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7441 - 7450 from 16533 . In "BUSINESS"
Boeing jet grounding may blow Norwegian Air recovery off course
OSLO — Norwegian Air said the grounding of its Boeing 737 MAX aircraft may last until the end of August and could scupper the carrier's plan to return to profitability this year. Boeing's MAX aircraft have been grounded following the crash of a Lion Air plane in Indonesia last October and an Ethiopian Airlines jet last month, which together killed 346 people. The MAX ban will likely raise Norwegian's 2019 costs by up to 500 million Norwegian crowns ($57.84 million), the company said, adding that its efforts to cut other operating expenses were moving at a faster-than-expected pace. "Due to the uncertainty related to the MAX grounding, the company sees increased risk related to the target of a positive net profit in 2019," Norwegian said. Norwegian will have to...
April 25, 2019

Boeing jet grounding may blow Norwegian Air recovery off course

Deutsche Bank Head of Communications Joerg Eigendorf addresses the media in Frankfurt, Germany, on Thursday. — Reuters
Deutsche-Commerzbank merger talks collapse
FRANKFURT AM MAIN — Germany's two biggest lenders Deutsche Bank and Commerzbank said Thursday they had called off talks on a possible merger, dashing Berlin's hopes of creating a financial "national champion". "After thorough analysis, we have concluded that this transaction would not have created sufficient benefits" to justify the risks and costs of the complex deal, Deutsche Bank chief executive Christian Sewing and Commerzbank chief Martin Zielke said in a statement. "After careful analysis, it became apparent that such a combination would not be in the interests of either bank's shareholders or other stakeholders." Both investors and employee unions had strong reservations about a tie-up between the Frankfurt giants. "The...
April 25, 2019

Deutsche-Commerzbank merger talks collapse

Kenya's President Uhuru Kenyatta (L) arrives for a meeting with Chinese President Xi Jinping (not in picture) at the Great Hall of People in Beijing on Thursday. — AFP
Kenyan economy to grow 6% in 2019, finance minister says
NAIROBI — Kenya's economy is likely to expand by at least 6 percent this year, the country's finance minister said on Thursday, sticking to rosy government forecasts despite delayed rains that could hit agriculture, a mainstay of the economy. The Kenyan economy grew 6.3 percent last year, the statistics office said, helped by adequate rainfall which spurred farming, which contributes about a third of output. Growth had slumped to 4.9 percent in 2017. "The Kenyan economy remains resilient ... It is expected to perform better in 2019, growing by at least over 6 percent," the minister, Henry Rotich, said at an event to disclose last year's economic performance. The World Bank trimmed its forecast for Kenyan growth in 2019 to 5.7 percent this month from an earlier...
April 25, 2019

Kenyan economy to grow 6% in 2019, finance minister says

Saudi Finance Minister Mohammed Al-Jadaan addresses the Financial Sector Conference in Riyadh on Wednesday.  The event is organized by the government bodies overseening the implementation of the Financial Sector Development Program, which are the Ministry of Finance, the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA). — AFP
SR27.8bn budget surplus
Saudi Gazette reportRIYADH — Saudi Arabia had a budget surplus of SR27.8 billion in the first quarter of this year, Finance Minister Mohammed Al-Jadaan told a conference here on Wednesday.Total spending increased by 8 percent while revenue jumped 48 percent.“These results clearly illustrate the remarkable progress achieved in the performance of our fiscal position,” he said.The Saudi economy grew 2.2 percent in 2018; with the non-oil sector accounting for 56.2 percent of total GDP, Jadaan told the two-day Financial Sector Conference which opened in Riyadh on Wednesday.First-quarter oil revenue climbed to about SR149 billion, compared with SR114 billion in the same period a year earlier.Income from non-oil activities rose to SR76.3 billion, compared with SR52.3 billion.Jadaan said the...
April 24, 2019

SR27.8bn budget surplus

Saudi Arabia, UAE reforms to drive 3.5% growth this year in Middle East
DUBAI — The economy in the Middle East is expected to grow this year by around 3.5%, finds the latest Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants).The quarterly monitor shows global economic confidence remains low in Q1 2019, despite rising for the first time in a year. The global poll of 1,355 accountants shows that all key regions reported a bounce in confidence with Asia Pacific and the Middle East seeing the biggest gains.Head of ACCA Middle East Fazeela Gopalani said:“While confidence was especially weak in our region at the end of last year, we’re seeing a really positive start to 2019 and in the first quarter confidence has rebounded abruptly.”“This significant bounce...
April 24, 2019

Saudi Arabia, UAE reforms to drive 3.5% growth this year in Middle East

 Panel discussion
Transformational solutions development needed to achieve sustainable future
DUBAI — The Mohammed bin Rashid Initiative for Global Prosperity (the Global Prosperity Initiative), an initiative of the Global Manufacturing and Industrialization Summit (GMIS), calls on global start-ups to develop transformational solutions, aimed at achieving a sustainable future for communities, as showcased by the 16 finalists of its $1 million Global Maker Challenge at the Pitch Event recently held in Abu Dhabi and Dubai.The Mohammed bin Rashid Initiative for Global Prosperity is creating an ecosystem to channel innovation towards global good, reinforcing the UAE’s commitment to the United Nations Sustainable Development Goals (SDGs). The UAE is creating the right ecosystem to empower innovative start-ups and entrepreneurs. This is demonstrated by several of the country’s...
April 24, 2019

Transformational solutions development needed to achieve sustainable future

Tawuniya in deal to obtain qualitative leap in health practice
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 two-day Financial Sector Conference held in Riyadh that ends today.The signing ceremony of this agreement was attended by the Chief Executive Officer of Tawuniya, Abdulaziz Hassan Al-Boug, the CEO of Vitality Group International Barry Swartzberg and the Chairman of Tawuniya, Soliman S....
April 24, 2019

Tawuniya in deal to obtain qualitative leap in health practice




SAGIA and BSA team conducts seminars
SAGIA holds seminars in UK, Ireland to attract investment in Kingdom
DUBAI — The Saudi Arabian General Investment Authority (SAGIA), the authority for attracting, developing and enhancing international investment in Saudi Arabia, accompanied UAE-based law firm BSA Ahmad Bin Hezeem & Associates LLP (BSA) in hosting a series of business seminars in the United Kingdom and Ireland, to highlight key investment opportunities in Saudi Arabia.Titled ‘Doing Business in Saudi Arabia’, the seminars highlighted the wide range of opportunities and facilities that are available to international investors interested in doing business in Saudi Arabia. These seminars were attended by delegates from British, Irish, Middle Eastern and international companies, who learned about the recent lifting of foreign ownership restrictions in multiple economic sectors, as well as...
April 24, 2019

SAGIA holds seminars in UK, Ireland to attract investment in Kingdom

Inaugural Dubai Home Festival to spur retail tourism
DUBAI — Organizers Dubai Festivals and Retail Establishment (DFRE) worked closely with retail partners to create a new festival that focuses on the Emirate’s growing homeware sector. From offering design inspiration to showcasing the city’s array of local interiors talent and global brands, Dubai Home Festival, which runs until May 1, 2019, is a unique opportunity to further attract retail tourism to the region.Ahmed Al Khaja, CEO, Dubai Festivals and Retail Establishment, said: “We are very fortunate to work with such pioneering industry partners who have fully supported our plans to launch a brand new festival here in Dubai. We are confident that focusing on the homeware sector will help increase footfall to our shopping locations and drive increased retail tourism, and together...
April 24, 2019

Inaugural Dubai Home Festival to spur retail tourism





Winners of MEA Analytics Excellence Awards
Saudi PPA awarded for ‘Best Use of Geospatial Customer Analytics’
ALTERYX Inc., revolutionizing business through data science and analytics, announced Wednesday the recipients of Middle East and Africa (MEA) Alteryx Analytics Excellence Awards at the launch of the company’s new regional office in Dubai. More than 250 executives from across the Middle East attended.The awards celebrate outstanding game changers who use the Alteryx self-service data analytics platform to make a difference with their teams, their company and their industry. Dean Stoecker, chairman and CEO of Alteryx and Abboud Ghanem, regional vice president, Middle East and Africa at Alteryx selected the best user cases for the first MEA regional awards.Recognized for spreading the culture of analytics and uncovering insights that positively influence their organizations and communities,...
April 24, 2019

Saudi PPA awarded for ‘Best Use of Geospatial Customer Analytics’

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