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IMF cuts global growth outlook to 10-year low on trade, manufacturing worries

Tuesday, 15 October 2019

The International Monetary Fund (IMF) in its October 2019 World Economic Outlook cut its global growth forecast to 3 percent for 2019, its lowest level since 2008-2009, and a 0.3 percent downgrade from its April 2019 World Economic outlook. “The pace of global economic activity remains weak,” the IMF said in the report. The fund pointed to manufacturing in particular as “weakening substantially” to levels comparable to those seen during the global financial crisis. ...

Volkswagen postpones final decision on Turkey plant

Tuesday, 15 October 2019

Volkswagen has postponed the final decision whether to build a car plant in Turkey, the company said, amid international criticism of the country’s military operation in Syria and concerns about potential reputational fallout. “We are carefully monitoring the current situation and look with concern at current developments,” a company spokesman said on Tuesday. Earlier this month, Volkswagen established a subsidiary in Turkey’s western Manisa province, while the company ...

Former Thomas Cook boss defends his pay, record after firm’s collapse

Tuesday, 15 October 2019

The former chief executive of bankrupt travel firm Thomas Cook said on Tuesday he understood public anger over his pay but defended his record, saying he had worked tirelessly to try to save the company. Thomas Cook, the world's oldest travel firm, collapsed last month, stranding over a hundred thousand passengers. Appearing before a British parliamentary committee, Peter Fankhauser apologized again to customers, staff and suppliers, but did not say if he would hand ...

Arabtec in talks with UBS to advise on construction merger

Tuesday, 15 October 2019

Dubai-based Arabtec Holding is in talks to appoint UBS as a financial advisor for its potential merger with construction company Trojan Holding LLC, Arabtec said in a statement to the Dubai bourse on Tuesday. The announcement comes just a month after Arabtec said it had started preliminary studies to merge with Trojan. In early September, Arabtec, which helped build Burj Khalifa – the world’s largest tower – said that it was studying the “possibility of combining their ...

Russian sovereign fund, UAE to sign 10 deals worth more than $1.3 bln

Tuesday, 15 October 2019

Russia’s sovereign wealth fund said on Tuesday that it plans to sign 10 investment deals worth more than $1.3 billion with partners from the United Arab Emirates, including the Mubadala Investment Company. The agreements, which will be signed during a visit by Russian President Vladimir Putin, will cover artificial intelligence, healthcare, and oil, among other areas. The Russian Direct Investment Fund (RDIF) and UAE’s sovereign fund have made investments worth over $2 billion in ...

Turkish unemployment rises to 13.9 percent in June-August: Stats institute

Tuesday, 15 October 2019

Turkey’s unemployment rate rose to 13.9 percent in the June-Aug period, from 13.0 percent a month earlier, data from the Turkish Statistical Institute showed on Tuesday. The non-agricultural unemployment rate rose to 16.5 from 15.3 percent a month earlier, the data showed. The seasonally adjusted unemployment rate rose to 14.3 percent a record high since the data was first published in 2005.  

Saudi Arabia grants four investment licenses to Russian companies

Monday, 14 October 2019

Saudi Arabia granted on Monday four investment licenses to Russian companies specializing in construction and real estate development, information technology, financial consulting, and architecture, the Saudi minister of commerce and investment said on Twitter. Minister Majid Abdullah al-Qasabi said that he participated in the Saudi-Russian CEOs forum, which coincided with the Russian president’s visit to the Kingdom, and was attended by government officials, business executives and major ...

UK government sets date for first post-Brexit budget

Monday, 14 October 2019

Britain’s government is planning a first post-Brexit budget for November 6, one week after it expects the country to have left the European Union, finance minister Sajid Javid announced Monday. “This will be the first budget after leaving the EU,” Chancellor of the Exchequer Javid said in a statement. “I will be setting out our plan to shape the economy for the future and triggering the start of our infrastructure revolution. This is the right and responsible thing to do ...

China’s Xi promises aid, development in Nepal visit

Sunday, 13 October 2019

China and Nepal hailed the “beginning of a new era” in relations on Sunday as President Xi Jinping ended his visit with promises of a railway and tunnel connecting the two countries. Xi - in the first state visit by a Chinese leader in 23 years - announced 3.5 billion RMB ($493 million) of aid between 2020-2022 “to uplift the living standard of Nepali people” during talks with President Bidhya Devi Bhandari, an official said. China has been wooing Nepal, which rival India ...

Russia, Saudi Arabia to sign 14 new deals worth $3 bln: RDIF CEO

Sunday, 13 October 2019

Russia will sign 14 new agreements with Saudi Arabian companies valued at over $3 billion at this week’s Saudi-Russian Forum during Russian President Vladimir Putin’s visit to Riyadh, Russian Direct Investment Fund (RDIF) Chief Executive Officer Kirill Dimitriev told Al Arabiya. The deals will cover various fields, including space programs, logistics, and artificial intelligence. “We believe this visit will really expedite … the number of ongoing projects that will be ...

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