business

Anti-graft committee will ‘create new era of financial transparency’

Jeddah - Muslimchronicle

Saudi Arabia’s new super-committee to fight corruption will give confidence to investors, protect public funds and create a new era of financial transparency, government ministers and experts said on Sunday. The committee would enforce anti-corruption regulations within the rule of law and to international standards, said Mohammed Al-Jadaan, the minister of finance. Its work would “consolidate the reform approach adoptedRead more

Saudi Arabia’s non-oil private sector little changed in October – PMI

Dubai - Muslimchronicle

Saudi Arabia’s non-oil private sector was almost at a standstill in October, but business optimism was at the highest level in almost half a year, a key economic gauge showed on Sunday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index edged up to 55.6 last month from 55.5 in September. A level above 50 means business is expanding.Read more

European chains ‘profit on back of Syrian refugees in Turkish factories’

London - Muslimchronicle

Some of Europe’s biggest stores are failing to stem the abuse of Syrian refugees who work in the Turkish factories that supply their clothes, a business pressure group said on Friday. The Business and Human Rights Resource Center (BHRRC) called on the worst offenders — from fashion icon Topshop to discounter Aldi — to better protect refugee workers who haveRead more

Tailwinds For Japan Airlines Spark Profit Upgrade

Tokyo - Muslimchronicle

Japan Airlines (JAL) on Tuesday upgraded its full-year forecast as it booked a modest gain in half-year net profit thanks to solid domestic and international sales. JAL said net profit rose 9.2 percent year-on-year to 78.0 billion yen ($690 million) for the six months to September. Revenue for the period increased 6.2 percent to 692.3 billion yen, as the airlineRead more

Russian investment fund to send delegation to Saudi Arabia

Moscow - Muslimchronicle

The Russian Direct Investment Fund (RDIF) has said it is sending a Russian business mission comprising more than 60 executives to Saudi Arabia on Nov. 1-2. The delegation will include representatives of prominent Russian companies including Gazprom, SIBUR, Lukoil and Sinara, a statement said. The attending Russian companies will present opportunities for investment and take part in sectoral discussions andRead more

Gains from wealthy client activity expected to weaken, UBS cautions

Zurich - Muslimchronicle

A pick-up at UBS’s core wealth management business is likely to weaken in the final months of 2017 as clients withdraw money to take part in tax amnesty programmes, the world’s biggest private bank said. UBS, which manages more than more than $2 trillion of the world’s wealth, saw continued improvement in the third quarter at its flagship business afterRead more

American Airlines’ profit beats on strong demand for air travel

Bengaluru - Muslimchronicle

American Airlines reported a better-than-expected quarterly profit on Thursday, benefiting from higher demand for business and leisure travel. For the current fourth quarter, American said it expects revenue per available seat mile, a closely watched performance metric which compares sales to flight capacity, to rise between 2.5 percent and 4.5 percent. The No. 1 US airline’s pre tax margin, excludingRead more

Emaar wants to do more business in Saudi Arabia

Riyadh - Muslimchronicle

Mohamed Alabbar, the Emaar Properties chairman, is keen to do further business with Saudi Arabia, and would like to help the Kingdom to develop the $500 billion Neom project announced at the opening day of the Future Investment Initiative in Riyadh. Speaking on the sidelines of the conference, Alabbar, who already has significant business partnerships with Saudi Arabia via theRead more

Big business comes to Saudi Arabia

Riyadh - Muslimchronicle

The Saudi capital will today host the A-list of global corporate leadership in the most keenly awaited business gathering of the year. Dozens of the biggest names in global business have arrived in the Kingdom for the Future Investment Initiative (FII), which is being hosted by the Public Investment Fund (PIF) — the body that is spearheading a slew ofRead more

Toshiba boss sorry as shareholders blast $18 bn chip sale

Chiba - Muslimchronicle

Toshiba's president Tuesday apologised "sincerely" over the $18-billion sale of its prized memory chip business, as shareholders demanded answers over the deal seen as pivotal to the survival of one of Japan's best-known firms. Bowing deeply at the start of a tense shareholders' meeting, Satoshi Tsunakawa said: "We sincerely apologise for causing problems and worry." More than 600 investors pouredRead more