BAGHDAD: Iraq’s federal authorities and the cash-strapped Kurdish regional government (KRG) have relaunched talks over longstanding oil and budget disputes, but observers are skeptical they will reach a genuine diplomatic reset.Here are a few questions and answers to clarify the complex issue.Ties between Baghdad and Irbil have long been strained, amid federal fears the energy-rich…
DUBAI: SoftBank Group, the Japanese conglomerate run by entrepreneur Masayoshi Son, has officially announced the launch of Vision Fund 2 (VF2), an investment mega-fund aimed at the fast-growing global sectors of high technology and artificial intelligence. As revealed exclusively in Arab News earlier this week, VF2 will be bigger than the $97 billion raised in…
LONDON: Struggling British baby products retailer Mothercare said its annual underlying pretax profit would not grow, as it grapples with an uncertain and volatile home market along with fragile consumer confidence. Mothercare, which floated in 1972 and has been a mainstay of British shopping streets, has closed a third of its British stores over the…
DUBAI: Somewhere on its journey from the waters off Iran, around Africa’s southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship, carrying 2 million barrels of Iranian crude, was seized…
NEW DELHI: Saudi Arabia’s Energy Minister Khalid Al-Falih said state-run Saudi Aramco’s talks with Reliance Industries to buy a minority stake in the Indian conglomerate’s refining assets have not stalled. The two companies, Reliance and Aramco, are talking with a lot of goodwill, with good intention,” Al-Falih told Reuters in an interview. Reliance, controlled by…
NEW DELHI: Saudi Arabia’s Energy Minister Khalid Al-Falih said state-run Saudi Aramco’s talks with Reliance Industries to buy a minority stake in the Indian conglomerate’s refining assets have not stalled. The two companies, Reliance and Aramco, are talking with a lot of goodwill, with good intention,” Al-Falih told Reuters in an interview. Reliance, controlled by…
Malaysia is to relaunch a Chinese-backed rail deal after it was cancelled a year ago by Prime Minister Mahathir Mohamad. The government pulled back from the deal last year because of concerns over its $16 billion cost. “The renegotiation for East Coast Rail Link (ECRL) has resulted in greater cooperation between Malaysia and China,” said…
LONDON: The European Investment Bank (EIB) will not do any new lending in Turkey linked to the government until at least the end of the year while it carries out a strategy review. The move is part of a EU decision earlier this month to symbolically punish Turkey over what it calls “illegal” drilling for oil…
LONDON: The European Investment Bank (EIB) will not do any new lending in Turkey linked to the government until at least the end of the year while it carries out a strategy review. The move is part of a EU decision earlier this month to symbolically punish Turkey over what it calls “illegal” drilling for oil…
LONDON: The European Investment Bank (EIB) will not do any new lending in Turkey linked to the government until at least the end of the year while it carries out a strategy review. The move is part of a EU decision earlier this month to symbolically punish Turkey over what it calls “illegal” drilling for oil…
TOKYO: Nissan plans to expand job cuts to over 10,000 to help turn around its business, a person with direct knowledge of the matter said on Wednesday, as profit continues to plunge while the automaker grapples with management upheaval.The global plan includes the 4,800 job cuts announced in May and will mostly be at factories…
TOKYO: Nissan plans to expand job cuts to over 10,000 to help turn around its business, a person with direct knowledge of the matter said on Wednesday, as profit continues to plunge while the automaker grapples with management upheaval.The global plan includes the 4,800 job cuts announced in May and will mostly be at factories…
DUBAI: A study will be conducted to build the world’s longest test and certification hyperloop track in Saudi Arabia, American transportation technology company, Virgin Hyperloop One (VHO), announced on Tuesday. A 35-kilometer test and certification track will be built 100 kilometers north of the Red Sea port of Jeddah, in King Abdullah Economic City. The…
TEHRAN, Iran: Stay-at-home mom Maryam Alidadi used to lead a comfortable middle-class life. The 35-year-old and her husband, a mechanic, could afford a spacious rental apartment in a central neighborhood of Tehran, along with a car, occasional restaurant meals and holidays abroad.Now they are barely hanging on, even after drastically cutting spending.Like most Iranians, the…
SAN FRANCISCO: Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself.Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on…
LONDON: European funds managing $2 trillion in assets called on cement companies to slash their greenhouse gas emissions on Monday, warning that a failure to do so could put their business models at risk.Some asset managers are ramping up engagement with heavy polluters to demand a faster transition to a cleaner economy.“The cement sector needs…
BENGHAZI: Libya’s Sharara oilfield resumed production at half capacity on Monday after being shut down since Friday due to a valve closure, a field engineer said.The valve was reopened on Sunday evening enabling oil to be pumped again to a refinery at the port of Zawiya, 49 km west of Tripoli, Libya’s National Oil Corp.…
BENGHAZI: Libya’s Sharara oilfield resumed production at half capacity on Monday after being shut down since Friday due to a valve closure, a field engineer said.The valve was reopened on Sunday evening enabling oil to be pumped again to a refinery at the port of Zawiya, 49 km west of Tripoli, Libya’s National Oil Corp.…
SINGAPORE: A plunge in exports and the worst growth rates for a decade have fueled concerns about the outlook for Singapore’s economy, with analysts saying the figures offer a warning that Asia is heading for a slowdown as China-US tensions bite.While it may be one of the smallest countries in the world, the export hub…
SHCHYOLKOVO, Russia: The manager of a sausage factory near Moscow, Arslan Gizatullin says his halal business has been feeling the pinch — not so much from Russia’s sluggish economy but competitors vying for a piece of a growing Islamic market.Ever more producers are catering for the domestic Muslim community, which accounts for around 15 percent…
