Category Archives: Commerce

Australia and UAE to explore deeper defense ties, Aus$1 bn in sales

Australia and the United Arab Emirates (UAE) will explore closer defense ties after a meeting on Sunday between a senior Australian government minister and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan. Australia’s Defense Industry Minister Christopher Pyne and

Gold edges higher as global equities lose momentum

Gold crept higher on Friday as investors opted for the safe haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets. Global equity markets lost momentum after setting record highs

Trump trade strategy ‘doomed to failure’: US trade expert

President Donald Trump’s rejection of multilateral trade agreements in the Asia-Pacific in favor of one-on-one deals is “doomed to failure,” a noted US trade expert said Thursday. The Trump complaint that the US gave up too much in the Trans-Pacific

Samsung chief Lee arrested in corruption investigation

Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal that led parliament to impeach President Park Geun-hye, in a blow to the world’s biggest maker of smartphones. The 48-year-old Lee,

Egypt tycoon says to speak up on political return

Egyptian billionaire Naguib Sawiris said on Tuesday that he is returning to politics to press for more freedoms in the North African country after staying away out of frustration. “To the esteemed people who are listening to us… we have

US wholesale inflation sees biggest monthly gain in 4 years

US wholesale inflation continued its upward trend in January, recording its largest monthly gain in more than four years, according to data released Tuesday by the Labor Department. The Producer Price Index (PPI), which measures prices from the seller’s perspective,

UK inflation hits highest since 2014

British consumer prices rose last month at the fastest pace since June 2014 and are set to rise further, propelled by higher global oil prices and the Brexit-fueled fall in the pound, official data showed on Tuesday. Consumer prices increased

China’s credit growth poses challenge

Chinese banks kept up a strong pace of lending at the start of the year, even with signs of tightening by the central bank, highlighting the challenge Beijing faces as it tries to deflate asset bubbles without risking a blow

Trump blasts Nordstrom, raising new concern on business ties

President Donald Trump blasted department store chain Nordstrom Inc on Wednesday for dropping his daughter Ivanka’s clothing line, prompting critics to accuse him of misusing public office to benefit his family’s sprawling business empire. After Trump’s highly unusual move to

Saudi Citizens Account: No retroactive disbursement for late registration

Majed al-Osaimi

Engineer Majed al-Osaimi, the general supervisor of Saudi Arabia’s Citizen Account said on Wednesday that those who are late to register and enlist in the program will not receive retroactive disbursement. During an interview with the Saudi Alekhbariya television channel,

Uber chief quits Trump advisory group after uproar

Uber chief executive Travis Kalanick on Thursday quit US President Donald Trump’s business advisory group, as a movement grew to dump the ride-sharing service because of his connection to the new administration. Kalanick said in an email to Uber employees

Apple keeps lead in slumping global tablet market

Apple remains the leader in a global tablet computer market that has been in an extended slump for the past two years, according to surveys released Thursday. Tablet sales in the fourth quarter fell 20 percent from a year earlier

Apple to start building iPhones from Bangalore in India

Tim Cook

Apple is to start making iPhones in India this year, a local government official said on Friday, as the company seeks to tap into a booming middle class while sales in China slow. Karnataka’s IT minister said Apple had agreed

Saudi inflation slows in December

Saudi Arabia’s consumer inflation slowed in December 2016, losing speed for the first time at least since 2012, said a report issued by Al-Rajhi Capital. Analysts said that inflation in December last grew by 1.7 percent year-on-year versus 2.3 percent

King Abdullah Economic City development plan on track

King Abdullah Economic City (KAEC), the world’s largest privately-funded new city, has announced it signed contracts worth $43 million (SR1.6 billion) in 2016. In 2016 KAEC signed contracts with developers and service providers covering the full range of the city’s

Europe lifts ban on Iraqi Airways entering airspace

The European Aviation Safety Agency has lifted a ban on Iraqi Airways entering European airspace, Iraq’s transport minister Kadhim al-Hamami told state television on Thursday. The national carrier was banned from flying to Europe in 2015 because it did not

Investment scope in the Kingdom is broad and limitless: Al-Qassabi

Majid Al-Qassabi

Majid Al-Qassabi, minister of Commerce and Investment, told the members of the visiting Joint Bosnian-Serb delegation here on Monday that the investment scope in the Kingdom is broad. The minister was addressing members of the visiting delegation at the ministry’s

German delegation, JCCI in talks to boost economic ties

Senior officials of the Jeddah Chamber of Commerce and Industry (JCCI) on Tuesday received a high-level German delegation headed by Christian Wulff, former president of Germany and head of the Euro-Mediterranean Economic Cooperation Organization. The two sides discussed ways of

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