BEIJING: China lifted its annual rare earth output quotas on Friday by 10% to record-high levels for 2019, potentially easing fears the world’s dominant producer of the group of 17 prized minerals will restrict supply.Beijing in late May raised the prospect of weaponizing its control of rare earths, used in everything from consumer electronics to…
JAKARTA: US Commerce Secretary Wilbur Ross said on Wednesday Washington’s review of a trade preference facility for Indonesia would conclude soon, and predicted “far more investment” by US companies in Southeast Asia’s biggest economy. The Office of the United States Trade Representative (USTR) has been reviewing Indonesia’s eligibility for the Generalized System of Preferences (GSP)…
BRUSSELS/BEIJING: The EU and China struck a deal on Tuesday to protect the geographic origins of 200 regional products like Roquefort cheese or Pu’er tea. The accord makes good on promises made at the EU-China summit in April, and was finalized during a visit to China by French President Emmanuel Macron and European officials. The…
BRUSSELS/BEIJING: The EU and China struck a deal on Tuesday to protect the geographic origins of 200 regional products like Roquefort cheese or Pu’er tea. The accord makes good on promises made at the EU-China summit in April, and was finalized during a visit to China by French President Emmanuel Macron and European officials. The…
TOKYO: Japanese giant SoftBank Group suffered an operating loss of $6.4 billion in the second quarter, it said Wednesday, as investments in start-ups such as WeWork and Uber took a massive hit.In the three-month period ending September 30, operating losses hit a whopping ¥704.4 billion ($6.4 billion).The firm said first-half operating losses from its Vision…
SHANGHAI: Tesla plans to double the number of repair and maintenance shops, add about 100 charging stations and revamp showrooms in China as the electric vehicle maker gears up to open its Shanghai plant.The moves mark a departure from the approach chief executive Elon Musk announced in March, when he said the company would shut…
SHANGHAI: Tesla plans to double the number of repair and maintenance shops, add about 100 charging stations and revamp showrooms in China as the electric vehicle maker gears up to open its Shanghai plant.The moves mark a departure from the approach chief executive Elon Musk announced in March, when he said the company would shut…
LONDON: Britain’s economy got off to a weak start to the final quarter of 2019, according to surveys which showed the giant services sector stagnated last month, with concerns about Brexit depressing new orders, while consumers stayed cautious.Britain had been due to leave the European Union on Oct. 31 which prompted limited stockpiling by businesses…
FRANKFURT: Lufthansa, Germany’s biggest airline, has filed a motion with a Frankfurt court to prevent a flight attendants’ strike scheduled for this week, a company spokeswoman said on Tuesday.Cabin crew union UFO has called for a walkout at Lufthansa’s German operations on Thursday and Friday.In addition to a dispute over pay and pensions, UFO has…
DUBAI: National Bank of Bahrain, which has a 29 percent stake in Bahrain Islamic Bank, has made an offer to buy the rest of the Islamic lender in another sign of consolidation in the Gulf banking market.The deal is subject to National Bank of Bahrain, the country’s biggest lender, acquiring a minimum 40.94 percent of…
DUBAI: Technology has become an essential part of our daily lives, including in the field of art and culture.This was one of the main takeaways from the keynote speech of Noura bint Mohammed Al-Kaabi, the UAE’s minister of culture and knowledge development, on the first day of the EmTech MENA conference in Dubai.The two-day conference…
DHAHRAN/DUBAI: The 21-page document published by Saudi Aramco on Sunday in Dhahran seemed almost anticlimactic, after all the hype that had initially surrounded it. But those dry-as-dust business phrases have kicked off a process that could transform the lives of Saudi Arabia’s citizens and residents, the international energy industry and the world of high finance.…
DHAHRAN/DUBAI: The 21-page document published by Saudi Aramco on Sunday in Dhahran seemed almost anticlimactic, after all the hype that had initially surrounded it. But those dry-as-dust business phrases have kicked off a process that could transform the lives of Saudi Arabia’s citizens and residents, the international energy industry and the world of high finance.…
DUBAI: The second edition of EmTech MENA, a conference dedicated to exploring emerging and future trends in technology, will be held at the Jumeirah Emirates Towers in Dubai on Nov. 4 and 5. Over 500 professionals from the Gulf Cooperation Council (GCC) countries and Middle East and North Africa (MENA) region will be attending the…
DUBAI: The second edition of EmTech MENA, a conference dedicated to exploring emerging and future trends in technology, will be held at the Jumeirah Emirates Towers in Dubai on Nov. 4 and 5. Over 500 professionals from the Gulf Cooperation Council (GCC) countries and Middle East and North Africa (MENA) region will be attending the…
DUBAI: The second edition of EmTech MENA, a conference dedicated to exploring emerging and future trends in technology, will be held at the Jumeirah Emirates Towers in Dubai on Nov. 4 and 5. Over 500 professionals from the Gulf Cooperation Council (GCC) countries and Middle East and North Africa (MENA) region will be attending the…
BEIRUT: Lebanon’s banks did not see “any extraordinary movement” of money on Friday or Saturday, the first two days they reopened to the public after a two-week closure due to nationwide protests, the head of the banking association said on Saturday. “The reaction was almost the way we expected and anticipated. However, people were asking…
JOHANNESBURG/LONDON: Moody’s left South Africa on the brink of “junk” status on Friday after it revised the outlook on the country’s last investment-grade credit rating to “negative,” piling pressure on President Cyril Ramaphosa to quicken the pace of reform.Moody’s said the outlook revision on its ‘Baa3’ rating, the lowest rung of investment grade, was motivated…
JOHANNESBURG/LONDON: Moody’s left South Africa on the brink of “junk” status on Friday after it revised the outlook on the country’s last investment-grade credit rating to “negative,” piling pressure on President Cyril Ramaphosa to quicken the pace of reform.Moody’s said the outlook revision on its ‘Baa3’ rating, the lowest rung of investment grade, was motivated…
RIYADH: The Future Investment Initiative forum in Riyadh closed with a total of $20 billion in financial deals signed and a commitment that Saudi Arabia would address the issues of social empowerment and sustainability when it hosts the G20 gathering of heads of state a year from now. Saudi Minister of State Ibrahim Al-Assaf told…
