By Marwa Rashad and Stephen Kalin RIYADH (Reuters) – Saudi Arabia began courting Toyota two years ago to build a large car plant as part of Crown Prince Mohammed bin Salman’s grand plan to wean the kingdom off oil revenues and create jobs for young Saudis. But the Japanese carmaker has rebuffed Riyadh’s overtures following talks that dragged on without tangible results because high labour costs, a small domestic market and a lack of local supplies gave Toyota pause for thought, four sources said. Securing a deal with a major automaker by 2020 for a car plant is a key target in the Gulf state’s national industrial strategy, part of a broader agenda to diversify the economy of the world’s largest oil exporter. Failure to do so would be a setback for Prince Mohammed, coming after the listing of oil giant Saudi Aramco was shelved and the killing of journalist Jamal Khashoggi tarnished the kingdom’s image. “Nobody would say ‘No, full … [Read more...] about Toyota snub dents Saudi Arabia’s manufacturing drive
Saudi british bank saudi arabia
(Reuters) - Britain's FTSE 100 fell on Thursday after downbeat reports from energy supplier Centrica and defence company BAE Systems, while online estate agent Purplebricks lost more than a third of its value after cutting its revenue target. The FTSE 100 was down 0.3 percent and the FTSE 250 was down 0.1 percent by 0837 GMT. Both indexes were lagging their European peers. Centrica slipped 11 percent to a near 16-year low after it warned that a national price cap on energy bills would hit its 2019 results. BAE Systems fell 6 percent after flagging that German moves to block exports to Saudi Arabia could hit its major deals with Riyadh and weigh on its financial performance and relationships. AIM-listed online estate agent Purplebricks plummeted nearly 40 percent after it cut full-year revenue forecast and said top bosses of its British and U.S. units would depart. The FTSE 100's fall came despite optimism from Asia, where shares had risen as the U.S. Federal Reserve affirmed its … [Read more...] about British blue-chip shares lower as Centrica, BAE reports disappoint
By Francesco Guarascio STRASBOURG (Reuters) - The European Commission added Saudi Arabia, Panama and four U.S. territories to a blacklist of nations it considers a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown on money laundering after several scandals at EU banks, but it has been criticised by several EU countries, including Britain, that are worried about their economic relations with the listed states, notably Saudi Arabia. The United States has also disapproved. The Saudi government said it regretted the decision in a statement published by the Saudi Press Agency, adding: "Saudi Arabia's commitment to combating money laundering and the financing of terrorism is a strategic priority". Panama said it should be removed from the list because it recently adopted stronger rules against money laundering. Despite pressure to exclude Riyadh from the list, the commission decided to list the … [Read more...] about EU adds Saudi Arabia to dirty-money blacklist, upsets UK, U.S.
By Francesco Guarascio BRUSSELS (Reuters) - Britain is leading a group of European Union states who are trying to block an EU plan to include Saudi Arabia and 22 other jurisdictions on a blacklist of countries that pose money-laundering and terrorism financing threats, sources said. The EU's executive commission adopted last month a draft list that adds Saudi Arabia, Panama and small Pacific and Caribbean islands to the existing list of 16 states, which currently includes Iran, Iraq, Syria, Afghanistan, Yemen and North Korea. The list needs the endorsement of a majority of the 28 EU nations but Britain and other heavyweights of the bloc, including Germany, France, Italy and Spain, are raising concerns, three EU officials told Reuters. Two of the sources said EU states' reluctance to endorse the list was mostly driven by concerns over the inclusion of Saudi Arabia and Panama on the list. Listed countries face higher scrutiny in their financial dealings with the EU, with bloc's banks … [Read more...] about London pushes to take Saudis off EU dirty money blacklist
World International Affairs The Saudi Justice Ministry has announced that from Sunday onwards, courts will be required to notify women via text about proceedings in which divorces have been finalized, the BBC reported. The new regulations could help mitigate the problem of so-called “secret divorces,” a phrase used to describe the phenomenon of men ending their marriage without informing their wives. Read more: British request access to women's rights activists threatened with rape and electrocuted in prison “Women will be notified of any changes to their marital status via text message,” a spokesperson for the justice ministry said in a statement on the state-run Al-Ekhbariya news channel, the Guardian reported. “Women in the kingdom will be able to view documents related to the termination of their marriage contracts through the ministry’s website,” the spokesperson added. It is hoped that the changes to the law will mean … [Read more...] about Saudi men can no Longer Divorce Their Wives Without Telling Them