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A logo is seen in a lounge area of the global headquarters of online food ordering and delivery giant Delivery Hero in Berlin in this June 27, 2017 file photo. — AFP
Germany's Delivery Hero gobbles up S. Korean food app Woowa
FRANKFURT AM MAIN, Germany — German takeaway giant Delivery Hero on Friday said it had agreed to buy South Korea's largest food delivery app Woowa in a 3.6 billion euro ($4 billion) deal aimed at beefing up its presence in Asia.Delivery Hero will first acquire an 82-percent stake in Woowa before taking full ownership "over time", it said in a statement.The deal will see the firms combine forces to take on major rivals like Gojek, UberEats and Grab in Asia at a time of fierce competition and consolidation in the booming sector of online food delivery services.Woowa founder and CEO Kim Bong-jin said teaming up with Delivery Hero would allow it "to facilitate expansion in Asia, as well as to further penetrate the high potential Korean market".Under the terms of the...
December 13, 2019

Germany's Delivery Hero gobbles up S. Korean food app Woowa

Wall Street rises as Trump tweets on China deal
NEW YORK — Wall Street rallied shortly after the open on Thursday as President Donald Trump said Washington and Beijing were close to a "BIG DEAL" on trade.The tweet instantly lifted the mood among investors, who had been holding their breaths, awaiting a decision from the White House on whether to proceed with a new round of tariffs on Chinese goods.Investors were also digesting commentary from the European Central Bank, which on Thursday tweaked its eurozone growth forecasts and said a slowdown could be stabilizing.British voters meanwhile were headed to the polls in a general election that could help determine the outcome of Brexit.About 15 minutes into the day's trading, the benchmark Dow Jones Industrial Average was up 0.6 percent at 28,066.37.The broader S&P 500 and...
December 12, 2019

Wall Street rises as Trump tweets on China deal

Christine Lagarde, president of the European Central Bank (ECB), addresses the media during a news conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on Thursday. — AFP
Lagarde launches major ECB review
FRANKFURT AM MAIN, Germany — Christine Lagarde on Thursday announced a major review of the ECB's tools and goals and said the eurozone slowdown was beginning to ease as she made her debut as president vowing to bring her "own style" to the job.Speaking at a Frankfurt press conference after chairing her first governing council meeting, Lagarde said the bank's "strategic review" would start next month and aim to be completed by "the end of 2020".A central focus of the reassessment, the ECB's first since 2003, will be to look at whether the bank's main objective of keeping inflation "close to, but below" two percent was still relevant after years of anemic price growth.But Lagarde said she also wanted to focus on "major...
December 12, 2019

Lagarde launches major ECB review

Turkey's central bank lowered its main interest rate by two percentage points to 12 percent on Thursday. — AFP
Turkey slashes interest rates again
ANKARA — Turkey's central bank lowered its main interest rate by two percentage points to 12 percent on Thursday — the fourth drop since its boss was replaced in July, and a deeper cut than analysts had expected.The rate has halved from 24 percent in that time, as inflation has come under control.Consumer price inflation stood at 10.56 percent year-on-year in November, higher than the October figure of 8.55 percent, but still much improved on the 20-25 percent range seen in the second half of 2018."Thanks to the stable course of the Turkish lira as well as the developments in domestic demand conditions and producer prices, core inflation indicators have displayed a mild trend," the central bank said in a statement.Following a brief but politically damaging recession at...
December 12, 2019

Turkey slashes interest rates again

Delegates are seen prior to a general council meeting of the World Trade Organization (WTO) at the trade intergovernmental organization headquarters in Geneva in this Dec. 10, 2019 file photo. — AFP
EU flexes trade muscles after US cripples WTO
BRUSSELS — The EU on Thursday proposed a move to strengthen its power to hit back in global trade rows, looking for defensive alternatives after the US crippled the WTO.The new measures would hand Brussels powers to unilaterally decide countermeasures against other countries, a power that traditionally sits with the World Trade Organization in Geneva.Sometimes referred to as the supreme court of global trade, the WTO has since Wednesday been unable to issue rulings, victim of a campaign by President Donald Trump accusing it of anti-US bias.The Trump administration has for two years blocked appointments to the WTO's appellate body, and work there finally broke down on Wednesday, when just one sitting member remained."Whilst we seek to reform the WTO and re-establish a...
December 12, 2019

EU flexes trade muscles after US cripples WTO

President of the European Central Bank (ECB) Christine Lagarde is seen during a press conference at the House of European History in Brussels to celebrate the 10th anniversary of the Lisbon Treaty in this Dec. 1, 2019 file photo.
Smooth-talking Lagarde faces first ECB grilling
FRANKFURT AM MAIN, Germany — New European Central Bank president Christine Lagarde makes her first monetary policy announcements on Thursday, with observers watching for clues about the bank's future direction and her plans for a major reassessment of its tools and goals.A statement to be issued at 1:45 p.m. (1245 GMT) is expected to unveil no change to predecessor Mario Draghi's ultra-loose monetary policy following Lagarde's maiden meeting of the ECB's governing council in Frankfurt.But the former International Monetary Fund chief can expect a grilling at the post-meeting press conference about her planned "strategic review" of the ECB's objectives and way of working.The timing and scope of the huge undertaking remain unclear, but it could lead to a major...
December 12, 2019

Smooth-talking Lagarde faces first ECB grilling

A worker packs coils for delivery at the production site of German steel technology group Salzgitter AG in Salzgitter, Germany, in this March 17, 2015 file photo. — AFP
Germany fines steelmakers 646m euros for price fixing
FRANKFURT AM MAIN, Germany — Germany's antitrust watchdog on Thursday said it had issued a 646-million euro ($720 million) fine against three steel manufacturers and three individuals for fixing prices for plate steel. The Federal Cartel Office said Germany's Thyssenkrupp Steel Europe, Salzgitter-owned Ilsenburger Grobblech and Austria's Voestalpine Grobblech had admitted to the accusations and accepted the penalties.At regular meetings between 2002 and 2016, representatives from the companies "agreed on the most important price supplements and surcharges for specific quarto plates in Germany," Andreas Mundt, president of the cartel office, said in a statement.According to the competition body, the add-on prices agreed by the steel producers "accounted for...
December 12, 2019

Germany fines steelmakers 646m euros for price fixing

Nissan Motor's new president and CEO Makoto Uchida speaks during an interview at the company's global headquarters in Yokohama, Japan, on Thursday. — AFP
New Nissan boss vows to restore trust after Ghosn scandal
YOKOHAMA, Japan — Nissan's new boss said on Thursday a top priority was to restore trust after the scandal over former chief Carlos Ghosn roiled the Japanese carmaker and its uneasy three-way alliance with Renault and Mitsubishi.In his first foreign media interview since taking office on Dec. 1, Makoto Uchida said he wanted everything laid bare "without hiding," as he seeks to regain credibility and sales for the once-mighty auto giant."The difficulties of the past may have sometimes left people insecure in terms of what they are doing. So it is my job to go back to the basics," said the new boss, in a clear reference to the Ghosn scandal that resulted in his arrest over financial misconduct.Uchida said he wanted everyone in the three-way alliance to "respect...
December 12, 2019

New Nissan boss vows to restore trust after Ghosn scandal

Microsoft Arabia launches the new version SQL server 2019, during
Microsoft launches SQL Server 2019 to support Saudi business sector
RIYADH — Microsoft Arabia has launched the new version SQL server 2019, during "SQL server 2019 Saudi Arabia Launch" event, which was hosted here Wednesday evening. The event was attended by Microsoft Arabia’s chief operating officer, Rayan Zahid and a number of experts and tech executives.“The new version of SQL server 2019 provides one of the most efficient databases in the market by investing in key capabilities such as "intelligent query processing", and is one of the most secure databases in the world” said Microsoft Arabia President Eng. Thamer Al Harbi, adding that it works to upgrade security level through (Always Encrypted), to protect most sensitive data while allowing robust operations to be executed without losing the encryption, which protects data...
December 12, 2019

Microsoft launches SQL Server 2019 to support Saudi business sector

South Africa Ambassador Cosbert T Rubushe, in the presence of Shehim Mohammed, director of LuLu Hypermarket Saudi Arabia, inaugurates the “Awesome South Africa”, fest at LuLu Hypermarket Riyadh Avenue Mall, Murabba, Saudi Arabia.
LuLu launches South African Festival ‘Awesome South Africa’
RIYADH — LuLu, the largest hypermarket chain in the Middle East, unveiled its annual South African Festival “Awesome South Africa”, a week-long showcase of delicious food products especially flown in from South Africa, which will be available across its stores till Dec. 14.The exciting festival was inaugurated by Cosbert T Rubushe, ambassador of South Africa, in the presence of Shehim Mohammed, director of LuLu Hypermarket Saudi Arabia, government officials, and LuLu dignitaries at LuLu Hypermarket Riyadh Avenue Mall, Murabba, Saudi Arabia. In Khobar, Ms.Peta Anne Davids — representative from South African Embassy, inaugurated the festival in Eastern Province.LuLu offers more than the conventional fresh food, ethnic delicacies and various kinds of herbs and spices. Indulge in a...
December 12, 2019

LuLu launches South African Festival ‘Awesome South Africa’

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