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Japanese prosecutors appeal ex-Nissan chief Ghosn’s bail

Thursday, 25 April 2019

Japanese prosecutors on Thursday lodged an appeal against Carlos Ghosn’s bail, meaning the former Motor Co Chairman will have to wait further to see if he will win his release. Tokyo District Court said it had temporarily suspended the process pending the appeal after initially granting bail of $4.5 million to the tycoon, who faces multiple charges of financial misconduct. The court had earlier said in a statement that it had approved the bail request from Ghosn’s defense team. ...

Britain’s deficit hits 17-year low

Thursday, 25 April 2019

Britain’s deficit improved last year to reach its lowest level for 17 years on bumper tax revenues and lingering state austerity, official data showed Wednesday.Public sector net borrowing stood at £24.7 billion ($32 billion, 28.6 billion euros) in the year to March, the Office for National Statistics said in a statement.That contrasted with £41.8 billion in the previous financial year.The deficit – the UK government’s net borrowing over 12 months through to the end ...

Turkish lira reaches its weakest level in six months

Wednesday, 24 April 2019

The Turkish lira hit its weakest intraday level against the dollar since mid-October on Wednesday, as investors weighed up risks generated by challenges to Istanbul election results and strains in relations with the United States. The lira weakened to as much as 5.8912 from a previous close of 5.83, bringing declines this year to 10 percent, on top of a near 30 percent fall in 2018. Dollar strength contributed to the move. It was the weakest level since Oct. 15, excluding a brief overnight ...

Top US officials heading to Beijing for trade talks: White House

Wednesday, 24 April 2019

Two top American officials will head to Beijing next week to continue talks on the bruising trade war between the US and China, the White House said on Tuesday.“United States Trade Representative Robert Lighthizer and Secretary of the Treasury Steven Mnuchin will travel to Beijing for continued negotiations on the trade relationship between the United States and China,” the White House said in a statement.The talks -- which will be led by Vice Premier Liu He on the Chinese side -- ...

Saudi Arabia says no immediate plan to raise oil output after Iran waivers end

Wednesday, 24 April 2019

Saudi Arabia does not plan to immediately raise oil output after the United States ends sanction exemptions for buyers of Iranian crude, energy minister Khalid al-Falih said Wednesday. “(Global) inventories are continuing to rise despite what’s happening in Venezuela and tightening sanctions on Iran,” Falih told the Financial Sector Conference in Riyadh. “So I don’t see the need to do anything immediately,” he added.

Hyundai Motor swings back to black with Q1 profit

Wednesday, 24 April 2019

South Korea’s largest automaker Hyundai Motor bounced back in the first three months from its first quarterly loss in eight years on strong domestic demand for its new sport utility vehicles, the company said Wednesday. Net profit during the January to March period rose 30 percent from a year earlier to 954 billion won (US$830 million), Hyundai said in a statement. The increase came after the firm reported its first quarterly loss in eight years for October-December 2018. “Strong ...

Nissan slashes profit amid Ghosn scandal, lagging sales

Wednesday, 24 April 2019

Nissan cut its profit forecast for the fiscal year through March on Wednesday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the US from a warranty extension campaign for some vehicles and falling sales ...

Two-day Financial Sector Conference kicks off in Riyadh

Wednesday, 24 April 2019

The Financial Sector Conference, a two-day event that is part of the Vision 2030 Financial Sector Development Program, kicked off Wednesday in the Saudi capital Riyadh. It aims to encourage dialogue between stakeholders in the Saudi financial sector.The two-day conference, which takes place April 24 and 25, brings together global financial sector leaders and representatives from leading institutions, and aims to become the most prominent local and regional financial sector event.“It seeks ...

Live: Financial Sector Conference in Riyadh

Wednesday, 24 April 2019

Al Arabiya English will be livestreaming a session held in the Financial Sector Conference taking place in Riyadh, Saudi Arabia, titled: “Taking stock: Building a competitive capital market in Saudi Arabia and the region.” The two-day Financial Sector Conference, a part of the Vision 2030 Financial Sector Development Program, will be held Wednesday and Thursday in Riyadh. The “conference seeks to increase the Saudi financial sector’s contribution to GDP by building a ...

Saudi Arabia posts $7.41 bln budget surplus in Q1, says finance minister

Wednesday, 24 April 2019

Saudi Arabia had a budget surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, its finance minister Mohammed al-Jadaan said. The minister was speaking at a conference in Riyadh on Wednesday. Saudi Arabia plans to increase state spending by 7 percent this year in an effort to spur economic growth that has been hurt by low oil prices, according to its 2019 state budget. (With agencies)  

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