Daily Archives: December 10, 2015

US Budget Deficit Widened, in November

WASHINGTON, Safar 28, 1437, December 10, 2015, SPA — The federal budget deficit widened in November, driven by higher spending in such areas as Social Security, Medicare and defense, AP reported.

The Treasury Department says the November deficit climbed to $64.6 billion, up 13.6 percent from a year ago. For the first two months of the budget year that began on Oct. 1, the deficit totals $201.1 billion, a 12.6 percent jump from a year ago.
–SPA
01:47 LOCAL TIME 22:47 GMT
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Only Modest Economic Growth Projected, for Next Two Years- UN Says

New York, Safar 28, 1437, December 10, 2015, SPA — The world economy will expand only modestly in the next two years after global growth plateaued at 2.4 per cent in 2015, according to a UN report published Thursday, dpa reported.

The World Economic Situation and Prospects report found that lower commodity prices, macroeconomic uncertainties, volatility in exchange rates and stagnant investment growth have led to a meager increase in 2015, which had been previously expected to reach 2.9 per cent growth.
–SPA
01:10 LOCAL TIME 22:10 GMT
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Real Madrid's appeal against cup expulsion rejected

Madrid, Safar 28, 1437, Dec 10, 2015, SPA — Real Madrid’s appeal against their expulsion from the
Spanish Cup was rejected by the appeals committee of the Spanish
football federation Thursday, dpa reported.

The Whites were expelled last week after they fielded Denis Cheryshev
in the 3-1 fourth round first leg win at Cadiz, despite the Russian
international being suspended for having picked up three yellow cards
in the cup last season when on loan at Villarreal.

The appeals committee said it found “no reason at all to overturn the
original decision” made by the federation.
— SPA
22:30 LOCAL TIME 19:30 GMT
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Analysis: How Tunisia saved its 'Arab Spring' (Al Jazeera)

On Thursday, Tunisia’s National Dialogue Quartet, which was awarded the 2015 Nobel peace prize, is expected to receive the award in Oslo. The event comes just a few days before the fifth anniversary of the Tunisian revolution that broke out when Mohamed Bouazizi, a street vendor, set himself alight in a public outcry that unleashed a…

Kingdom Holding Company signs share swap agreement with French AccorHotels

Riyadh, 28 Safar 1437 AH, December 10, 2015, SPA — Kingdom Holding Company (KHC) has signed an agreement with French AccorHotels company listed on the French financial market.
The company said, ”It was agreed under the convention, that the Kingdom Holding Company will waive the entire stock owned in Fairmont Raffles Hotels International Company, which represents 35.3% of the capital of the company in exchange for the issuance of 16.48 million shares, representing 5.8% in AccorHotels Company in favor of the Kingdom Holding Company after the capital increase, and a cash payment of SR 1.27 billion ($ 339 million) for the Kingdom Holding Company, as well as the Kingdom Holding Company’s obtaining other assets to be determined at a later date.
–More
13:27 LOCAL TIME 10:27 GMT
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Kingdom Holding Company signs share swap agreement with French AccorHotels 2 Riyadh

The company explained in a statement posted on the financial market site “Tadawul” today that any of the shares or assets will not be transferred except after the completion of the transaction, which is subject to conditions that should be met including the approval of competent foreign regulators according to the laws protecting American, European and Asian competition governing the deal, approval of the General Assembly of the company of AccorHotels to increase its capital for the issuance of new shares to Kingdom Holding Company, and the Kingdom Holding Company has the right to appoint a member at the Board of Directors of AccorHotels after the General Assembly’s approval of the member.
It is expected to complete the transaction in the second quarter of 2016, and since the completion of the transaction is suspended to the fulfillment of the conditions, the price of stocks and mutual assets will be determined only on the completion date, and that it is not possible to determine the financial impact of this transaction but by the date of completion, and the KHC will announce any developments in a timely manner.
— SPA
13:27 LOCAL TIME 10:27 GMT
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Asia stocks down

Seoul, South Korea, 28 Safar,1437 AH, 10 December,2015 , SPA — Asian stock markets were mostly weaker on Thursday after Wall Street fell for a third day and New Zealand’s central bank signaled it had finished cutting interest rates.
Japan’s Nikkei 225 finished 1.3 percent lower at 19,046.55 and Hong Kong’s Hang Seng slipped 0.3 percent to 21,733.42. Australia’s S&P/ASX 200 shed 0.8 percent to 5,037.70. China’s Shanghai Composite index dropped 0.5 percent to 3,455.50. Stocks in New Zealand, Taiwan and Singapore were lower but South Korea’s Kospi finished 0. 2 percent higher at 1,952.07.
— SPA
11:51 LOCAL TIME 08:51 GMT
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Aramco takes action to manage carbon emissions to address climate change

Dammam , Safar 28, 1437,December 10, 2015,SPA — Saudi Aramco concluded yesterday its participation in the International Petroleum Technology Conference, which continued its activities in Doha, Qatar for three days, and reviewed its researches on technological developments in the areas of petroleum engineering and earth sciences.
Saudi Aramco president and senior executive officer Engineer Amin Bin Hassan Al-Nasser participated in a plenary session for heads of companies entitled “Technical partnerships for a sustainable future”, in which he pointed out that the oil and gas “will continue in the long term to play an important role in the global energy mix, however we recognize the need for carbon emissions management.
–SPA
11:26 LOCAL TIME 08:26 GMT
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