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Hurricane Florence caused an estimated $4 billion in insured losses, according to Swiss Re, who said it expected to be saddled with $120 million of those claims. — AFP
Natural disasters saddle Swiss Re with $1.1bn claims
ZURICH — Swiss reinsurance giant Swiss Re said Thursday that it had received over $1 billion in claims after recent natural disasters, including powerful typhoons in Japan, and hurricanes and wildfires in North America. Swiss Re said in a statement that it chalked up around $1.1 billion (955 million euros) in preliminary claims from natural disasters alone during the third quarter. Typhoon Jebi, which killed 11 people and injured 600 when it hit Japan in early September and was the most powerful typhoon to strike the country in a quarter of a century, caused around $6 billion in insured losses, Swiss Re said. The Swiss reinsurance company said its share of claims from that disaster alone was expected to tick in at around $500 million. The claims burden from Hurricane Florence, which...
October 18, 2018

Natural disasters saddle Swiss Re with $1.1bn claims

Constructions of new apartments of the the Meikarta real estate project in Bekasi, Indonesia. — Reuters
Indonesia raids home of Lippo Group deputy chairman in bribery probe
JAKARTA — Indonesia's anti-graft agency said on Thursday it had raided 10 locations, including the home of Lippo Group Deputy Chairman James Riady, as part of a bribery investigation linked to the conglomerate's $21 billion Meikarta real estate project. The raids come after the Corruption Eradication Commission, known as KPK, arrested two Lippo Group consultants and an employee accused of trying to pay off city officials to obtain property permits for Meikarta. Costing $21 billion and billed as the "Shenzhen of Indonesia", after the booming Chinese city, Meikarta is Lippo's largest project to date and is meant to be a centre for the automotive and electronic industries. It will also include five-star hotels, shopping malls, hospitals, and universities. Febri...
October 18, 2018

Indonesia raids home of Lippo Group deputy chairman in bribery probe

CEO of Swedish telecom giant Ericsson Borje Ekholm presents the company's third quarter results during a press conference in Stockholm, Sweden, on Thursday. Shares in Swedish telecoms firm Ericsson shot up by five percent in early trades on Thursday after it posted better-than-expected third quarter earnings, turning its first net profit in more than two years. — AFP
Ericsson turns first profit in two years, shares climb
STOCKHOLM — Shares in Swedish telecoms firm Ericsson shot up by five percent in early trades on Thursday after it posted better-than-expected third quarter earnings, turning its first net profit in more than two years. By noon (1000 GMT), the share price was still up by 4.72 percent on the Stockholm stock exchange in an overall market trading 0.6 percent higher. Ericsson's net profit soared to 2.7 billion kronor ($301 million, 261 million euros) during the period July-September, compared to a net loss of 3.6 billion a year ago. Analysts had expected a loss of 167 million kronor. "We see improvements across our businesses," chief executive Borje Ekholm said in the report. Once a market leader in the mobile phone industry, Ericsson saw its earnings slump year after year...
October 18, 2018

Ericsson turns first profit in two years, shares climb

Giant electronic billboards display adverts for crypto currency investment companies as commuters arrive at Canary Wharf tube station in London, Britain, in this file photo. — Reuters
Hacked, scammed and on your own: navigating cryptocurrency 'wild west'
NEW YORK — When Peggy and Marco Lachmann-Anke learned in January that hackers cracked a 40-character password and cleaned out their cryptocurrency wallet, they did not go to the police or alert the tokens' issuer, the Berlin-based technology group IOTA. They bought more coins. The Cyprus-based German couple, who describe themselves as financial educators, figured they had no chance of recovering the coins and it was not even clear who might take up their case. Yet they took the roughly $14,000 loss in stride — something that comes with the territory when one bets on a new, exciting technology in a yet unregulated market. "We really believe in cryptocurrencies. We have studied this for about a year before investing, so we are aware of the risks," Peggy Lachmann-Anke...
October 18, 2018

Hacked, scammed and on your own: navigating cryptocurrency 'wild west'

Construction work on the Chinese-built Maputo-Katembe Bridge, linking the two sides of the bay of Mozambique's capital. The three-kilometer, $725-million structure, scheduled to open this year, will be Africa's longest suspension bridge.
Is Africa starting to choke on China's lending glut?
FREETOWN — It was a time for smiles and handshakes as the delegations from Sierra Leone and China Exim Bank sealed a loan to provide the impoverished West African state with a new airport. Just months later, the much-trumpeted Mamamah International Airport scheme, estimated to cost $400 million (347 million euros), has gone up in smoke. Sierra Leone's new government has scrapped the contract, bluntly declaring it "uneconomical". Instead it will use an existing, underused airport and improve access to it. The decision coincides with concern internationally about Africa's mounting debts with China — fears that are sometimes voiced by individual Africans, but rarely their governments. "We need Chinese development, but not at the expense of our unborn children...
October 18, 2018

Is Africa starting to choke on China's lending glut?

Exxon Mobil bets big on China LNG, sidesteps trade war
HOUSTON/SINGAPORE — In the middle of a Sino-US trade war, the world's largest publicly traded oil and gas company is turning toward Beijing for business at a time when most of Corporate America is looking elsewhere to avoid the threat of tariffs. Exxon Mobil Corp is placing big bets on China's soaring liquefied natural gas (LNG) demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet. Its gas strategy is moving on two tracks: expanding output of the super-cooled gas in places such as Papua New Guinea and Mozambique, and creating demand for those supplies in China by opening Exxon's first import and storage hub, according to an Exxon manager and people briefed on the company's plans. That...
October 18, 2018

Exxon Mobil bets big on China LNG, sidesteps trade war

Saudi Arabia’s GDP projected to jump 30% by 2023: IMF
By Abdurahman Al-MisbahiOkaz/Saudi GazetteJEDDAH — Saudi Arabia’s gross domestic product (GDP) is expected to jump 29.53 percent to $889.5 billion by the year 2023 while comparing with the year 2017. The GDP is projected to increase 12.11 percent to $769.88 billion during the current year against $689.38 billion in the previous year, according to a report of the International Monetary Fund (IMF). The robust growth in GDP consolidates the Kingdom’s position in the Group 20 countries, which are considered the largest economies in the world.The IMF estimates projected a further rise of 15.85 percent in GDP reaching $795.58 billion in 2019 and 18.72 percent surge in 2020 with the volume of GDP exceeding $815 billion. According to the IMF projections, Saudi Arabia surpasses Turkey in...
October 17, 2018

Saudi Arabia’s GDP projected to jump 30% by 2023: IMF

Cloud crucial for scaling innovations in Saudi Arabia
Saudi GazetteDUBAI — “Cloud has reached the tipping point in Saudi Arabia, with fourth-fifths of IT decision-makers recognizing how the cloud is vital for scaling innovations for Intelligent Enterprise and Smart Cities,” said Khaled Alsaleh, Managing Director, SAP Saudi Arabia, speaking to Saudi Gazette during GITEX Technology Week that will conclude today (Oct. 18)“Intelligent Enterprises, and Smart Cities such as NEOM, can leverage emerging technology innovations to meet and predict citizens’ needs in real-time, enhance urban competitiveness, and transform the economy, society, and environment in line with Saudi Vision 2030.”Saudi Arabia has strong potential for the cloud to enable Saudi Vision 2030 and Smart Cities, which is agreed upon by two-thirds (66 percent) of IT...
October 17, 2018

Cloud crucial for scaling innovations in Saudi Arabia




Yanbu South Terminal
Aramco boosts export capacity of Yanbu unit
DHAHRAN — The commissioning of Yanbu South Terminal (YST) marked the addition of 3 million barrels per day to the West Coast export capacity when the first VLCC was loaded on Oct. 12, according to Saudi Aramco officials here.Yanbu South Terminal, whichis located south of Yanbu City on the West Coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive, store and load Arab Light (AL) and Arab Super Light (ASL) crude oil.The facility’s integration with the existing crude oil supply network adds 3 million barrels per day to Saudi Aramco’s export capacity through the West Coast, thereby reinforcing the reputation of Saudi Aramco as a reliable energy supplier to customers throughout the globe.The successful startup of Yanbu South Terminal is another milestone in...
October 17, 2018

Aramco boosts export capacity of Yanbu unit

Bahrain tops World Bank Index for Human Capital in MENA
MANAMA — The World Bank has announced its inaugural Human Capital Index, with Bahrain coming in the lead for the MENA region. Focusing on health and education, the Index measures how productive a child born today will be by the time they turn 18, where the Kingdom’s score increased by 6% since the research project started in 2012.Bahrain’s performance was most notable in education, where it ranked first in the GCC region and around the world for the number of years a child spends at school, averaging 13.3 years per child by the time they reach the age of 18.Equally, it was also in the first quartile for key health measures such as adult survival rates (the percentage of 15-year olds living until they are 60), and child survival rates (the percentage of children living until they are...
October 17, 2018

Bahrain tops World Bank Index for Human Capital in MENA

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