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(L-R) Bank of Japan governor Haruhiko Kuroda, Japan Finance Minister Taro Aso, and Indonesia Finance Minister Sri Mulyani Indrawati as seen during International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, on Thursday. — Reuters
Who runs the (economic) world? It might soon be women
NUSA DUA, Indonesia — Who runs the world? It might soon be women as a crop of female economists join IMF chief Christine Lagarde in top positions at major financial bodies. As the International Monetary Fund and World Bank meet this week in Bali, Lagarde no longer cuts quite the same lone figure she once did, now flanked by growing numbers of female finance ministers and economists. The IMF has just named Gita Gopinath to replace its outgoing chief economist Maurice Obstfeld, making her the first woman to hold the post. Gopinath, 46, a well-respected economics professor at Harvard University and co-editor of the prestigious American Economic Review, is likely to bring a fresh perspective to the institution, and potentially challenge longstanding positions. While the IMF has...
October 12, 2018

Who runs the (economic) world? It might soon be women

A view of the exterior of the Citibank corporate headquarters in New York, New York, US, in this file photo. — Reuters
Citigroup profit beats on higher bond trading, lower costs
NEW YORK — Citigroup Inc reported a better-than-expected quarterly profit on Friday, helped by lower expenses, higher bond trading revenue and strength in its consumer banking business in Mexico. Operating expenses declined 1 percent, surprising analysts and indicating that the company was on the way to meeting financial targets for this year. The company also showed an improvement in the yield from its North America Citi-branded card business, which analysts were watching closely, adding another argument for its profit outlook. Citigroup's shares rose 1.6 percent to $69.48. Investors have been waiting to see how trading revenue fared at the five big Wall Street banks, due to an escalating US-China trade war and executives warning that the business's growth would be...
October 12, 2018

Citigroup profit beats on higher bond trading, lower costs

File photo shows a Ryanair worker takes part in a protest inside the departure hall during a strike by Ryanair workers of several European countries, at the airport in Valencia, Spain. — Reuters
Pilots sue Ryanair over Dutch airport pullout
THE HAGUE — Pilots are suing Ryanair over the closure of its base in the Dutch city of Eindhoven, unions said Friday, accusing the carrier of trying to break strikes with the move. The Irish airline announced on Oct. 1 it would take all four aircraft from Eindhoven, and would try to minimize job losses and offer pilots other places in Europe. Ryanair made the announcement after warning profits would be hit by walkouts in The Netherlands, Germany, Belgium, Italy, Portugal and Spain that forced it to cancel hundreds of flights in the summer season. The lawsuit by 17 pilots is against Ryanair "forcing to transfer the employees abroad without a good reason" but the "final goal" was to keep the base open, said Joost van Doesburg, spokesman for the VNV Dutch pilots...
October 12, 2018

Pilots sue Ryanair over Dutch airport pullout

Sheikha Bodour Bint Sultan Al Qasimi has assumed vice presidency of the International Publishers Association (IPA).
Bodour Al-Qasimi Appointed vice president of IPA
DUBAI — Sheikha Bodour Bint Sultan Al Qasimi has assumed vice presidency of the International Publishers Association (IPA). The announcement was made Thursday during the IPA General Assembly at the ongoing Frankfurt International Book Fair. The election follows her enormous efforts in developing the publishing industry in the UAE and greater Arab world. She led the EPA to gain IPA’s permanent membership in 2012. Today it is a pioneering voice for the growth and development of the publishing industry in the UAE, GCC and greater Middle East region. Sheikha Bodour is the first Arab woman to hold one of IPA’s top leadership positions, after Ana Maria Cabanellas served as the only female vice president and president of the association from 2004 to 2008. Speaking on the occasion,...
October 12, 2018

Bodour Al-Qasimi Appointed vice president of IPA

Muse Bihi Abdi, of Somaliland, and Sultan Ahmed Bin Sulayem, chairman and chief executive officer of DP World, attend the signing ceremony of expansion project of Berbera port in Hargeysa, in northern Somalia's semi-autonomous Somaliland region, on Thursday. — Reuters
DP World launches expansion of port in Somaliland
HARGEYSA, Somalia — Dubai state-owned port operator DP World has launched a $101 million project to expand a port in the breakaway region of Somaliland. Somaliland broke away from Somalia in 1991 and has acted as a de-facto independent state since then but is not internationally recognized. The United Arab Emirate's Dubai government owns DP World. The port in Berbera exports camels to the Middle East and imports food and other items, but Somaliland hopes it will provide an alternative for neighboring Ethiopia — a landlocked country of 100 million which relies on Djibouti for its trade. DP World said the first phase of expansion will consist of constructing a 400-metre quay as well as the development of a free-zone, with Emirati firm Shafa Al Nahda the contractor. "This...
October 12, 2018

DP World launches expansion of port in Somaliland

Store closing signs advertising discounts at a Sears in New Hyde Park, New York, US, in this file photo. — Reuters
Empty shelves, poor customer service speed Sears' demise
NEW YORK — Sandy Hetrick drove 15 miles from her home to a Sears in Media, Pennsylvania on Wednesday to buy folding chairs and clothes. Her local Sears in Wilmington, Delaware, the 54-year-old retiree said, was so poorly stocked that she stopped going there, even though there is no Delaware state sales tax. "It's really going down," Hetrick said about Sears, which is weighing whether to file for bankruptcy protection in the coming days. "You can't find any help. The stores have minimal items," she said as she shopped at the store in Media. A change in sentiment among previously loyal shoppers like Hetrick contributed to the retailer's sharp decline in sales. Sears losses have continued to mount to over $11 billion from its last annual profit in...
October 12, 2018

Empty shelves, poor customer service speed Sears' demise

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, US, in this file photo. — Reuters
JPMorgan's consumer banking strength offsets bond trading weakness
NEW YORK — JPMorgan Chase & Co reported a better-than-expected quarterly profit on Friday as gains from higher interest rates and growth in loans helped the bank offset weakness in bond trading revenue. The largest US bank by assets, whose results are often seen as a barometer of the economy, has benefited from a tax windfall and a strong economy that has led to higher interest rates and kept loan defaults in check. All four of JPMorgan's four main businesses recorded a rise in revenue, with consumer banking posting the biggest jump, as the lender's diverse business mix helped it weather the ups and downs of its trading business. Chief Executive Jamie Dimon praised President Donald Trump's tax cuts and deregulatory efforts, but said increasing geopolitical uncertainties...
October 12, 2018

JPMorgan's consumer banking strength offsets bond trading weakness

Ayman Sejiny named as ICD CEO
Ayman Sejiny named as ICD CEO
JEDDAH — The Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD) in its 91st meeting held here recently approved the appointment of Ayman Amin Sejiny as general manager (CEO) of ICD. Dr. Bandar Hajjar, president of IsDB and chairman of ICD Board of Directors, said: "After a rigorous search, the Board concluded that Ayman's considerable experience in banking sector, along with his strong track record of success as a CEO, made him the outstanding candidate for the role. Ayman has demonstrated throughout his career the ability to work successfully in different environments, designing and leading strategies which resulted in impressive value creation. I look forward to working with him to create the next chapter of ICD's story of...
October 11, 2018

Ayman Sejiny named as ICD CEO

A coalition of US business groups fighting President Donald Trump's trade tariffs has launched an advertisement aimed at telling voters ahead of the midterm elections that the measures are costing American businesses and consumers $1.4 billion a month. Trump is seen at the Oval Office. — AFP
US business group says Trump China tariffs cost $1.4 bln/month
WASHINGTON — A coalition of US business groups fighting President Donald Trump's trade tariffs has launched an advertisement aimed at telling voters ahead of the midterm elections that the measures are costing American businesses and consumers $1.4 billion a month. The group says that in Michigan, a state with several competitive elections this fall, tariff costs tripled in August from a year earlier, while they more than doubled in places like Texas, Illinois and West Virginia. Nationally, there was a 45 percent uptick in August compared with the previous August — and the organization cautions not all of the tariffs have gone into affect. The group, which branded itself "Tariffs Hurt the Heartland," crunched tariff payment data by state and nationally and provided the...
October 11, 2018

US business group says Trump China tariffs cost $1.4 bln/month

World Bank President Jim Yong Kim, Indonesia President Joko Widodo and IMF Managing Director Christine Lagarde clap their hands during attend Balifintech Seminar at International Monetary Fund-World Bank Annual Meeting 2018 in Nusa Dua, Indonesia, on Thursday. — AFP
Lagarde warns against trade, currency wars, urges fix to global rules
NUSA DUA, Indonesia — International Monetary Fund Managing Director Christine Lagarde on Thursday warned countries against engaging in trade and currency wars that hurt global growth and imperil "innocent bystanders." Formally launching the IMF and World Bank annual meetings on the Indonesian resort island of Bali, Lagarde urged countries to "de-escalate" trade conflicts and fix global trading rules instead of abandoning them. The United States and China have slapped tit-for-tat tariffs on hundreds of billions of dollars of each other's goods over the past few months, rattling financial markets as investors worry that the escalating trade conflict could knock global trade and investment. The tariffs stem from the Trump administration's demands that China...
October 11, 2018

Lagarde warns against trade, currency wars, urges fix to global rules

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