Tuesday, January 17, 2017

Business News


Saudis seek up to $50 billion for first phase of renewables plan

Saudi Arabia will start soliciting bids in the next few weeks for the first phase of a “massive” renewable-energy programme costing $30 billion to $50 billion, Energy Minister Khalid Al-Falih said. Organisation of Petroleum Exporting Countries (OPEC’s) biggest producer plans to generate close to 10 gigawatts from renewables, primarily solar ...

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IMF slashes Saudi Arabia growth forecast on lower oil output

The International Monetary Fund (IMF) cut its growth outlook for Saudi Arabia on lower oil production, underscoring the challenges facing the kingdom as it seeks to overhaul its economy. Gross domestic product will expand 0.4 per cent in 2017, the lender said in its World Economic Outlook report update on ...

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GM said to plan $1 billion US investment in nod to Trump

General Motors Co. will invest $1 billion in US plants as part of a previously announced factory retooling for future models, a person familiar with the matter said, as President-elect Donald Trump pressures car-makers to boost spending and hiring. The largest US automaker will create or retain 1,000 jobs at ...

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Emirates NBD 2016 profit beats estimates on lower impairments

Emirates NBD PJSC reported full year profit for 2016 that beat estimates as the United Arab Emirates’ biggest bank benefited from lower impairments. Net income rose 2 per cent to AED 7.24 billion ($1.97 billion) from a year earlier as impairments dropped 23 per cent to AED 2.6 billion, the ...

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Deutsche Bank bans text messages, WhatsApp on company phones

Deutsche Bank AG has banned text messages and communication apps such as WhatsApp on company-issued phones in an effort to improve compliance standards. The functionality will be switched off this quarter, chief regulatory officer Sylvie Matherat and chief operating officer Kim Hammonds told staff in a memo on Friday. Unlike ...

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