Ferrari Launches 296 GTS Convertible Hybrid Model

MILAN, Italy – Ferrari unveiled on Tuesday the new 296 GTS convertible, its fourth plug – in hybrid model, as the luxury sportscar maker pushes ahead with its electrification strategy. It follows Ferrari’s previous three hybrid models that went into full series production – the SF 90 Stradale in 2019, its convertible version, called SF … More Ferrari Launches 296 GTS Convertible Hybrid Model

Selfridges Sold To Thai And Austrian Alliance In $5 Bln Deal

LONDON – Luxury British store chain Selfridges is being sold to a Thai retailer and an Austrian property company in a deal that a source close to the matter said was worth around 4 billion pounds ($5.37 billion). Thailand’s Central Group and Austrian real estate company Signa Group, which already jointly own major department stores … More Selfridges Sold To Thai And Austrian Alliance In $5 Bln Deal

France Gains E.U. Okay For 3 Bln Euro Scheme To Help Virus – Hit Companies

Brusseles – – The European Commission on Tuesday approved a 3 – billion – euro ($3.6 billion) French scheme to provide debt and capital support to virus – hit companies. Called the Transition Fund for enterprises affected by the COVID – 19 outbreak, the scheme includes subordinated and participating loans and recapitalisation measures, in particular … More France Gains E.U. Okay For 3 Bln Euro Scheme To Help Virus – Hit Companies

OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

Milan / Italy – – Iraqi’s oil minister said on Wednesday that the OPEC+ policy of gradual crude output hikes will help stabilize global oil markets, the oil ministry said in a statement. Iraq supports the group known as OPEC+ that help oil markets stability, the oil minister, Ihsan Abdul Jabbar, said, adding that the … More OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

Vietnam Adds To Global Coffee Supply Concerns

Milan / Italy – Vietnam has added to concerns over global supplies of coffee as the South East Asian country’s biggest city remains in  lockdown. The exporting hub of Ho Chi Minh has been kept under tough travel restrictions after a surge cases of the Delta variant of the coronavirus. Vietnam is a major producer … More Vietnam Adds To Global Coffee Supply Concerns

Kuwait Wealth Fund Appoints Interim Managing Director

The Kuwait Investment Authority (KIA), the Gulf country’s sovereign wealth fund, has appointed Basr al – Ajeel as interim managing director pending a permanent appointment, a source familiar with the matter said  on Wednesday. The KIA last week appointed a new board of directors but hadn’t names a new managing director. The term of the … More Kuwait Wealth Fund Appoints Interim Managing Director

Saudi Arabia Posts Second – Quarter Definit Of 4.6 Billion Riyals

Saudi Arabia said on Monday it posted a deficit of 4.6 billion riyals ($1.23 billion) in the second quarter, a huge drop from 109.2 billion riyals reported in the same quarter a year ago amidst a crash oil prices. The kingdom, the Arab world’s largest economy and the world’s top exporter, realised revenues of248 billion … More Saudi Arabia Posts Second – Quarter Definit Of 4.6 Billion Riyals

Saudi Aramco Q2 Profit Soars On Higher Prices, Demand Recovery

Saudi Arabian state oil producer Aramco reported a near four – fold rise in second – quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil demand. Aramco said its results were supported by the global easing of COVID – 19 restrictions, vaccination campaign, stimulus measures and … More Saudi Aramco Q2 Profit Soars On Higher Prices, Demand Recovery

Kuwait’s 2020 – 21 Budget Deficit Increases 175% To Record 10.8 Bln Dinars

Kuwait’s budget deficit increased 174.8% in the 2020 – 21 year to 10.8 billion dinars ($35.5 billion), the finance ministry said on Saturday, nothing it was the highest deficit in the country’s fiscal history. Revenue dropped to 10.5 billion dinars in the financial year that ended on March 31, down 38.9%, while expenditure increased 0.7% … More Kuwait’s 2020 – 21 Budget Deficit Increases 175% To Record 10.8 Bln Dinars