market

Shares of 'arrested' Saudi billionaire's company dive 9.9%

Riyadh - Muslimchronicle

Shares in Kingdom Holding, 95 percent of which is owned by billionaire Prince Al-Waleed bin Talal, dived 9.9 percent as the Saudi stock exchange opened Sunday after reports of his arrest. The Saudi Tadawul All-Shares Index (TASI) also dropped 1.6 percent only a minute after the start of trading on the Arab world's largest stock market following a sweeping crackdownRead more

Scandal-hit Nissan suspends production for Japan market

Japan - Muslimchronicle

Nissan said Thursday it was suspending all production destined for the local market, as Japan’s number-two automaker grapples with a mounting inspection scandal that has already seen it recall some 1.2 million vehicles. The announcement comes weeks after the company admitted that staff without proper authorization had conducted final inspections on some vehicles intended for the domestic market before theyRead more

Xi says China 'will not close its doors to the world'

Beijing - Muslimchronicle

President Xi Jinping vowed on Wednesday that China's economy "will not close its doors to the world", as he opened a congress in which foreign investors will look for signs that Beijing will pursue market reforms. "Openness brings progress for ourselves, seclusion leaves one behind. China will not close its doors to the world, we will only become more andRead more

Japan’s Kobe Steel cheating scandal widens

Tokyo - Muslimchronicle

Crisis-hit Kobe Steel said on Friday its steel division has also falsely labelled products, the latest in a string of revelations confirming widespread cheating at the firm that has engulfed its global customers. The bombshell admissions by Japan’s third-largest steel maker sent its shares plummeting again, with the scale of the misconduct dealing a body blow to the nation’s reputationRead more

UK to publish draft energy price cap laws, seeking to fix 'broken' market

London - Muslimchronicle

Britain will publish a draft law on Thursday designed to cap consumer gas and electricity prices for millions of households, taking action to try and fix a market it says punishes loyal customers. Prime Minister Theresa May first proposed a price cap on the energy sector earlier this year, the biggest market intervention since its privatisation almost 30 years ago.Read more

Russian firefighters use helicopters to extinguish market fire

Moscow - Muslimchronicle

Russian firefighters on Sunday used specially equipped helicopters to dump water on a construction goods market on the northwestern edge of Moscow that caught fire. The fire at the market sent a thick cloud of grey smoke billowing into the air, footage broadcast on Russian television showed. The fire was causing tailbacks on the nearby Moscow orbital highway, according toRead more

EU to single out Chinese imports in report on market distortions

Brussels - Muslimchronile

China will be singled out for special attention under new trade rules to limit excessively cheap imports into the EU, a European Commission official said yesterday. The Commission, member states and EU lawmakers agreed on Tuesday to treat all World Trade Organization members the same in determining whether they are dumping products. Under normal circumstances, dumping will mean selling belowRead more

MENA region can gain from aviation sector, but connectivity

Dubai - Muslimchronicle

Middle East and North Africa (MENA) countries can hugely gain from the aviation industry but sectoral challenges should be addressed for the region to reap the benefits, an International Air Transport Association (IATA) official said. “Aviation has the power to generate significant prosperity. A safe, secure, efficient and sustainable air transport industry pays huge social and economic dividends,” according toRead more

Noon to trigger web shopping price war in Gulf

Dubai - Muslimchronicle

Days after Amazon announced the launch of its first Middle East centers, online retailer Noon.com has gone live in the UAE, boosting a rapidly nascent e-commerce sector in the Gulf. The site started working at the weekend and the app is scheduled to launch in days, its backer Dubai-based real estate giant Emaar Properties said in a statement. Analysts saidRead more

Saudi Arabia to widen foreign investment access again in 2017 — CMA chairman

London - Muslimchronicle

Saudi Arabia plans to further open up its stock market to foreign investors later this year as it seeks to become an international capital markets hub, Mohammed Abdullah Elkuwaiz, chairman of the Capital Market Authority (CMA) told Reuters on Friday. Qualified foreign institutions (QFIs) were allowed to begin investing directly in Saudi stocks in 2015 and qualification requirements were easedRead more