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Workers stand beneath Southwest Airlines Boeing 737 MAX aircraft parked at Southern California Logistics Airport in Victorville, California. Southwest Airlines is waiting out a global grounding of MAX 8 and MAX 9 aircraft at the airport. — AFP
Boeing adopts 'business as usual' posture at 737 media tour
RENTON, United States — After two fatal crashes in five months, Boeing is trying hard — very hard — to present itself as unfazed by the crisis that surrounds the company. The company's sprawling factory in Renton, Washington is a hive of activity on this sunny Wednesday during a tightly-managed media tour as Boeing tries to communicate confidence that it has nothing to hide. Several employees working on the embattled 737 MAX plane don yellow vests and work in teams, with one group of staff gathered at a large table, poring over plane designs. The new planes are painted green by Boeing before they are delivered to commercial airlines, which then give them a makeover with their corporate brands. On this day, three new aircraft are ready to leave the factory. After a once over...
March 28, 2019

Boeing adopts 'business as usual' posture at 737 media tour

Denmark asks Nord Stream 2 to assess third route option for gas pipeline
COPENHAGEN — The Danish Energy Agency has requested an environmental assessment of a third route option for the Nord Stream 2 gas pipeline in Danish waters, a move that could delay the project to pump Russian gas to Europe. The 1,225 km (765 miles) pipeline, now under construction, has come under fire from the United States and several eastern European, Nordic and Baltic Sea countries, which fear it will increase the European Union's reliance on Russian gas. The project has two pending permit applications with Danish authorities but the energy agency has asked that a third route secure an environmental assessment. The route would run in Denmark's exclusive economic zone south of Bornholm island. "It is an area that has become available after a demarcation negotiation with...
March 28, 2019

Denmark asks Nord Stream 2 to assess third route option for gas pipeline

Skuli Mogensen, CEO of WOW air, poses with cabin crew members during a delivery ceremony of his first Airbus A321neo, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, in this file photo. — Reuters
Skyfall: Another budget airline goes down as sector struggles
PARIS — Iceland's budget carrier WOW Air collapsed on Thursday, the latest in a string of low-cost airlines to go under after the fiercely competitive industry suffered from rising fuel prices last year. Here is some background on the challenges plaguing the sector. Nosedive Almost 10 low-cost airlines collapsed in 2018, including Belgium's VLM Airlines, Denmark's Primera Air and Cyprus' Cobalt Air. This year has not started much better. WOW Air, which transported more than a third of people traveling to Iceland, ceased operations and canceled all its flights on Thursday after failing to find investors to save it from going under. In February Berlin-based airline Germania, which transported more than four million passengers a year, cancelled its own flights and...
March 28, 2019

Skyfall: Another budget airline goes down as sector struggles

Edwin Hardeman (L) departs with his wife Mary Hardeman (s2R) after winning his case against Monsanto in San Francisco, California on Wednesday. Monsanto was ordered to pay some $81 million to an American retiree who blames his cancer on the agribusiness giant's weedkiller Roundup. — AFP
Monsanto ordered to pay $80m in Roundup cancer trial
SAN FRANCISCO — Monsanto has been ordered to pay some $80 million to an American retiree who blames his cancer on the agribusiness giant's weedkiller Roundup, in a case that could influence the outcome of thousands more like it. A San Francisco jury Wednesday found the firm, which is owned by Bayer, had been "negligent by not using reasonable care" to warn of the risks of its product, ordering it to pay Edwin Hardeman $75 million in punitive damages, a little over $5 million in compensation and $200,000 for medical expenses. It was the second stinging legal verdict for Monsanto in recent months after it lost a case to a California school groundskeeper suffering from terminal non-Hodgkin's lymphoma and was ordered to pay out tens of millions of dollars. The jury also...
March 28, 2019

Monsanto ordered to pay $80m in Roundup cancer trial

File photo of logos of Monex Group Inc and Coincheck are seen before their joint news conference in Tokyo, Japan.  — Reuters
Compliance officers wary of switch to 'Wild West' crypto sector
NEW YORK/LONDON — After almost three decades in senior compliance roles at large financial firms including Bank of New York Mellon's Pershing and Goldman Sachs Group Inc, Jeff Horowitz made an unconventional career move. In July he became chief compliance officer at cryptocurrency exchange Coinbase, taking a leap into the more lightly regulated world of digital assets. "It's not for the faint of heart," Horowitz said of the move from compliance on Wall Street to a cryptocurrency startup. "You need to have a flexible risk needle. The old school attitude of compliance being Doctor No really doesn't translate well to this industry." Horowitz is one of several senior compliance officers hired by cryptocurrency firms over the past year in a recruitment spree...
March 28, 2019

Compliance officers wary of switch to 'Wild West' crypto sector

A file picture shows an aircraft of Icelandic low-cost airline WOW Air on the tarmac of Roissy-Charles de Gaulle Airport, north of Paris. Icelandic low-cost airline WOW Air, in difficult financial position, announced on Thursday that it will cease operations and cancel all flights, a decision that is expected to affect thousands of passengers. — AFP
Passengers stranded after Iceland's WOW air collapses
REYKJAVIK — Iceland's WOW air became the latest budget airline casualty on Thursday, halting operations and cancelling all future flights after efforts to raise more funds failed. WOW, which focused on low-cost travel across the Atlantic, advised stranded travellers to seek flights with other airlines. It flew a total of 3.5 million passengers last year. "This is probably the hardest thing I have ever done but the reality is that we have run out of time and have unfortunately not been able to secure the funding of the company," WOW CEO and founder Skuli Mogensen wrote in a letter to the company's 1,000 employees. "I will never be able to forgive myself for not taking action sooner," he added. WOW had earlier postponed flights on Thursday as it entered what...
March 28, 2019

Passengers stranded after Iceland's WOW air collapses

A giant advertising wraps the bell tower of the Kaiser Wilhelm memorial church (Kaiser-Wilhelm-Gedaechtniskirche) in Berlin on Thursday. The parish will use revenues from the advertising of Chinese multinational telecommunications equipment and consumer electronics manufacturer Huawei for the restructuring of the building. — AF
UK identifies fresh Huawei risks to telecom networks
LONDON — Britain has identified "significant" issues in Huawei's engineering processes that pose "new risks" for the nation's telecommunications, a government report found Thursday amid lingering global suspicion over the Chinese technology giant. "Further significant technical issues have been identified in Huawei's engineering processes, leading to new risks in the UK telecommunications networks," read annual findings from the Huawei Cyber Security Evaluation Centre (HCSEC) oversight board. Huawei is the leading manufacturer of equipment for next-generation 5G mobile networks with almost instantaneous data transfer that will become the nervous system of Europe's economy, in strategic sectors like energy, transport, banking and health...
March 28, 2019

UK identifies fresh Huawei risks to telecom networks

This combination of file pictures shows Chinese carmaker Geely's CEO Li Shufu (L, in Brussels) and the CEO of German auto giant Daimler AG Dieter Zetsche (R,  in Berlin). Mercedes-Benz maker Daimler and Chinese auto giant Geely announced plans on Thursday to develop the next generation of electric Smart cars to be made in China in a joint venture. — AFP
Daimler and China's Geely join forces to build next-gen Smart car
BERLIN — Mercedes-Benz maker Daimler and Chinese auto giant Geely announced plans Thursday to develop the next generation of electric Smart cars to be made in China in a joint venture. Under the agreement, expected to be finalized by the end of the year, the new vehicle will go on global sale in 2022, the German and Chinese car giants said in a statement. The 12-strong board of directors of the new venture will be made up of six executives from each company. The new Smart cars will be styled by the Mercedes-Benz Design network with engineering provided by Geely. Prior to the launch of the next generation, Daimler will continue to produce the current "fortwo" model of the Smart car at its plant in Hambach, northeastern France. The Smart car will then leave its historic home in...
March 28, 2019

Daimler and China's Geely join forces to build next-gen Smart car

Saudi Aramco buys 70 percent of SABIC for $69.1 billion
Saudi Gazette reportRIYADH — Saudi Aramco said on Wednesday it is buying a 70 percent stake in petrochemicals giant Saudi Basic Industries Corporation (SABIC), in a deal worth SR259.12 billion. “Saudi Aramco today announced the signing of a share purchase agreement to acquire a 70 percent majority stake in SABIC from the Public Investment Fund (PIF) of Saudi Arabia, in a private transaction for SR259.125 billion ($69.1 billion) or SR123.39 per share,” Saudi Aramco said in a statement, carried by the Saudi Press Agency.The remaining 30 percent publicly traded shares in SABIC are not part of the transaction, and Saudi Aramco has no plans to acquire these remaining shares. The transaction is subject to certain closing conditions, including regulatory approvals, the statement pointed...
March 27, 2019

Saudi Aramco buys 70 percent of SABIC for $69.1 billion

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Oman to highlight its tourism destinations at Riyadh Travel Fair ’19
MUSCAT — Oman’s Ministry of Tourism has announced that it will participate in the “Riyadh Travel Fair 2019”, which will be held from 28-30 March at the Al Faisaliah Tower Hotel in Riyadh, Saudi Arabia. This year, the Ministry is collaborating with a number of regional and international travel and tourism leaders to highlight the most competitive elements and tourism projects that are a major attraction for Saudi and regional tourists to the Sultanate. The Ministry’s participation in this pioneering regional event is in line with its efforts to achieve the Oman Tourism Strategy (2016-2040), which aims to enhance the Sultanate’s position globally and make it an ideal destination for outstanding hospitality.Saleh Bin Ali Al Khayafi, Director of Promotion and Marketing, Omani...
March 27, 2019

Oman to highlight its tourism destinations at Riyadh Travel Fair ’19

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