Category: Business

China gives greenlight to dozens of Trump trademarks

By Adam Jourdan and Eric Walsh SHANGHAI/WASHINGTON, March 9 – China has granted preliminary approval for 38 trademarks linked to Donald Trump, documents on China‘s state trademark office show, giving the U.S. President and his family protection were they to develop the “Trump” brand in the market. The trademarks – which in theory cover a wide sweep of businesses from hotels to mobile libararies and escorts – underline the complexities and potential concerns over conflicts of interest facing President Trump, who has a sprawling business empire using the Trump name around the world. Trump, a wealthy real estate developer,...

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Burning less oil at home will help Saudi exports and Aramco IPO

By Rania El Gamal DUBAI, March 7 – Saudi Arabia is likely to reduce the amount of oil it burns to generate power this summer as the kingdom hikes domestic energy prices and uses more natural gas in power stations, industry sources said. Burning less crude at home means the world’s top oil exporter may not need to push output to the record high of 10.67 million barrels per day (bpd) reached in July last year, even if the Organization of the Petroleum Exporting Countries and other producers end supply curbs in June. It may also make the sale...

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Oil prices hold steady for third day; eyes on economic data

By Keith Wallis SINGAPORE, March 7 – Oil prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. Brent crude was down 9 cents, or 0.1 percent, at $55.92 a barrel as of 0745 GMT, with a firmer dollar, unchanged against a basket of other currencies, putting some pressure on dollar denominated oil prices. U.S. West Texas Intermediate crude eased 6 cents, or 0.1 percent to $53.14 a barrel. “There’s a lack of catalysts today possibly … trading is...

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Gold and silver hurt by March rate-hike prospects, oil wobbles

By Ole Hansen The market focus has once again firmly switched towards the Fed’s next policy meeting on March 15. Several recent comments from voting members of the Federal Open Market Committee have raised the probability of a rate hike to more than 70%, and the reaction in the market has been clear to see. The US dollar rose to a seven-week high against a basket of currencies, while the yield on US 2-year government bonds climbed to levels last seen in 2009. Stocks raced higher on Wednesday after President Trump’s speech to Congress on Tuesday evening. His infrastructure...

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British billionaire Philip Green plugs failed BHS pension hole with $451 million

By James Davey LONDON, Feb 28 – Billionaire British retailer Philip Green has paid 363 million pounds ($451 million) to pension schemes of the now-collapsed department store chain BHS which he sold for one pound to a serial bankrupt with no retail experience. The settlement, some eight months after Green promised lawmakers he would “sort” the issue, is a record for Britain’s pensions regulator, which has been going since 2005. It was secured three months after it launched legal action against Green, who currently owns a string of UK fashion chains including Topshop. The deal has the support of...

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Saudi Arabia wants oil prices to rise to around $60

By Rania El Gamal and Alex Lawler DUBAI/LONDON, Feb 28 – Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the level the OPEC heavyweight and its Gulf allies – the United Arab Emirates, Kuwait and Qatar – believe would encourage investment in new fields but not lead to a jump in U.S. shale output, the sources said. The Organization of the Petroleum Exporting Countries, Russia and other producers pledged last year to cut production by about 1.8 million barrels per...

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MENA Governments to Borrow Less in 2017

MENA sovereign borrowing to decline By 20% to $136 Billion -S&P Middle East and Northern African (MENA) sovereign borrowing is expected to slow down in 2017, after increasing sharply in 2016, says Global Ratings Agency Standard and Poors in its latest report titled “Sovereign Debt 2017: MENA Borrowing Is Expected To Decline By 20% To $136 Billion.” “We project that the 13 MENA sovereigns we rate will borrow an equivalent of $136 billion from long-term commercial sources in 2017. This represents a 20% decline (of $34 billion) in long-term commercial debt issuance,” S&P Global Ratings credit analyst Trevor Cullinan...

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Egyptian real estate developers suspend Saudi project amid tensions

CAIRO, Feb 23 – Three Egyptian real estate executives said on Thursday that their companies have suspended housing deals with the Saudi Arabian government amid political tensions between the two countries. Four Egyptian real estate companies had signed memorandums of understanding with the Saudi Housing Ministry during King Salman’s April visit to Cairo last year. Since then, political differences have emerged as the two Arab powers have diverged on the conflict in Syria, and an Egyptian court blocked the transfer of two Red Sea islands to Saudi Arabia which Cairo had agreed during Salman’s visit. Al Ahly for Real...

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How Trump’s Refugee Ban Will Impact Iranian Investment Drive and Plane Deals

By Parisa Hafezi and Tim Hepher ANKARA/PARIS, Jan 31 – A row over U.S. visa bans may further weaken Iranian President Hassan Rouhani’s efforts to attract foreign investors to Iran, particularly if it slows the implementation of deals for Western aircraft, officials and analysts said. The deals for 80 Boeing jets and 100 from Europe’s Airbus struck last year are seen by Western investors as a crucial test as they seek business in Iran in the wake of the nuclear deal that led to the lifting of most sanctions. People involved in the airline deals say it is too...

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Starbucks to Hire 10,000 Refugees in Response to Refugee Ban

Starbucks on January 30 promised to hire 10,000 refugees over five years in response to Donald Trump’s executive order temporarily barring refugees access to the US and banning entry for anyone from seven majority Muslim countries. Howard Schultz, the coffee chain’s chief executive, said he had “deep concern” about the president’s order and would be taking “resolute” action, starting with offering jobs to refugees. “We are developing plans to hire 10,000 of them over five years in the 75 countries around the world where Starbucks does business,” he told employees in a strongly-worded note. He added that the move...

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