Ford to shut three factories, stop making passenger cars in Russia

MOSCOW. US carmaker Ford will close three of the four factories of its Russian joint venture after deciding to stop making passenger cars in a country where car sales have slumped in recent years, the company said on Wednesday. Ford said in a statement that it has signed a preliminary agreement with its local partner […]

EU parliament backs copyright bill; will force US tech giants to pay artists more

STRASBOURG European Union lawmakers approved a copyright directive on Tuesday to give writers and artists more protection of their creative rights and incomes, an intensely contentious measure that could have major trans-Atlantic implications for American technology companies. The European Parliament voted 348-274 to pass the online copyright bill, with 36 abstentions. Opponents argued the legislation, […]

Saudi Aramco buying $69 billion stake in chemicals giant SABIC

RIYADH – Saudi state oil giant Aramco said Wednesday it is buying a 70 percent stake in petrochemicals behemoth SABIC, in a deal state media said was worth around $69 billion. “#Saudi_Aramco is acquiring a 70% stake in @SABIC, the Saudi Arabian Basic Industries Corporation,” Aramco said on Twitter.

Dubai economic growth at its slowest since 2009 contraction

DUBAI: Dubai’s economy grew 1.94 per cent in 2018, the government said on Wednesday, slowing down from a 2.8 per cent growth rate in 2017 and hitting its slowest pace since a contraction in 2009 when the economy was hobbled by a debt crisis. Dubai, which has a diversified economy that focuses on tourism and […]