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The US rental site Airbnb logo is displayed during the company's press conference in Tokyo in this June 14, 2018 file photo. — AFP
ECJ says France can't make Airbnb register as estate agent
LUXEMBOURG — Online short-term rental platform Airbnb scored a victory against French hoteliers on Thursday when the European Court of Justice ruled that the US giant is not an estate agent.The ECJ ruled that Airbnb can be considered "an 'information society service', distinct from the subsequent service to which it relates."The French hotel industry lobby had brought the case arguing that Airbnb operates as a property rental firm and should be regulated as such under French law.But the ruling states that France did not notify the European Commission under the EU directive on electronic commerce of any requirements for rental platforms.The hoteliers' association AHTOP had launched a case against Airbnb's EU-based subsidiary Airbnb Ireland.French lawyers argued...
December 19, 2019

ECJ says France can't make Airbnb register as estate agent

Governor of Sveriges Riksbank, the central bank of Sweden, Stefan Ingves speaks during a press conference at the Riksbank headquarters in Stockholm, Sweden, on Thursday. — AFP
Sweden exits negative interest rates after five years
STOCKHOLM — Sweden's central bank announced on Thursday it was raising its main interest rate by 0.25 percentage points to zero percent, becoming the first country to end its experiment with negative interest rates.The Riksbank said in a statement that given that inflation was near its target of two percent, and was likely to stay that way, it had decided to hike the repo rate.In early 2015 the Riksbank, which is the world's oldest central bank, lowered its guiding interest rate to -0.10 percent for the first time, and had kept it in negative territory since.A number of central banks have adopted negative interest rates, which means they charge commercial banks for holding their reserves in order to encourage lending to the real economy to boost sluggish economies and ward off...
December 19, 2019

Sweden exits negative interest rates after five years

In a statement on Wednesday, the firms said they would scrap Share Now in the United States and Canada from Feb. 29, 2020, blaming
BMW and Daimler quit car-sharing service in US, Canada
FRANKFURT AM MAIN, Germany — Luxury carmakers BMW and Daimler have announced that they will ditch their joint car-sharing scheme in North America and scale back the service in Europe, citing lower than expected take-up in a "complicated" market.The move comes less than a year after the German rivals launched their Share Now scheme to great fanfare as part of a plan to join forces and pour one billion euros ($1.1 billion) into the "mobility services" of the future.In a statement on Wednesday, the firms said they would scrap Share Now in the United States and Canada from Feb. 29, 2020, blaming "the volatile state of the global mobility landscape" and rising costs.Share Now, born out of Daimler's Car2Go and BMW's DriveNow operations, will also exit the...
December 19, 2019

BMW and Daimler quit car-sharing service in US, Canada

LuLu launches Australian Food Festival
RIYADH — LuLu, the largest hypermarket chain in the region, has launched the week-long Australian food festival “Australia Week”, where the many flavors and diverse food products of Australia will be showcased.The event was inaugurated by Australian Ambassador Ridwaan Jadwat at LuLu Hypermarket, The Roof, Al Yasmin. In-store offers will be available from Dec. 16 to 22.LuLu Director for KSA Shehim Mohammed said: “LuLu has always been committed to offering the best selection from across the world through not only a conducive shopping environment, but also through in-store activities and food-focused events that offer reasonably priced products. Perfect for the festivities this month, this promotion will make Australian products a staple on the feasting tables for the...
December 19, 2019

LuLu launches Australian Food Festival

Huawei plans components plant in Europe
PARIS — Chinese telecommunications group Huawei is working on a plan to build its own components at a site in Europe, its chairman told AFP, as the 5G leader strives to overcome US sanctions.President Donald Trump has ordered American firms to cease doing business with Huawei, but Liang Hua rejected US allegations that the company is a tool of Chinese intelligence."We are planning to manufacture our own components at a production site in Europe in the future," he said in an interview at AFP's headquarters."We are conducting a feasibility study to open a factory in Europe for this. The choice of country will depend on that study," he said.While there is no timetable for the choice, Liang said "it could happen very quickly".Trump's offensive has...
December 18, 2019

Huawei plans components plant in Europe

PSA-FiAT
PSA, Fiat Chrysler agree on terms of mega-merger
PARIS — French carmaker PSA and US-Italian rival Fiat Chrysler said Wednesday they had agreed on the terms of a merger to create the world's fourth largest automaker as the sector grapples with the difficult and costly transition to cleaner and more sustainable mobility."Fiat Chrysler Automobiles and Peugeot SA (Groupe PSA) have today signed a binding combination agreement providing for a 50/50 merger of their businesses to create the fourth largest global automotive original equipment manufacturer by volume and third largest by revenue," the statement said.It added there would be "no plant closures resulting from the transaction."Ranking behind global rivals Volkswagen, Renault-Nissan-Mitsubishi and Toyota, the combined group will have a workforce of more than...
December 18, 2019

PSA, Fiat Chrysler agree on terms of mega-merger

US appeals WTO ruling in India steel row
GENEVA — Washington is appealing a World Trade Organization ruling in a dispute over import duties on Indian steel products, despite having recently forced the body's appeals unit to suspend operations.Last month, a WTO panel found that Washington had failed to fully comply with a five-year-old ruling ordering it to bring the duties it slaps on certain steel imports from India into line with global trade rules.The United States announced Wednesday it would appeal the November ruling during a meeting of the WTO's Dispute Settlement Body -- sometimes called the supreme court of world trade, according to a Geneva trade official.But the DSB no longer has a functioning appellate branch, after its activities effectively ground to a halt on December 11 following years of relentless US...
December 18, 2019

US appeals WTO ruling in India steel row

KSA financial landscape is evolving
DUBAI — Achieving Saudi Arabia’s Delivery Plan 2020, as part of its wider Saudi Vision 2030 Realization Program, requires consolidation of the Kingdom’s regulatory laws, investment listing rules, and corporate governance. This was the view during ICAEW’s Corporate Finance Faculty (CFF) roundtable on corporate fundraising and its challenges and opportunities in the Kingdom.Panelists and invited guests discussed the outlook for venture capital under the current economic conditions in Saudi Arabia. The speakers also highlighted the limited accessibility to corporate finance in the Kingdom, and how it varies between small, medium and large organizations.Speakers advised private companies in the Kingdom to hire both legal and financial advisors, before going public – to fulfil the...
December 18, 2019

KSA financial landscape is evolving

Kim Fournais
Saxo Bank, Geely Holding to form fintech joint venture
DUBAI — Saxo Bank A/S and Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, (Geely), announced that the two parties have signed an agreement to establish a technological joint venture (JV) to provide financial and regulatory technology solutions to financial institutions such as banks and fintechs in China. The ownership structure of the new joint venture will be an equal fifty percent split between Saxo Bank and Geely.The JV will leverage Saxo Bank’s world leading financial and regulatory technology and more than two decades of experience in providing technological investment platform development and digital services to clients globally. The JV will utilize cutting edge technologies such as cloud-based services, big data and artificial intelligence to...
December 18, 2019

Saxo Bank, Geely Holding to form fintech joint venture

Lenovo and Intel partner for enabling research in climate change
Lenovo, Intel partner for Vienna Scientific Cluster-4 Supercomputer
DUBAI — Lenovo and Intel on Wednesday announced their collaboration to modernize HPC infrastructure at Austria’s most powerful supercomputer – the Vienna Scientific Cluster-4 (VSC-4). Built on Lenovo ThinkSystem servers and 2nd generation Intel Xeon Scalable processors, VSC-4 supports more than 300 research projects led by scientists from higher education institutions throughout Austria, covering life-enhancing challenges such as meteorology to materials science, quantum chemistry to genetics.The VSC itself is a consortium of five major Austrian universities: TU Wien; the University of Vienna; the University of Natural Resources and Life Sciences, Vienna; the Graz University of Technology; and the University of Innsbruck. Their collaboration enables them to procure and operate...
December 18, 2019

Lenovo, Intel partner for Vienna Scientific Cluster-4 Supercomputer

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