Business

Orange CEO under fire at Tapie affair trial of IMF’s Lagarde

By Chine Labbé PARIS, Dec 16 – French telecoms boss Stephane Richard was sharply criticized by one of the judges and by a witness during the negligence trial of IMF chief Christine Lagarde in Paris this week. Richard, the chief executive of Orange, is a target of investigators in a related inquiry which has yet

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Ten non-EU Financial Centres Authorised to do Business in the EU

BRUSSELS, Dec 16 – The European Union has authorized a batch of countries outside the bloc to offer clearing and trading of securities to EU firms, under a regime that Britain may also have to use after Brexit. The EU’s executive European Commission said on Friday it has granted so-called equivalence to the clearing houses

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Cost of Pump-at-Will Oil Policy Spurred Saudi OPEC U-Turn

By Rania El Gamal and Dmitry Zhdannikov DUBAI/LONDON, Dec 15  – Saudi Arabia has long said it could produce as much as 12 million barrels per day (bpd) of oil if needed, but that pump-at-will claim – which would require huge capital spending to access spare capacity – has never been tested. Sources say the

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India’s Demonetisation Drive Drags Down Nepal’s Economy

By Gopal Sharma and Manoj Kumar KATHMANDU/NEW DELHI, Dec 15 – India‘s scrapping of high-value bank notes last month has dragged down economic growth in neighbouring Nepal with trade, remittances and tourist numbers all down, BMI Research, a group company of the Fitch rating agency, said on Wednesday. BMI has revised down its forecast for

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Farming Without Soil Seen as Solution in Land Without Water

By Seham El Oraby CAIRO, Dec 14 –  Growing lettuce in the desert is not most people’s idea of how to make a success of farming, but Amr Bassiouny believes he is on to something. The 30-year-old chief executive of Egyptian Hydrofarms says he is growing salad greens at his farm on the outskirts of

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Brexit Endangers U.S.-U.K. Trade as Some U.S. Firms Could Move

LONDON, Dec 14 – Brexit could hit trade relations between Britain and the U.S, with nearly 40 percent of American firms considering moving their British office to the EU and two-thirds saying the vote is impacting investment choices, according to a survey. Food and beverage, life sciences and financial services firms were most likely to

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UniCredit to Raise 13 bln Euros in Italy’s Biggest Share Issue

By Stephen Jewkes, Gianluca Semeraro and Pamela Barbaglia MILAN/LONDON, Dec 13 – Italy’s largest bank, UniCredit, plans to raise 13 billion euros ($13.8 billion) in the country’s biggest-ever share issue to shore up its balance sheet and shield itself from a broader banking crisis. The plans announced on Tuesday, which also include 14,000 job cuts,

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China’s Sinopec Weighs Takeover of Gulf Keyston

Dec 13  – China’s Sinopec Corp is weighing a takeover of Gulf Keystone Petroleum , an oil company operating in the Kurdistan region of Iraq, Bloomberg reported on Tuesday. Gulf Keystone shares were up 13.5 percent at 144.43 pence at 1041 GMT. Sinopec, Asia’s largest refiner, is working with advisers and has made an approach

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Iran, Airbus Hopeful of Finalising Deal in Two Weeks

By Bozorgmehr Sharafedin BEIRUT, Dec 13 – European planemaker Airbus and Iran Air will finalise a deal to buy aircraft in two weeks, the head of Iran’s flag carrier said on Tuesday, adding Airbus has agreed to provide financing for 17 planes. Uncertainty over financing of the deal and political opposition in the United States

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