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The logo of taxi company Uber is seen on the roof of a private hire taxi in Liverpool, Britain. — Reuters
Uber's self-driving unit valued at $7.25bn in new investment
SAN FRANCISCO — Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering. Uber Technologies Inc said on Thursday that the investment values its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive parts supplier Denso Corp will invest a combined $667 million. Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said. Reuters had reported in...
April 19, 2019

Uber's self-driving unit valued at $7.25bn in new investment

Fiel photo shows Tesla CEO Elon Musk arriving at Manhattan federal court for a hearing on his fraud settlement with the Securities and Exchange Commission (SEC) in New York City, US. — Reuters
Tesla's Elon Musk, SEC get another week to work out deal on Twitter use
NEW YORK — Tesla Inc Chief Executive Elon Musk and the US Securities and Exchange Commission will get another week to settle a dispute over Musk's use of Twitter, a federal judge ruled Thursday. US District Judge Alison Nathan in Manhattan extended the deadline by one week to April 25, in response to a Thursday court filing where both sides requested the extension and said "discussions are ongoing." Nathan had been asked to hold Musk in contempt over a Feb. 19 tweet that the SEC said violated an earlier settlement with the agency. If Musk and the agency fail to resolve the dispute, the judge said she would rule on the contempt request. The SEC sued Musk last year after he tweeted on Aug. 7 that he had "funding secured" to take Tesla private at $420 per share....
April 19, 2019

Tesla's Elon Musk, SEC get another week to work out deal on Twitter use

This photo shows a Toyota staff member looking at a Toyota e-Calm 01 autonomous vehicle at the Shanghai Auto Show in Shanghai. Global automakers are positioning for a brave new world of on-demand transport that will require a car of the future — hyper-connected, autonomous, and shared — and China may become the concept's laboratory. — AFP
Coming soon to China: The car of the future
SHANGHAI — Global automakers are positioning for a brave new world of on-demand transport that will require a car of the future — hyper-connected, autonomous, and shared — and China may become the concept's laboratory. With ride-hailing services booming and car-sharing not far behind, the need for vehicles tailored to these and other evolving mobility solutions is one of the hottest topics among global automakers gathered for this week's Shanghai Auto Show. Nearly all agree that there is no better proving ground than China: its gigantic cities are desperate for answers to gridlock and its population is noted for its ready embrace of high-tech new services. To take advantage of this, manufacturers are competing not only to sell conventional and electric vehicles in the...
April 19, 2019

Coming soon to China: The car of the future

In this file photo, a sign of the World Trade Organization (WTO) is seen at their headquarters in Geneva. The World Trade Organization on Thursday largely sided with the United States in its Obama-era case against Beijing over Chinese restrictions on imports of American grain. The WTO decision was the second in as many months to favor Washington's position on trade with China in grain.  — AFP
US wins WTO ruling against China grain import quotas
GENEVA — The United States won a World Trade Organization (WTO) ruling on Thursday against China's use of tariff-rate quotas for rice, wheat and corn, which it successfully argued limited market access for US grain exports. The case, lodged by the Obama administration in late 2016, marked the second US. victory in as many months. It came amid US-China trade talks and on the heels of Washington clinching a WTO ruling on China's price support for grains in March. A WTO dispute panel ruled on Thursday that under the terms of its 2001 WTO accession, China's administration of the tariff rate quotas (TRQs) as a whole violated its obligation to administer them on a "transparent, predictable and fair basis". TRQs are two-level tariffs, with a limited volume of imports...
April 19, 2019

US wins WTO ruling against China grain import quotas

Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, on Thursday. — Reuters
WRAPUP 3-Jet Airways shares plunge, rivals race to grab grounded carrier's slots
MUMBAI/NEW DELHI — Jet Airways Ltd shares plunged on Thursday, battered by fears about whether the grounded Indian airline would fly again, even as carriers like rival SpiceJet rushed in to plug a supply gap in the wake of their rival's demise. Once India's largest private airline, Jet halted all flight operations indefinitely on Wednesday evening after lenders led by State Bank of India declined to extend more funds to keep the carrier going. Investors punished Jet shares on Thursday, driving them down 34 percent in their biggest intraday fall. The company is worth about $260 million now, versus $1.6 billion at its peak in 2005. The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217...
April 18, 2019

WRAPUP 3-Jet Airways shares plunge, rivals race to grab grounded carrier's slots

A guest hold up a phone during the Pinterest Inc. IPO on the floor of the New York Stock Exchange (NYSE) in New York, US, Thursday. — Reuters
Tech startups Pinterest, Zoom soar in Wall Street debut
NEW YORK — Pinterest got off to a flying start on Wall Street Thursday in the market debut for the San Francisco-based visual discovery service, a positive sign for the wave of Silicon Valley firms planning stock listings. Pinterest shares leapt 28 percent in early afternoon trade at $24.16 after its initial public offering (IPO) which raised some $1.4 billion. The jump was a positive sign for other venture-backed Silicon Valley firms after a stumble for ride-hailing firm Lyft, which has lost some 20 percent since its market debut last month. Separately, the videoconferencing startup Zoom surged 75 percent in its market debut after an IPO which raised more than $350 million. Zoom's market value at the opening was estimated at some $16.6 billion and Pinterest's at $12.5...
April 18, 2019

Tech startups Pinterest, Zoom soar in Wall Street debut

Maaden officially announces acquisition of 85percent of Meridian Fertilizers Group in Africa.
Ma’aden makes first international acquisition to bolster market share in Africa
RIYADH —Saudi Arabia’s largest mining company, Ma’aden, will make its first international acquisition with the purchase of an African Fertilizer distribution company that is due to be completed by September for an undisclosed fee. The publicly-listed Saudi Arabian Mining Company will acquire an 85% stake in the Mauritius-based Meridian Group in an all cash deal that will provide one of the Middle East’s largest phosphate producers with 3,000 staff and a network of operations across southern Africa, from Malawi to Mozambique, Zimbabwe and Zambia. Phosphate is used to produce fertilizer that is essential in replacing the phosphorous mineral that is removed from soil when agricultural plants are harvested. “This acquisition marks a very important step in Ma’aden’s strategy to...
April 18, 2019

Ma’aden makes first international acquisition to bolster market share in Africa

From L to R - Dr. Fuad Hussein, deputy prime minister and finance minister of Iraq, Ahmed Al Khulaifi, governor of SAMA, and Faisal Al Haimus, chairman of TBI at the ribbon cutting ceremony in Riyadh. — Courtesy photo
Iraqi deputy prime minister opens first Iraqi bank branch in Saudi Arabia
RIYADH — The first Iraqi bank to open a branch in Saudi Arabia was officially opened Thursday by Dr. Fuad Hussein, deputy prime minister and finance minister of Iraq. The wholly government-owned bank, which holds 80% market share in Iraq, has opened its first international branch office in Al-'Olayya District of Riyadh and will start its operations soon. The Deputy Prime Minister was joined by Ahmed Al Khulaifi, governor of SAMA, Turki Al-Mutairi, deputy governor of SAMA Research - International Affairs, Dr. Maher Hammad Johan, deputy minister of finance of the Republic of Iraq, Faisal Al Haimus, chairman of TBI, senior officials from the Saudi government and honored guests from both countries for a short opening ceremony at its new premises. The first international branch of TBI...
April 18, 2019

Iraqi deputy prime minister opens first Iraqi bank branch in Saudi Arabia

In this file photo a grounded United Boeing 787 Dreamliner is seen on the tarmac at Los Angeles International Airport. United Continental still expects to receive new Boeing 737 MAX planes in 2019 and does not expect a fight with the manufacturer over recovering costs from the planes' grounding, United executives said on Wednesday. — AFP
Boeing making 'steady progress' on path to 737 MAX software certification — CEO
WASHINGTON/CHICAGO — Boeing Co is making "steady progress" on the path to certifying a software update to the grounded 737 MAX and has made the final test flight before a certification flight, its chief executive said on Wednesday. Boeing's newest 737 model, the MAX, was grounded worldwide in March following two fatal crashes, one on Lion Air in Indonesia on Oct. 29 and another on Ethiopian Airlines on March 10, which together killed all 346 on board. Battling its biggest crisis in years, the world's largest aircraft manufacturer is under pressure to convince global regulators that the aircraft can be safely recertified to fly again. "We are making steady progress toward certification," Boeing CEO Dennis Muilenburg said in a video on his Twitter...
April 18, 2019

Boeing making 'steady progress' on path to 737 MAX software certification — CEO

In this file photo, Huawei Founder and CEO Ren Zhengfei gestures as he attends a session of the World Economic Forum (WEF) annual meeting in Davos.  — AFP
Huawei says not discussed 5G chipsets with Apple, wins more telco gear contracts
HONG KONG — China's Huawei Technologies said on Tuesday it has not held talks with Apple Inc about supplying 5G chipsets, a day after its founder said it was open to selling such chips to the U.S. firm which has yet to unveil dates for a next-gen iPhone. Apple is behind rivals such as South Korea's Samsung Electronics Co and Huawei in delivering a phone equipped with fifth-generation (5G) modems that is expected to provide fresh momentum in a slumping global smartphone market. Intel Corp, the sole supplier of modem chips for iPhones, has said its 5G chips will not appear in mobile phones until 2020, raising the possibility that Apple, its biggest customer, will be more than a year behind rivals in delivering a device that uses the faster 5G networks. Samsung started selling...
April 18, 2019

Huawei says not discussed 5G chipsets with Apple, wins more telco gear contracts

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