Retail Danone trims product range as shoppers balk at high prices French food giant Danone is cutting the variety of products it sells to retailers to cut costs, a top executive told Reuters, meaning yoghurt fans may in future miss out on the exact flavour or pot-size they’re used to. Supermarkets and the makers of packaged food are struggling to combat rising costs, with products ranging […] June 20, 2022
Internet Explorer gravestone goes viral in South Korea For Jung Ki-young, a South Korean software engineer, Microsoft Corp’s decision to retire its Internet Explorer web browser marked the end of a quarter-century love-hate relationship with the technology. To commemorate its demise, he spent a month and 430,000 won ($330) designing and ordering a headstone with Explorer’s “e” logo and the English epitaph: “He […] June 17, 2022
Top US Treasury official to visit Turkey for talks US Deputy Treasury Secretary Wally Adeyemo will visit Turkey next week and hold talks with top central bank and finance ministry officials, two sources said on Friday. One person, requesting anonymity because plans are still private, told Reuters that Adeyemo will meet both Finance Minister Nuredden Nebati and Central Bank Governor Sahap Kavcioglu. A central […] June 17, 2022
Private equity firms face ‘perfect storm’ as market turmoil bites Private equity investors gathered in Berlin at their annual get-together are fretting a season of record buyouts is drawing to a close after a week of market turmoil and recession fears as central banks across Europe have hiked interest rates. Cash-rich buyout funds are set to face higher financing costs to get their deals to […] June 17, 2022
Ukraine receives first funds through IMF account Ukraine has received a loan of one billion Canadian dollars ($770 million) on concessional terms, its first funds through an “administered account” set up by the International Monetary Fund, Prime Minister Denys Shmygal said on Friday. “Grateful to…(Canadian Deputy Prime Minister Chrystia Freeland) for support & comprehensive assistance to Ukraine in the fight against the […] June 17, 2022
Analysis Banking & Finance Fed hike hits Gulf stocks as well as price of food and property Gulf stock markets quickly reacted negatively this morning to the announcement that local central banks were to follow the US Federal Reserve and hike interest rates, in a bid to curb inflation and rising costs. AGBI spoke to experts across the business community to see how the move will impact everyone from property developers and […] June 16, 2022
Lifestyle Saudi slips and UAE soars as millionaires seek new homes Saudi Arabia is forecast to lose 600 high net worth individuals this year while the UAE is set to gain 4,000, according to a new report June 15, 2022
Tourism EU official concerned about Russia flying Western-made planes European’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare parts and proper maintenance. The European Union and the United States have moved to restrict Russia’s access to spare parts following its invasion of Ukraine. “This is […] June 15, 2022
Media & Advertising Disney announces major leadership shakeup Walt Disney Co Chief Executive Bob Chapek announced a major leadership shift on Thursday, promoting Dana Walden to chairman of general entertainment content as the company works to build its streaming television efforts. Walden replaces veteran Hollywood executive Peter Rice, who is leaving Disney. Both executives joined Disney in 2019 when the company acquired entertainment […] June 10, 2022
Canada cracks down on $314m of Russian assets Canadian police said on Thursday they had cracked down on more than C$400 million ($314.81 million) in Russian assets and transactions involving people sanctioned as a result of Moscow’s war on Ukraine. The Royal Canadian Mounted Police said in a statement that from Feb. 24 to June 7, C$123 million of Russian assets in Canada […] June 10, 2022
Media & Advertising Disney+ takes aim at Netflix as it goes live in 16 Arab countries Disney+ launched its streaming service in the Middle East and North Africa yesterday, vying for market share in a region where the population is young but few people so far use such services. Disney+ said it had gone live in 16 Arab countries and was tailoring content for the region, including offering Arabic subtitles on […] June 9, 2022
Manufacturing Tesla in China hiring drive, despite Musk’s threat of job cuts Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas. Tesla plans to hold the event online starting from 7 p.m. […] June 9, 2022
Manufacturing Biden’s new Air Force One faces delays over Boeing labour issues The next-generation presidential aircraft being built by Boeing Co risks further delay due to a tight labour market for mechanics and lower-than-expected security clearance rates, the investigative arm of Congress said on Wednesday. The need for Boeing to switch to an alternative supplier for some interior work was also cited in the report issued by […] June 9, 2022
Tourism US to seize luxury planes owned by Roman Abramovich A US court on Monday issued warrants for the seizure of two luxury planes owned by Russian billionaire Roman Abramovich under US measures imposed after Russia’s invasion of Ukraine, court records showed. But the US government’s likelihood of gaining control of the aircraft worth nearly $400 million was uncertain. A Department of Justice official said […] June 8, 2022
Analysis Canada and Dubai grow closer with every deal struck A Canadian pension fund company’s decision to invest $5 billion in UAE multinational logistics company DP World’s assets is a striking example of the deepening commercial ties between the two countries. Caisse de Depot et Placement du Quebec’s (CPDQ) announced the deal on Monday. It will see CPDQ take a 22 percent stake in DP World’s prized assets in […] June 7, 2022
Retail Saudi PIF ‘shortlisted as bidder for stake in Starbucks MENA’ Saudi Arabia’s Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, according to two sources. The franchise has several hundred coffee shops in 14 countries across the Middle East, Russia and central Asia. Kuwait-based Alshaya Group, the region’s […] June 6, 2022
Perimeter 81 joins the unicorns after $100m funding round Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures […] June 6, 2022
Energy Biden should not shake MBS’ hand in Riyadh, says top Democrat President Joe Biden should not visit Saudi Arabia or meet Crown Prince Mohammed bin Salman, the chairman of the US House intelligence committee said on Sunday. Rep. Adam Schiff was asked about reports that the president will travel to Riyadh in July and hold talks with the crown prince, Saudi Arabia’s de facto ruler – […] June 6, 2022
Energy White House praises Saudi crown prince ahead of expected Biden trip The White House took the rare step of recognising the role played by Saudi Arabia’s Crown Prince Mohammed bin Salman in extending a ceasefire in Yemen on Thursday ahead of what is expected to be a trip to Riyadh by President Joe Biden. White House press secretary Karine Jean-Pierre told reporters that bin Salman and […] June 3, 2022
Markets China ‘firmly’ opposes US-Taiwan trade initiative China “firmly” opposes a new trade initiative between Taiwan and the United States, the Commerce Ministry said on Thursday, a plan the government in Taipei says is a recognition of the key position the island plays in global supply chains. The United States and Taiwan announced the US-Taiwan Initiative on 21st Century Trade on Wednesday, […] June 2, 2022
Elon Musk tells Tesla staff: return to office or leave Tesla Inc Chief Executive Elon Musk has asked employees to return to the office or leave the company, according to an email sent to employees and seen by Reuters. “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week,” Musk wrote in the email sent on Tuesday night. […] June 2, 2022
Biden planning Gulf visit this month US officials are planning a trip for President Joe Biden to the Middle East later this month to meet Gulf allies, which could put him in the same room with Saudi Crown Prince Mohammed bin Salman, sources said on Wednesday. No final decisions have been made about the trip, according to sources inside and outside […] June 2, 2022
