US monetary official warns of risks from rapid spread of Facebook’s bitcoin Libra FRANKFURT AM MAIN: Digital currencies can be risky, but Facebook’s Libra could be a massive challenge given the potential for rapid spread and the dubious safeguards, a Federal Reserve official said Wednesday.“Cryptocurrencies already pose a number of risks to the financial system,…
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Saudi construction representatives build case for reprieve on expat workers’ fees JEDDAH: Saudi Arabia’s construction sector is hoping to win an exemption from expatriate workers’ fees following a review that gave the industrial sector a five-year reprieve from the levy. Representatives of the sector have reportedly received assurances from the authorities over the fees, which are…
HONG KONG: Daimler is seeking to buy a majority stake in its Chinese operations, three people familiar with the matter told Reuters, after initial efforts to raise its stake failed and as Chinese investors tighten their grip on the German carmaker. Daimler’s moves come at a time of heightened tension between Berlin and Beijing as German…
PARIS: Renault’s former CEO Thierry Bollore, who was ousted in October, had sought to flag alleged conflicts of interest and governance problems at the company’s Japanese alliance partner Nissan before his departure, Le Monde reported on Monday. Citing a letter from Oct. 7 addressed to Nissan’s board, of which he was member, France’s Le Monde newspaper…
LONDON: Oil prices on Monday held near three-month highs, supported by last week’s announcement that an initial trade deal had been reached between the US and China. Brent crude oil futures rose 10 cents or 0.15 percent to $65.32 a barrel, while West Texas Intermediate crude was down 4 cents or 0.07 percent to $60.03 a…
LONDON: Oil prices on Monday held near three-month highs, supported by last week’s announcement that an initial trade deal had been reached between the US and China. Brent crude oil futures rose 10 cents or 0.15 percent to $65.32 a barrel, while West Texas Intermediate crude was down 4 cents or 0.07 percent to $60.03 a…
JOHANNESBURG: As if choreographed by a puppet master, stores along the aisle of a Johannesburg mall hurriedly shut their doors one by one as soon as power outages strike slap-bang in the middle of the day. “We have to close the store immediately because people can steal ... the card machines also don’t work without electricity,”…
RIYADH: Saudi Arabia’s 2020 budget announced on Dec. 9, 2019 is progressive and focuses on balancing fiscal stability and economic growth despite oil market volatility this fiscal year, according to a review released by KPMG Al Fozan & Partners (KPMG Saudi Arabia), the leading provider of audit, tax and advisory services in the Kingdom. The latest…
RIYADH: Saudi Arabia’s 2020 budget announced on Dec. 9, 2019 is progressive and focuses on balancing fiscal stability and economic growth despite oil market volatility this fiscal year, according to a review released by KPMG Al Fozan & Partners (KPMG Saudi Arabia), the leading provider of audit, tax and advisory services in the Kingdom. The latest…
Ziad Makhzoumi is ready for the next chapter. A serial entrepreneur, restructurer par excellence, corporate adviser and public speaker, the 64-year-old Lebanese-born executive is looking for a new challenge in a career that has made him one of the best-known figures in the regional business scene. “Retirement is not an option in the coming few…
Ziad Makhzoumi is ready for the next chapter. A serial entrepreneur, restructurer par excellence, corporate adviser and public speaker, the 64-year-old Lebanese-born executive is looking for a new challenge in a career that has made him one of the best-known figures in the regional business scene. “Retirement is not an option in the coming few…
LONDON: “There is no life but through jihad and its honor … jihad is our life and our victory It is what the soldiers of the enemy fear … and it is what created happiness in our lives.” The above two stanzas are taken from a poem by the poet and writer Ahlam Al-Nasr encouraging…
DUBAI: Oil trading company IMMS is considering launching more legal action against Lebanon’s BankMed, which it accuses of refusing to release funds on request. In a statement to Arab News, IMMS said that it has instructed its lawyers to initiate legal proceedings in other jurisdictions where BankMed has a presence. It follows the launch of proceedings…
LONDON: Oil rose on Friday to its highest price in nearly three months as progress in resolving the US-China trade dispute and Britain’s general election result appeared to lift two clouds that have been dampening investor appetite for risk. US sources said on Thursday that Washington has set its terms for a trade deal with Beijing,…
LONDON: Oil rose on Friday to its highest price in nearly three months as progress in resolving the US-China trade dispute and Britain’s general election result appeared to lift two clouds that have been dampening investor appetite for risk. US sources said on Thursday that Washington has set its terms for a trade deal with Beijing,…
HONG KONG: Haier, the world’s biggest maker of household appliances, is planning a major restructuring that will see its main unit Haier Smart Home list in Hong Kong to take another group company valued at $7.7bn private, two people with direct knowledge of the matter said.Under the deal, Haier Smart Home, formerly known as Qingdao…
BEIJING: China’s aviation regulator raised “important concerns” with Boeing Co. on the reliability and security of design changes to the grounded 737 MAX, it said on Thursday, but declined to comment on when the plane might fly again in China.China is reviewing the airworthiness of the plane based on proposed changes to software and flight…
BEIJING: China’s aviation regulator raised “important concerns” with Boeing Co. on the reliability and security of design changes to the grounded 737 MAX, it said on Thursday, but declined to comment on when the plane might fly again in China.China is reviewing the airworthiness of the plane based on proposed changes to software and flight…
RIYADH: Saudi Aramco shares surged to the maximum allowed 10 percent above their listing price on their debut in Riyadh on Wednesday. The stock jumped to SR35.2 ($9.39), up from the initial public offering (IPO) price of SR32 ($8.53), hitting the daily limit permitted by the Tadawul stock exchange and giving the company a valuation…
