India’s Reliance reports 17.3% rise in profits

Wednesday, 17 October 2018

Indian conglomerate Reliance Industries on Wednesday reported a 17.3 percent rise in consolidated net profit boosted by strong revenues from its telecom venture Jio and margins from its core business of oil refining. The Mumbai-based firm owned by India’s wealthiest man, Mukesh Ambani, said consolidated net profit for the three months through September rose to 95.16 billion rupees ($1.29 billion). Reliance has business interests in refining, retail, telecommunications and petrochemicals. ...

Emaar Development approves $283.15 mln dividend for shareholders

Wednesday, 17 October 2018

The General Meeting of Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC, approved the distribution of AED 1.04 billion ($ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as special cash dividend to the company’s shareholders. The special dividend was approved just as the company marks a year of its successful listing on the Dubai Financial Market. The flagship developer of the UAE, Emaar ...

WEF report: Saudi Arabia tops the region in economic stability

Wednesday, 17 October 2018

Saudi Arabia topped the list of the region’s country as the most stable economy according to the World Economic Forum’s global competitiveness index for 2018. Also the kingdom was ranked in position 39 on the list of 140 economies, showing progress, its best since 2012. The kingdom advanced two ranks in the Global Competitiveness Index compared to last year report. The report gives decision makers a full score of confidence in the stability of the Saudi economy and its ability to ...

US sets new trade talks with EU, Japan, Britain

Wednesday, 17 October 2018

US officials announced Tuesday negotiations for separate trade agreements with Britain, the European Union and Japan as part of efforts by President Donald Trump's administration to rebalance global commerce.US Trade Representative Robert Lighthizer said the administration notified Congress of its intent to negotiate the three separate trade agreements.“We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and ...

More than 150 speakers to attend Saudi Arabia’s Future Investment Initiative

Tuesday, 16 October 2018

The Public Investment Fund of Saudi Arabia said that thousands from across the world will participate in the Future Investment Initiative which will be held from October 23 till October 25 in Riyadh. More than 40 sessions and workshops in addition to forums will be held and they will focus on three key issues which are: investment in transformation, technology as a source of opportunities and human capacity development. More than 150 speakers who represent more than 140 different institutions ...

WATCH: Britain’s ports brace for Brexit disruption

Monday, 15 October 2018

The first ferry of the day is arriving from France at Newhaven on England’s south coast… and already, June Bradbury is making breakfast for her guests, a German family visiting from the Continent. June starting renting out her spare room on Air B’n’B in 2016 in response to Britain’s vote to leave the EU. June Bradbury, Newhaven resident said “it turned into this wonderful open door to Europe again and it felt very much like an antidote. And that’s how I ...

World Bank offers disaster-hit Indonesia $1 billion in loans

Sunday, 14 October 2018

The World Bank on Sunday announced funding of up to $1 billion for Indonesia after it was rocked by a string of recent disasters, including a deadly earthquake-tsunami that killed thousands.CEO Kristalina Georgieva unveiled the funds at Indonesian holiday island Bali, where the Bank and the International Monetary Fund have been holding their annual meetings.A 7.5-magnitude quake and a resulting tsunami tore through Palu city on Sulawesi island on September 28, killing more than 2,000 people and ...

US draws China FX into trade dispute as IMF calls for resolution

Sunday, 14 October 2018

The United States sought to make currency a central part of any solution to a bruising trade fight with China, keeping the pressure on Beijing to speed up economic reforms at a gathering of world policy makers who pledged to do more to safeguard global growth. China’s central bank governor Yi Gang on Saturday promised to keep the yuan currency’s value “broadly stable” at International Monetary Fund and World Bank annual meetings in Bali where the IMF attempted to prod ...

Saudi Arabia’s Future Investment conference in Riyadh remains on schedule

Saturday, 13 October 2018

A spokesperson for Saudi Arabia’s Future Investment Initiative said the conference will be held on time later this month. In a statement, he said “We look forward to welcoming thousands of speakers, panelists and guests from all over the world in Riyadh from October 23 to 25.” The conference will be held under the patronage of King Salman bin Abdulaziz and chaired by Crown Prince Mohammed bin Salman bin Abdulaziz. The initiative seeks to further explore will explore how ...

IMF Chief Laragde confirms attendance at Riyadh’s Future Investment Initiative

Saturday, 13 October 2018

The International Monetary Fund’s Managing Director, Christine Lagarde, confirmed her attendance at the Future Investment Initiative conference in Riyadh Saturday that will include more than 100 other international personalities. US Secretary of Treasury Steven Mnuchin and several major Wall Street banks also confirmed their attendance at the elite investment conference, which has come to be known as “Davos in the Desert” for the promising opportunities it could present for big ...

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