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Monday , June 18, 2018
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June 17, 2018
Saudia starts service to Vienna
JEDDAH – The Saudi Arabian Airlines started on Saturday its maiden service to Vienna, capital of Austria. The Saudia flight (SV151) took off from King Abdulaziz International Airport Jeddah at 7.40 a.m. and reached Vienna at 2.30 p.m. local time after a stopover at King Khalid International Airport in Riyadh. At the Riyadh airport, those who arrived to see off the passengers included Mag. Gregor Koessler, Austrian ambassador to the Kingdom, ...
June 17, 2018
The bigger Cryptocurrencies get, the worse they perform - BIS
LONDON — Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said on Sunday in its latest warning about the rise of virtual currencies. For any form of money to work across large networks it requires trust in the stability of its value and in its ability to scale efficiently, ...
June 17, 2018
GE facing millions in penalities over French job pledge
PARIS — US conglomerate General Electric will have to pay millions of euros in penalties in France if it fails to uphold its pledge to create 1,000 new jobs by year end, a government official said Sunday. GE made the promise as part of its 2014 purchase of Alstom's power and electrical grid businesses, including its prized gas turbine operations, for 12.4 billion euros ($14.4 billion at current rates). Shortly after closing ...
June 17, 2018
Thousands hold peaceful protests in Vietnam against foreign investment plans
HANOI — Thousands of people in central Vietnam demonstrated peacefully on Sunday against government plans to lease new economic zones to foreign investors, witnesses told Reuters, a few days after protesters in a nearby province clashed with police.Protesters fear the leases may be snapped up by investors from powerful neighbor China, with which Vietnam has a rocky history, and were also upset about a recently-passed cybersecurity law that they worry ...
June 17, 2018
Hopes of a mining revival in oil-addicted Nigeria
ILESA, Nigeria — Locals have always known that a vast deposit of gold sits underneath the cocoa trees and towering thickets of bamboo in the tropical jungle of Osun state in southwest Nigeria. The country's focus on oil has meant the gold has been ignored for decades. But the government is now looking to revive the moribund mining sector as it seeks to diversify revenues following the 2014 crash in global ...
June 17, 2018
DR Congo's mining industry hobbled by poor infrastructure, tax hike
LUBUMBASHI, DR Congo — Feasting on a global demand for cobalt and copper, the mining industry in the Democratic Republic of Congo is flourishing — but two clouds are spoiling its sunlit future. First is the lack of power, which is holding back the development of the minerals processing sector and crimping the country's ability to reap higher profits from the boom. DR Congo is Africa's largest copper producer, and while it ...
June 17, 2018
Invest in North Korea: money pit or golden opportunity?
PYONGYANG — Donald Trump dangled the carrot of foreign investment in front of North Korean leader Kim Jong Un at their nuclear summit, but analysts say few will want to put money into one of the highest-risk business environments in the world. The US president showed Kim a movie of bright lights, high-speed trains and soaring tower blocks — pitching a future that could be possible if Pyongyang gives up its ...
June 17, 2018
Britain's May pledges 20 billion extra pounds for healthcare post-Brexit
LONDON — British Prime Minister Theresa May pledged on Sunday to increase funding for the National Health Service by 20 billion pounds ($26.57 billion) after Brexit, funded by money no longer spent on membership of the European Union and possible tax rises. The announcement of more cash for the NHS, a regular issue at elections, comes after a row in parliament over Brexit highlighted the fragility of May's minority government . May ...
June 16, 2018
Trump keeps his promises on trade
WASHINGTON — By inflicting tariffs on the steel and aluminum of his allies, and then on tens of billions of dollars in goods from China, US President Donald Trump has quickly moved to fulfill the tough campaign pledges he made on trade. During his first year in office, Trump and his top economic aides made repeated threats and warned that preliminary investigations were launched into whether certain imports were being unjustly ...
June 16, 2018
US, China firms brace for escalating trade war
BEIJING — Companies and trade groups in the US and China have expressed concern over how the escalating trade spat between the world's two biggest economies could affect operations. Beijing retaliated immediately to tariffs on tens of billions in Chinese imports imposed by US President Donald Trump on Friday, igniting a trade war that threatens to cut into the pair's massive bilateral trade — potentially harming exporters and US multinationals keen ...
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