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Carlos Ghosn, seen in this file photo, will remain in detention in Tokyo until April 22.
Japan court says Carlos Ghosn detention extended until April 22
TOKYO — A Japanese court on Friday ruled that Carlos Ghosn will remain in detention until April 22, as prosecutors grill the former Nissan boss over allegations of financial misconduct. His lawyers immediately appealed the decision and have already asked the Supreme Court to intervene in his detention. But unless the appeals succeed, the 65-year-old will be held in custody at a detention center in Tokyo until April 22, whereupon authorities will either have to press formal charges, release him or re-arrest him if they feel he has other accusations to answer. Prosecutors are looking into allegations that Ghosn siphoned off some $5 million from funds allegedly transferred from Nissan to a dealership in Oman, and spent the money on a luxury superyacht. Ghosn has not been formally charged...
April 12, 2019

Japan court says Carlos Ghosn detention extended until April 22

Prime Minister Mahathir Mohamad had vowed to renegotiate or cancel what he calls 'unfair' Chinese projects. On Friday, Malaysia and China agreed  to resume construction of a rail project that was renegotiated.
Malaysia, China agree to resume railway project after slashing cost
KUALA LUMPUR — Malaysia and China agreed on Friday to resume construction of a multi-billion dollar rail project, shaving nearly a third of the cost, after months of negotiations that strained ties between the two trade partners. Prime Minister Mahathir Mohamad, who came to power after a stunning election victory in May, has vowed to renegotiate or cancel what he calls "unfair" Chinese projects authorized by his predecessor, Najib Razak. The two sides have agreed to cut the cost of the 688-km (430-mile) rail project to 44 billion ringgit ($10.7 billion) from the original 65.5 billion ringgit, Mahathir's office said in a statement. "This reduction will surely benefit Malaysia and lighten the burden on the country's financial position," it said, adding that...
April 12, 2019

Malaysia, China agree to resume railway project after slashing cost

Turkish Treasury and Finance Minister Berat Albayrak seen at a news conference in Istanbul, Turkey, recently. — Reuters
Turkey's Albayrak leaves investors unconvinced in Washington -sources
ISTANBUL/WASHINGTON — Turkish Finance Minister Berat Albayrak offered little convincing detail of his economic turnaround plan and failed to enthuse investors at a private meeting in Washington on Thursday, according to four people who attended. Some 400 investors packed into a room at a Washington hotel, with dozens standing at the back, as Albayrak and Turkish central bank governor Murat Cetinkaya outlined the reform package that Albayrak unveiled in Istanbul on Wednesday. Their upbeat view of Turkey's expected rebound from recession failed to resonate, said the sources, who requested anonymity. One told Reuters that Albayrak pointed to a recent dip in inflation and the improving current account balance to argue that Turkey was doing much better today than in October, when it was...
April 12, 2019

Turkey's Albayrak leaves investors unconvinced in Washington -sources

Uber steers toward blockbuster IPO as road looks rocky
SAN FRANCISCO — Uber could become a $100 billion company with a massive share offering that will be a bellwether for tech startups looking toward Wall Street. Media reports said the ride-hailing giant is seeking to raise some $10 billion in what would be the largest stock offering of the year. That could result in a valuation close to $100 billion — an impressive figure but below some earlier estimates amid an ebbing of enthusiasm on growth and profitability, the Wall Street Journal reported. The Journal said details of Uber's initial public offering (IPO) would be released Thursday and the market debut was expected in May. The IPO comes after a lackluster response to last month's market debut for Lyft, the main US rival of Uber. Lyft shares rose on the first day of trade...
April 11, 2019

Uber steers toward blockbuster IPO as road looks rocky

The logo of Apple company is seen outside an Apple store in Paris, France, on Wednesday. — Reuters
Apple adds Foxconn, chip suppliers to clean energy program
LOS ANGELES — Apple Inc said on Thursday it has nearly doubled the number of suppliers using only clean energy for production work, including two that assemble and make the processor chips for the iPhone. Apple last year said it meets all of its needs with renewable energy such as solar farms that power data centers. But a large part of its carbon footprint comes from its supply chain, and since 2015 Apple has worked directly with those companies to use clean energy for Apple production. Forty-four companies are now in the program, Apple said on Thursday, including Hon Hai Precision Industry Co Ltd, whose Foxconn unit makes iPhones, and Taiwan Semiconductor Manufacturing Co Ltd, which supplies the A-series chips that power all of Apple's mobile devices. Apple had previously...
April 11, 2019

Apple adds Foxconn, chip suppliers to clean energy program

Chevron, investor reach deal on Myanmar shareholder resolution
BOSTON/HOUSTON — Chevron Corp will put a focus on human rights in Myanmar under an agreement with an investor group that had urged it to pay more attention to violence in the Asian nation where the US oil company has operations. Chevron will undertake steps including social investment reviews in Myanmar's Rakhine State, donate to humanitarian organizations for Rohingya refugees, and help develop practices for companies operating amid risks of crimes against humanity, according to a letter signed by a company executive. Azzad Asset Management, an activist investor that submitted a shareholder resolution calling on Chevron to report on its business with governments complicit in genocide or crimes against humanity, agreed to withdraw the proposal, according to a copy of the agreement...
April 11, 2019

Chevron, investor reach deal on Myanmar shareholder resolution

File photo of ASML Holding CEO Peter Wennink attending a news conference after fourth quarter earnings, in Eindhoven, Netherlands. — Reuters
ASML falls victim to Chinese corporate espionage
AMSTERDAM — Dutch ASML was the victim of Chinese corporate espionage a few years ago, but said the information stolen was not a blueprint for the lithography machines that have made it a world leader in semiconductor equipment. ASML said the perpetrators took "large files" on memory sticks from its Silicon Valley software subsidiary that develops software for machine optimization. It said it had since taken action to make such theft much more difficult. The Dutch company welcomed a Sino-European agreement earlier this week, which promised that Beijing would no longer force foreign companies to share sensitive know-how when operating in China. "Can we prudently do business in China? Yes of course. This was a rotten apple," ASML said in a statement. ASML's sales...
April 11, 2019

ASML falls victim to Chinese corporate espionage

A man holds a placard depicting Russian President Vladimir Putin and German Chancellor Angela Merkel smiling, and the Nord Stream 2 gas pipe-line, during a rally in front of the German embassy in Kiev, on Thursday. Demonstrators held an action demanding to stop Germany's attempts to lift sanctions against Russia and to increase pressure to release detained Ukrainian. — AFP
Nord Stream 2 delay "trump card" in Russia-Ukraine gas talks -EU official
BRUSSELS — Construction of Russia's Nord Stream 2 pipeline to Germany is bound to face further long delays, forcing Moscow to come to an agreement with Ukraine on future gas transits, a senior EU official said on Thursday. The 11 billion euro ($12 billion) project to build a gas pipeline from Russia to Germany has come under fire from the United States and several eastern European and Nordic countries, which fear it will undermine Ukraine, and its gas transit revenues, and increase the EU's reliance on Russian gas. The Russian-led Nord Stream 2 company has said it still expects to finish the pipeline by the end of 2019, despite permits pending in Denmark and new EU rules that may change its operational model. Klaus-Dieter Borchardt, a senior energy official at the European...
April 11, 2019

Nord Stream 2 delay "trump card" in Russia-Ukraine gas talks -EU official

Saudi Aramco Announces Pricing of $12 Billion Bond Issuance
DHAHRAN - Saudi Arabian Oil Company (“Saudi Aramco”) announced today that it has priced an offering of $12 billion in its inaugural international bond issuance. The issuance is comprised of five tranches of senior unsecured notes under Saudi Aramco’s Global Medium Term Note Program.The offering is expected to close on 16 April 2019, subject to customary closing conditions. The Notes will trade on the London Stock Exchange’s Regulated Market and be admitted to the official list of the United Kingdom Listing Authority.
April 10, 2019

Saudi Aramco Announces Pricing of $12 Billion Bond Issuance

Turkey unveils reform package to revive growth
ISTANBUL — Turkey’s government on Wednesday said it would increase support for state banks, bring in measures to curb inflation and overhaul taxes as part of reforms aimed at tackling an economic slowdown.Turkey slipped into recession for the first time in a decade last year following a sharp currency crisis that sent inflation soaring into double digits and hit Turkish households hard.Turkish companies, who enjoyed a boom in foreign credit during the country’s growth years, have also been hurt as a weaker lira left them burdened with higher foreign debt payments.Finance Minister Berat Albayrak announced the reform package days after the ruling AKP lost the capital Ankara and Istanbul in a tight local election where high living costs and the slowdown were key voter concerns.Worried...
April 10, 2019

Turkey unveils reform package to revive growth

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