Abu Dhabi-based private charter company Royal Jet has announced that CEO and president Shane O’Hare has left the company. He will be replaced by Captain Patrick Gordon, as chief executive and acting president, a statement said.
Updated 5 Years ago

Saudi Arabia’s Interior Ministry on Thursday issued a warning to women not to get behind the wheel in defiance of the kingdom’s men-only road rules after a renewed social media campaign to challenge the law by driving in public. The announcement comes ahead of the anniversary on Oct. 26 of a demonstration last year in which dozens of Saudi women said they had taken to the road in protest at the ban on female drivers, leading to some arrests.
Updated 5 Years ago

China's job market proved resilient despite slowing economic growth in the first ninemonths of the year, according to data from the Ministry of Human Resources and Social Security(MHRSS) on Friday. From January to September, 10.82 million new jobs were created, 160,000 more than a yearago, MHRSS said.
Updated 5 Years ago

The Memorandum of Understanding on Establishing the Asian InfrastructureInvestment Bank (AIIB) specifies that the authorized capital of AIIB is $100 billion and the initialsubscribed capital is expected to be around $50 billion. The paid-in ratio will be 20 percent,according to Chinese Finance Minister Lou Jiwei on Friday. Lou said Prospective Founding Members have agreed that GDP will be the basic parameter indetermining share allocation among member countries. Therefore, China will be the largestshareholder.
Updated 5 Years ago

China's appetite for olive oil increased amidst a shrinking cooking oil market,according to a UK-based market research report sent to Xinhua on Friday. The sales of olive oil during a 52 week ending Aug 8, 2014 were 5.35 percent percent higherthan the previous year, the Kantar Worldpanel's monitoring released.
Updated 5 Years ago

Brazilian mining giant Vale's iron ore production increased 3.1% year-on-year in the third quarter to 85.7Mt, its highest output ever, the company said. "The good operational performance was due to the ramp-ups of Carajás' plant 2 and the new Conceição Itabiritos plant," Vale said in its 3Q14 production report.
Updated 5 Years ago

The continued drop in oil prices will not affect Mexico's 2015 budget or plunge the country into debt, according to the finance ministry and the president of the senate's energy committee. The price of Mexican crude has fallen US$12/b over the last month and 26% since June to below the government's US$81/b price floor – used to calculate the 2015 budget – to US$77.09/b on October 16
Updated 5 Years ago

The integration of Chinese IT manufacturer Lenovo and IBM's low-end server business has been completed in Brazil, Chile, Colombia, Mexico and Peru. Lenovo's business development and project management director for LatAm, Paulo Fernandes, told the Canalys conference in Rio de Janeiro that both companies have been working for the past six months on integrating operations. The US$2.3bn sale of IBM's x86-based server unit was signed in January.
Updated 5 Years ago

Amazon.com Inc. (AMZN) forecast sales and profit for the holiday quarter that missed analysts’ projections, underlining the limits to Chief Executive Officer Jeff Bezos’s strategy of spending big to fuel growth. Revenue for the fourth quarter is anticipated to be $27.3 billion to $30.3 billion, the Seattle-based company said in a statement today, while profit excluding some items will range from a loss of $570 million to a gain of $430 million. Analysts on average projected sales of $30.9 billion and profit of $460.5 million, according to data compiled by Bloomberg.
Updated 5 Years ago

Fourteen months after Brazil began selling billions of dollars-worth of derivative contracts to shore up its currency, the strategy is proving ineffective and raising concern in financial markets. The real fell to a six-year low yesterday and is the world’s most volatile currency. Some analysts say the swaps, which are equivalent to selling dollars in the futures market and now amount to 27 percent offoreign reserves, are approaching critical levels. The opposition’s presidential candidate has indicated he’d discontinue their use.
Updated 5 Years ago