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Flle photo of the Riyadh1, #42  prototype, competing for team KSU EcoCar from King Saud University, Saudi Arabia goes through Technical Inspection during day three of the Shell Eco-marathon in Manila, Philippines last Feb. 28, 2015. – AP
Saudi Arabia to participate again in Shell Eco-marathon Asia 2019
SHELL announced recently that Malaysia will host Shell Eco-marathon Asia in 2019 as part of its global Make the Future Live program. Held at Sepang International Circuit, Kuala Lumpur, the Asia competition comes back to where it was first held in 2010, and celebrates its 10th year of challenging bright young student minds to design and build ultra-energy-efficient cars, and then take them out on the track in competition.From April 29 to May 2 over100 teams from all over Asia and the Middle East will test their self-built energy-efficient cars in the Shell Eco-marathon Mileage Challenge, to see who can go the farthest using the least amount of energy.Saudi Arabia will again be participating in Shell Eco-marathon Asia, with a contingent of four futuristic cars from three universities...
March 30, 2019

Saudi Arabia to participate again in Shell Eco-marathon Asia 2019

Two more Saudi projects scoop national awards
TWO more projects have been announced as part of the national winners in Saudi Arabia at this year’s edition of MEED Projects Awards, in association with Mashreq.The Titanium Sponge Plant Project in Yanbu, submitted by the joint venture of Chiyoda Corporation and CTCI Corporation, was selected Industrial Project of the Year national winner, while the Haramain High Speed Railway Project, submitted by Saudi Railways Organization (SRO), topped the Transport Project of the Year category.Along with nine other projects from Saudi, these national winners will now be reviewed against its Gulf rivals for the regional honors to determine the final winners of the only awards program in the region that recognizes completed projects. — SG
March 30, 2019

Two more Saudi projects scoop national awards

Intellectual games at King Abdulaziz Camel Festival
By Hana KotinováAS a participant of two Nomad games festivals held in Kyrgyzstan in 2016 and 2018, I got a chance to come to King Abdulaziz Camel Festival. It was a unique experience. At first, I was thinking about participation as a player, but after saying no, I will not have enough time for training and playing in World Championship, which follow a month after, at the end I took the arbiter job and come.In my country I am promoting the intellectual games, I organize tournaments in them and I play them at high competitive level. I am glad that these games where shown to public at the Camel festival. They are hundreds years old, the time proved their quality. They are not only fun, they are an interesting tool to train human brains and not only that. As we say, they have power to make...
March 30, 2019

Intellectual games at King Abdulaziz Camel Festival

Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) applaud during the Nasdaq opening bell ceremony celebrating the company's initial public offering (IPO) on Friday in Los Angeles, California. The ride hailing app company's shares were initially priced at $72. — AFP
Ride-hailing company Lyft rises in Wall Street premier
NEW YORK — Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy." The six-year old San Francisco-based company, trading on Nasdaq under the ticker "LYFT," opened at $87.24, up 21 percent from its initial offering price before retreating somewhat. Near 1650 GMT, shares were trading at $80.92, up 12.4 percent. Lyft was first off the line with its stock offering ahead of an expected IPO later this year from its much-larger rival Uber. Other hotly-anticipated tech IPOs are expected this year from business collaboration firm Slack and visual discovery engine Pinterest. Uber and Lyft are among the most prominent firms in the sharing economy,...
March 29, 2019

Ride-hailing company Lyft rises in Wall Street premier

Aerion designing supersonic jet to run completely on biofuels — CEO
NEW YORK — Supersonic jet developer Aerion Corp is designing its first plane to run completely on biofuels to reduce emissions, even as the company calls for new global standards for planes that can conquer the sound barrier, the company's chief executive said on Thursday. Aerion's business jet AS2, with a $120 million list price per jet, would be capable of running on synthetic paraffinic kerosene (SPK) biofuel, CEO Tom Vice said at a Wings Club event in New York. Existing subsonic aircraft use a blend of biofuels and conventional jet kerosene to ensure the quality of the fuel does not harm the engine. Aerion's plane would have an engine designed with seals that could handle the biofuel, he said. "We believe that running biofuels will reduce our CO2 emissions by at...
March 29, 2019

Aerion designing supersonic jet to run completely on biofuels — CEO

File photo shows Wells Fargo CEO Tim Sloan testifying before a House Financial Services Committee hearing in Washington, US. — Reuters
Wells Fargo says CEO Tim Sloan to step down 'immediately'
NEW YORK — Wells Fargo Chief Executive Tim Sloan, who became the target of criticism over the handling of a damaging scandal, is stepping down from his post "effective immediately," the bank announced Thursday. Sloan, who was promoted to CEO in October 2016 after Wells Fargo's fake accounts scandal was uncovered, said he made the hard decision to exit to avoid serving as a "distraction" from the efforts to recover. The 31-year veteran of the bank also will leave the board immediately, and then retire from the company June 30, Wells Fargo said in a statement. "This was my decision based on what I thought was best for Wells Fargo because there's just been too much focus on me and it was affecting our ability to move forward," Sloan said on a...
March 29, 2019

Wells Fargo says CEO Tim Sloan to step down 'immediately'

Huawei's rotating Chairman Guo Ping speaks during an news conference in Shenzhen, Guangdong province, China, on Friday. — Reuters
Huawei vows to 'shake off' pressure as network business takes a hit
SHENZHEN, China — Chinese telecom giant Huawei vowed on Friday to "shake off outside distractions" as it announced that its telecom infrastructure business contracted slightly in 2018 amid a global US campaign to blacklist the company over espionage fears. Huawei said net profit rose to 59.3 billion yuan ($8.8 billion) last year, up 25 percent. But its carrier business, which supplies telecom infrastructure to much of the world, posted a rare decline, suggesting that the US pressure could be having an impact. The company's carrier business was down 1.3 percent on the year, compared to growth of 2.5 percent in 2017 and annual increases typically in excess of 20 percent in years past. Huawei is the leading manufacturer of equipment for next-generation 5G mobile networks...
March 29, 2019

Huawei vows to 'shake off' pressure as network business takes a hit

Shipping containers are pictured at Yusen Terminals (YTI) on Terminal Island at the Port of Los Angeles in Los Angeles, California, US. — Reuters
A tax on a tax: US customs demands bigger bonds as trade tariffs rise
CHICAGO — Stephen Wang is counting the costs of President Donald Trump's trade war. He had to put down 12 times more cash as a guarantee to US customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports. The cost of the guarantee — a US customs bond — has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods, as well as steel and aluminum imports. Since coming into effect last year, the tariffs have pushed up manufacturing costs, upended decades-old global supply chains and inflated prices for consumers, resulting in lower sales and forcing companies to defer investments. This, in turn, has dimmed...
March 29, 2019

A tax on a tax: US customs demands bigger bonds as trade tariffs rise

China's Vice Premier Liu He (2nd R) gestures next to US Treasury Secretary Steven Mnuchin (2nd L) and Yi Gang (R), governor of the People's Bank of China (PBC), as US Trade Representative Robert Lighthizer (L) looks on as they pose for a group photo at the Diaoyutai State Guesthouse in Beijing on Friday. Top negotiators from China and the United States resumed a fresh round of trade talks in Beijing aiming to settle the bruising spat that has threatened the global economy. — AFP
US, China hold 'constructive' trade talks in Beijing
BEIJING — US officials held "constructive" talks in Beijing, Treasury Secretary Steven Mnuchin said on Friday, concluding the latest round of dialogue with China aimed at resolving the bitter trade dispute between the world's two largest economies. Mnuchin and US Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since President Donald Trump delayed a scheduled March 2 hike in tariffs on $200 billion worth of Chinese goods, citing progress in negotiations. "@USTradeRep and I concluded constructive trade talks in Beijing," Mnuchin said on social media network Twitter. "I look forward to welcoming China's Vice Premier Liu He to continue these important discussions in Washington...
March 29, 2019

US, China hold 'constructive' trade talks in Beijing

Workers cover the cockpit window of a Jet Airways aircraft parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India. — Reuters
Rescue deal is no panacea for India's struggling Jet Airways
NEW DELHI — Jet Airways' investors are cheering this week's government-led rescue deal, but the cash-strapped Indian airline's future looks mired in uncertainty as convincing a new investor to come on board may not be easy. The airline, which was on the brink of bankruptcy, was bailed out on Monday by state-run banks, which have temporarily taken a majority stake in the company, given it a new loan of $218 million and forced its chairman, Naresh Goyal, to step down from the board of the airline he founded 25 years ago. Jet shares have rallied 20 percent since news of the rescue on hopes that the airline would now be able to clear salaries, redeploy grounded planes and claw back market share. Its future is far from certain though, as a consortium of banks led by State Bank...
March 29, 2019

Rescue deal is no panacea for India's struggling Jet Airways

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