing and new business segments for the US technology colossus. Net profit in the quarter more than doubled from the same period last year to $3.6 billion, extending Amazon's trend of rising profitability. Overall revenues for the company rose 17 percent to $59.7 billion, according to the update, which topped most analyst forecasts. Seattle-based Amazon said revenue from online sales was up 10 percent billion while money taken in from subscription services and the Amazon Web Services cloud platform leapt some 40 percent. The "other" revenue segment, which includes online advertising, grew some 34 percent from a year ago. Shares in Amazon — which has...
April 26, 2019

Amazon delivers record profits on gains in cloud, advertising

An employee helps a traveller in front of check-in counters during a strike of Scandinavian Airlines' (SAS) pilots to contest wages and working hours on Friday at Copenhagen Airport in Kastrup. Pilots at SAS walked off the job in Sweden, Denmark and Norway, stranding 70,000 travelers as more than 300 flights were canceled, the airline said. — AFP
SAS strike strands over 70,000 passengers
STOCKHOLM — Pilots at Scandinavian carrier SAS walked off the job in Sweden, Denmark and Norway on Friday, stranding more than 72,000 travelers as 673 flights were cancelled, the airline said. A total of 1,409 pilots were on strike, affecting domestic, European and long-haul flights, SAS said, predicting that 170,000 passengers would be affected through Sunday. The Swedish Air Line Pilots Association, which initiated the strike, said months of negotiations had failed to find a solution to pilots' "deteriorating work conditions, unpredictable work schedules and job insecurity". The Swedish Confederation of Transport Enterprises meanwhile said it could not accept the 13-percent wage increase demanded by the pilots, given their "already high average wage of 93,000...
April 26, 2019

SAS strike strands over 70,000 passengers

Uber is aiming to make its stock market debut at a share price that would value the leading ride-share startup between $80 billion and $90 billion.
Uber aiming for stock market debut value of up to $90 bn: Report
SAN FRANCISCO — Uber is aiming to make its stock market debut at a share price that would value the leading ride-share startup between $80 billion and $90 billion, Bloomberg reported on Thursday. Uber's keenly-anticipated initial public offering of shares is expected next month, and Bloomberg cited unnamed sources as saying it is considering pricing shares between $44 and $50. The price set for the IPO will likely be influenced by interest expressed by potential investors when Uber pitches its promise on a "road show" that routinely precedes the event. The price range reported on Thursday would value the company at between $80 billion and $90 billion, less than a $100 billion Uber valuation that had been anticipated by some sources. Uber filed documents on April 11 for...
April 26, 2019

Uber aiming for stock market debut value of up to $90 bn: Report

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