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Saturday August 18, 2018
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7 , Dhu al-hijjah , 1439
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"BUSINESS"
August 17, 2018
Aramco reinforces its leading role in global energy supply
DHAHRAN — Saudi Aramco, the world’s leading integrated energy and chemicals company, released Friday its 2017 Annual Review highlighting strategic achievements that reinforce the company’s role as the No. 1 producer of crude oil and condensate, adding value by integrating refining and chemicals production, and expanding cleaner natural gas supply to meet domestic demand. Saudi Aramco President and CEO Amin H. Nasser said: “In 2017, Saudi Aramco continued to deliver on ...
August 17, 2018
Air France's new boss flies into immediate strike threat
PARIS — The first non-French boss of Air France-KLM, Canada's Ben Smith, faces a rocky landing at the strike-prone airline where his nomination and pay packet have been sharply criticized by French trade unions. Smith, the current No. 2 at Air Canada, was unveiled Thursday as the new chief executive of the Franco-Dutch group, whose last boss quit during an ongoing labor dispute as staff press for higher wages. The French government, ...
August 17, 2018
Google employees sign protest letter over China search engine: NYT
WASHINGTON — Hundreds of Google employees have signed a protest letter over the company's reported work on a censor-friendly search engine to get back into China, The New York Times said Thursday. The employees are demanding more transparency so they can understand the moral implications of their work, said the Times, which obtained a copy of the letter. It has been signed by 1,400 employees and is circulating on the company's internal ...
August 17, 2018
Leftists table bill to nationalize South Africa's central bank, rattle rand
JOHANNESBURG/CAPE TOWN — Opposition firebrand Julius Malema tabled a bill to nationalize South Africa's central bank, rattling markets wary of any threat to the institution's independence. The rand fell more than 1 percent overnight after parliament released details on the bill late on Thursday, including clauses to "make the state the sole holder of the shares in the bank" and "provide for the appointment of certain board directors by the (finance) ...
August 17, 2018
Turkey's lira weakens more than 6 pct on threat of more US sanctions
ISTANBUL — Turkey's battered lira weakened more than 6 percent against the dollar on Friday, after a US warning that Ankara should expect more economic sanctions unless it hands over detained American evangelical pastor Andrew Brunson. It has lost nearly 40 percent of its value against the dollar this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan's influence over monetary policy. Erdogan, a self-described "enemy ...
August 17, 2018
Australian court quashes indigenous challenge to Adani mine
SYDNEY — An Australian court quashed an indigenous group's bid to block Indian resource conglomerate Adani Enterprises Ltd from developing its controversial Carmichael coalmine on Friday, clearing one of the final legal hurdles to its development. The company is still securing financing for the A$4 billion ($2.9 billion) first stage of the huge mine, but the company said the verdict allows it to secure land tenure for the site. The Carmichael mine ...
August 16, 2018
Air France-KLM appoints first foreign CEO over union objections
PARIS — Air France-KLM named Air Canada executive Benjamin Smith as its new boss on Thursday, opting for an outsider to steer the airline group through a fraught stand-off with unions at its French carrier. Smith, until now the Canadian airline's chief operating officer, will begin work as Air France-KLM chief executive by the end of September, the company said in a statement. His appointment, backed by the French government over union ...
August 16, 2018
Turkey will emerge stronger from lira crisis, Albayrak tells investors
ISTANBUL — Finance Minister Berat Albayrak assured international investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting that the country's banks were healthy. In a conference call with thousands of investors and economists, Albayrak — who is President Tayyip Erdogan's son-in-law — said Turkey fully understood and recognized all its domestic challenges but was dealing with what he described as a market anomaly. With Ankara locked in a ...
August 16, 2018
New Nielsen report reveals six factors driving consumers’ quest for convenience
RIYADH — The Kingdom of Saudi Arabia is witnessing burgeoning demand for convenient solutions that can help consumers simplify their lives, with busy lifestyles and rising connectivity playing an increasingly pivotal role in buying decisions, according to a new report by performance management company, Nielsen. The Nielsen Quest for Convenience Report, which explores changing global consumer needs, highlights the rapidly growing demand for convenience in markets around the world including in ...
August 16, 2018
Global firm reveals 8 questions businesses need to answer to gain market access to MENA countries
DUBAI — A global safety science company has revealed the factors that need to be tackled by global manufacturers to gain market access to any country in the MENA region. The constant advancement of technology is fueling a staggering rise in tech startups throughout the world and increasing the number of funding options. The constant need for new products and services in the region has led to an increase in the ...
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