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China's Anbang group makes bid to buy Starwood hotels

New York - Arab Today

China's Anbang Insurance group has placed an unsolicited bid to purchase the Starwood hotels, the US chain announced on Monday. Starwood Hotels & Resorts Worldwide, Inc. said that it had received a non-binding proposal from a consortium of companies to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. The company already

EU backs milk production cuts to tackle low prices

Brussels - Arab Today

The European Union said on Monday that it backed temporary cuts in milk production by farmers in member states in a bid to reverse the plunge in prices that has shaken the dairy industry. "I am prepared to propose the application of such rules whereby the commission....would decide to permit on a temporary basis such voluntary agreements for the dairy

Paris stock market soars over 3%

Paris - Arab Today

Shares on the Paris stock exchange briefly soared more than three percent Friday, rebounding from heavy losses a day earlier after fresh European Central Bank stimulus. At 1041 GMT, the CAC 40 stood 2.97 percent higher at 4,479.67 points. On Thursday, it closed 1.7 percent lower.

IEA sees signs oil price 'might have bottomed out'

Paris - Arab Today

The oil price may have finally bottomed out, the International Energy Agency (IEA) said Friday, noting its "remarkable recovery" over recent weeks. In its monthly report, the IEA said talk among oil producers to freeze production amounts to "a first stab at co-ordinated action" with the presumed aim of pushing oil up to $50 a barrel, compared with about $40

Siemens cut 2500 jobs in industrial division

Berlin - Arab Today

German engineering giant Siemens said Wednesday it would slash 2,500 jobs from its industrial division in a reorganisation to cope with a slump in the oil and gas as well as metals and mining sectors. "A total of about 2,500 jobs worldwide -- of which 2,000 are in Germany, primarily in Bavaria -- will be affected by the realignment" of

Canada central bank maintains key lending rate at 0.5%

Ottawa - Arab Today

Canada's central bank maintained its key lending rate at 0.5 percent Wednesday in hopes of bolstering lagging business investment, while forecasting an uptick in global growth this year and next. Financial market volatility and "heightened concerns" about a lack of momentum in the Canadian export-driven economy "appears to be abating," the Bank of Canada said, but the oil rout continues

Venezuela opposition urges mass movement against Maduro

Caracas - Arab TodayVenezuela's opposition called Tuesday for the "largest movement that has ever existed" to oust President Nicolas Maduro, vowing to pursue all means to force him from power, including a referendum, a constitutional amendment and protest

Venezuela's opposition called Tuesday for the "largest movement that has ever existed" to oust President Nicolas Maduro, vowing to pursue all means to force him from power, including a referendum, a constitutional amendment and protests. The opposition, which has been on a collision course with Maduro since winning control of the legislature in December, "has taken the unanimous decision to

French court okays extraditing S.Korean linked to ferry disaster

Paris - Arab Today

A French court on Tuesday approved the extradition to South Korea of the daughter of a tycoon blamed for a ferry disaster that killed more than 300 people in 2014, but the prime minister must now sign off on the decision. Even if Prime Minister Manuel Valls gives his approval for the extradition of Yoo Som-Na, the decision can still

France launches serious fraud probe into Volkswagen over emissions

Paris - Arab Today

French prosecutors have opened a serious fraud investigation into Volkswagen over devices the German automaker fitted into cars to cheat in emissions tests, a judicial source told AFP on Tuesday. VW, a former paragon of German industry, has been plunged into its deepest-ever crisis after acknowledging that it had installed emissions-cheating software into 11 million diesel engines worldwide. The probe, launched

Lula received 'many' favors from corrupt companies

Sao Paulo - Arab Today

Brazilian ex-president Luiz Inacio Lula da Silva received multiple "favors" from companies at the heart of a giant bribes and kickbacks scheme centered on state oil company Petrobras, prosecutors said Friday. "The favors to Lula from big construction companies involved in the fraud at Petrobras were many and hard to quantify," said prosecutor Carlos Fernando dos Santos Lima. Earlier, police

US trade deficit swells in January

Washington - Arab Today

The US trade deficit grew more than expected in January as exports fell more sharply than imports amid a slowing global economy, Commerce Department data released Friday showed. The trade gap rose 2.2 percent to $45.7 billion in January, well above the analyst estimate of $44.0 billion. Reflecting the sluggishness in the global economy, falling oil prices and a strong

US jobs machine rebounds: 242,000 new jobs in February

Washington - Arab Today

US employers defied a global slowdown and pumped up hiring in February, adding a much better-than-expected 242,000 new jobs. The unemployment rate held at a low 4.9 percent, the Labor Department reported Friday, demonstrating a resilience in the economy amid persistent weakness elsewhere.

EU announces 700mn aid plan for migrant crisis

Brussels - Arab Today

The European Union announced Wednesday unprecedented plans to provide Greece and other member states with 700 million euros in emergency humanitarian aid to cope with the migrant crisis. The funds will be allocated over three years, with 300 million euros in 2016, and 200 million euros in each of the following years, EU Humanitarian Aid Commissioner Christos Stylianides said.

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New York - Arab Today

Brussels - Arab Today

Paris - Arab Today

Paris - Arab Today

Berlin - Arab Today

Ottawa - Arab Today

Caracas - Arab TodayVenezuela's opposition called Tuesday for the "largest movement that has ever existed" to oust President Nicolas Maduro, vowing to pursue all means to force him from power, including a referendum, a constitutional amendment and protest

Paris - Arab Today

Paris - Arab Today

Sao Paulo - Arab Today

Washington - Arab Today

Washington - Arab Today

Brussels - Arab Today