Latest News
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Saudi Arabia real estate gigaproject developer replaces chief executive
New Murabba has changed its chief executive, a sign that changes are taking place across the major real estate projects in the Kingdom amid a retooling the Gulf country's economic transformation plan. According to its website, New Murabba is owned by the PIF wealth fund of the country. Sabah Barakat was also mentioned as acting CEO in a statement made this week regarding an investment partnership. He replaces British Manager Michael Dyke who has been chief executive since 2024. Barakat is an executive in the PIF, and also acts as group CEO for state-backed developer ROSHN. Dyke's future at New Murabba was not immediately known. New Murabba did not respond to requests for comment when asked by the PIF. Dyke was not available for comment. One of the company's biggest projects is the construction of an enormous cube-shaped building at the heart of a downtown Riyadh development. The shake-up follows reports that the project had been facing problems for months. Saudi Arabia is investing hundreds of billions of dollars in an ambitious plan called "Vision 2030", spearheaded by the PIF, to transform its economy. The aim is to create new industries through investment in various sectors, including tourism, technology and massive real estate projects. However, overspending and lower-than-anticipated global oil prices in recent years hit ?state revenues and left Riyadh struggling to deliver some ?of the projects, which were omitted or largely scaled back under the wealth fund's 2026-2030 strategy, released ?in April. Knight Frank, a real estate consultancy, estimated that the New Murabba District would cost around $50 billion. The initial plans called for the completion of the project by 2030. However, it will now be completed by 2040. (Reporting by Federico Maccioni; Editing by Susan Fenton)
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New York Times Business News - August 28, 2018
These are the most popular stories from?the New York Times Business Pages. ? This information has not been verified and we cannot vouch for its accuracy. Twenty-one universities in Canada announced their hiring of dozens researchers on Thursday, with the majority coming from the United States. The U.S. FDA approved updated COVID vaccinations on Thursday. This cleared the way for manufacturers to ship doses of vaccine to pharmacies and doctor's offices. A U.S. Federal Judge on Thursday temporarily again prohibited the U.S. Postal Service is prohibited from implementing a plan that would restrict the use of mail-in voting, a measure put into place after a directive by U.S. president Donald Trump. Trump has signed an executive order to rename Lake Ontario as Lake America. This is in response to his threats to rename this easternmost Great Lake, part of a escalating war of trade with Canada. John Ratcliffe is the C.I.A. The director of the C.I.A. made a secret visit to Moscow last week to'share' his bleak assessment about the Russian war on Ukraine and to urge the Russians 'to cut a deal, before their economic and military situation worsens. A federal judge ruled that the Trump administration acted illegally in 'labeling' the artificial intelligence startup Anthropic as a security threat and barring the company from working for the U.S. Government. (Compiled by Bengaluru Newsroom)
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Swiss stocks: Factors to be on the lookout for August 28
Here are some of the main factors that could affect Swiss stocks on Friday: ?STATEMENTS OF COMPANY FLUGHAFEN?ZUERICH AGR Reports the first half-year EBITDA of CHF 374.2 millions. ADVAL TECH Holding AG The company reported a strong order intake. Edisun Power Europe Revenue for H1: CHF 5.57 million. JUNGFRAUBAHN HOLDING A G The company posted a profit for the first half of 'the year of CHF 28,9 million. ECONOMY Swiss August?KOF indicators due at 0700 GMT. Seen on 103.3. (Reporting by Zurich newsroom and Gdansk newsroom) |1|For Top News ?in a multimedia Web format on Eikon visit: ?https://bit.ly/2NDFd6g FOR RELATED PRICES, NEWS AND ?OTHER ?TOPICS, DOUBLE-CLICK ON: Daily Swiss stock market report ?in German All SMI ?constituent stocks DJ STOXX index Top 10 STOXX sectors Top ?10 EUROSTOXX sectors Swiss ?mid-cap index Swiss ?all-share index Swiss market digest Sector overview All Swiss news Swiss research news All equity news SPEED GUIDES: |1|
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Rescuers search for flood debris in Nepal as the risk of new flooding increases
Rescue teams with heavy machinery plowed through mud, debris and debris in Nepalese town devastated by flash flooding two days ago. As hopes for finding survivors faded, officials sought to minimize the threat of more catastrophic flooding. Early on Friday morning, the confirmed death toll in Nepal reached 469, and there were still almost?1,000 missing in Nepal and Tibet. A glacier collapsed on Wednesday morning, sending a torrent of rocks, ice and debris crashing through Himalayan river systems. The flood destroyed power stations, bridges and roads along the popular route linking Kathmandu and Lhasa, Tibet. At least 540 of the missing are foreigners. Authorities in Nepal have used helicopters to look for survivors and deliver emergency supplies to thousands of people cut off in the towns and valleys. Emergency services, some using sniffer dog teams, recovered dozens bodies that were swept into the plains. Dibga Tamang, along with three other people, was airlifted to Nuwakot on Thursday after being rescued by the town of Rasuwa. "All our people are gone," Tamang said. "They are dead," Tamang said. "I don't have anyone left to wait for me," Tamang said. Everyone and everything is gone. "The end." Water and debris have been thrown up in such a way that they could trigger a new disaster. Nepal's disaster authority warned of an upcoming lake that could burst due to debris blocking the Bhotekoshi River. On the other side, China reported that 3 million cubic meters of water - the equivalent of 1,200 Olympic swimming pools - was expected to flood into a dammed lake in the next three day. According to the Chinese media, the ministry of water resources, there is a very high risk that the lake could breach. The peak flow is expected around the 1st of September. The Chinese authorities mobilized an 8-member team of engineers to perform aerial surveys and 3D modeling of the barrier lakes, but accessing them was difficult. Chen Hanxiao told CCTV that after the glacier collapse, the lake was formed, many steep and isolated cliffs appeared along its length. Chen Hanxiao said that the general solution to reduce the lake's danger is to dig a drainage channel below the dam. However, the width and depth needed to be calculated based on the speed of water flow and the rate at which the lake would fill. The next task was to collect data on the lake's floor and monitor weather conditions in the coming days. TORE THROUGH BORDER CROISSING State media reported that Chinese rescuers still had not reached the worst-hit region on the Chinese side, the Gyirong crossing, by the evening of Thursday, as crews cleared debris from the main access road leading to this area. On Wednesday, dramatic footage showed torrents of muddy debris and water tearing through the structures at the border crossing within seconds. They also engulfed people who were trying to flee. China's state broadcaster CCTV reported on Thursday that 558 people were missing from Tibet's Gyirong County, including 260 non-Chinese nationals. Just three Chinese nationals have been confirmed as dead so far. Li Qiang is China's premier and the country's second-highest official. The state-run Xinhua agency reported that Li Qiang, China's No. Beijing is treating this disaster as an issue of highest priority, according to the visit. BUILDINGS WERE "WIPED OUT" LIKE TOOTHPICKS. Around the globe, families of missing persons were desperately searching for information. Sneha sudhir was among 10 women whose husbands were on their way to Tibet's Mount Kailash from Nepal when disaster struck. These men are among the dozens of Americans who have gone missing. "Where are They?" Sudhir, who lives in Chantilly Virginia, asked sadly from her home on Thursday. Sudhir stated that?the women are supporting each other, and they're reaching out to officials, politicians, friends, and family members in India and the United States, hoping for a word. She said that everyone was taking turns wiping away their tears and returning to work. Donald Trump, President of the United States, said that the U.S. has offered assistance to Nepal. "Nobody has ever seen something like that. Very powerful, strong, well-built structures were destroyed like toothpicks. It's terrible. We're sending aid, and we've talked to the leaders and told them that they can have anything they want. Ganesh Aryal said that authorities recovered 103 corpses from the river system of his district. His district is located about 100 km away (62 miles) in the plains, from the worst affected region of Trishuli. He said that because local hospitals were unable to house all the bodies, district officials set up tents to allow families to collect their deceased relatives. The situation is still difficult, according to Balendra?Shah Nepal's prime minister, who visited Nuwakot, which was hit by flooding on Thursday. "All state agencies are operating at full capacity. "Our first priority is now to save the lives of every citizen, search for the missing and treat the injured, and provide immediate aid to the affected families," said he. The disaster poses a significant challenge to Shah's government, which has only been in place for five months. However, officials say that the country is equipped with systems and officials experienced in dealing with such tragedies. This includes the 2015 earthquake where nearly 9,000 people were killed.
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Judge blocks Trump's plan to limit mail-in voting
A federal judge blocked the U.S. The Postal Service is not allowed to implement the core elements of a new rule that was adopted by President Donald Trump. This rule would have tightened mail-in voting requirements ahead of the November congressional elections. U.S. district judge Indira Talwani issued a temporary restraining in Boston at the request of Democratic-led state and voting rights organizations after the U.S. Supreme Court issued a Monday ruling which led to the lifting earlier injunctions that blocked Trump's plans for restricting mail-in voting. This decision prompted dozens of Democratic state attorney generals and voting rights organizations, including the League of Women Voters, to renew their legal battle and to secure an order to prevent the USPS enforcing the rule that took effect on Wednesday. Talwani, in his ruling on Thursday, said that the rule "risks preventing citizens from voting by mail" unless the states obtain the Postal Service’s signature on the envelopes for this purpose and upload voter information into an electronic portal run by the agency. The judge said that the agency did not present any evidence of fraudulent mail-in votes, which would have required such a rule. She said it was likely illegal and adopted in violation of the U.S. Constitution which gives the states the authority over elections. She wrote that "USPS's desire to correct an unsubstantiated issue through unconstitutional methods is dwarfed by the risk of widespread disenfranchisement?of citizens who require access to mail-in ballots to vote." Talwani's restraining orders will be in effect for 14 days, while she decides whether or not to issue a more permanent preliminary injunction against the rule. The judge, a Democratic President Barack Obama appointee, will decide whether to block the rule during a hearing on September 3. In a statement, Sophia Lin Lakin said, "Today's orders puts a halt to an unlawful power grab which would cause chaos and confusion among millions of voters who rely on mail ballots." Requests for comments from the White House or USPS were not immediately responded to. USPS released the rule in order to implement the executive order that the Republican President signed in March - after years of Trump calling on tighter rules for voting by mail, and promoting the false claim his 2020 'presidential' election loss to Democrat Joseph Biden was due to widespread voter fraud. The rule requires that states provide the USPS lists of recipients for mail ballots. All outbound and returned ballot envelopes will have unique barcodes. The USPS may refuse to deliver any ballots that are not compliant with the new standards, or that are associated with voters not listed on the list. All 50 states permit some form of mail in voting. 29 allow voters to request to cast their ballots this way without a?reason and eight conduct their elections exclusively by?mail. According to the states, USPS processed more than 100 million ballots during the election of 2024. About 30% of all voters in the country voted by mail. The new federal restrictions, they say, could disenfranchise voters and burden the states during the final weeks before the election by forcing them to purchase new envelopes, equipment and systems, and train their staff. (Reporting and editing by Thomas Derpinghaus, Christian Schmollinger, and Nate Raymond from Boston)
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Judge blocks Trump's plan to limit mail-in voting
A federal judge blocked the U.S. The Postal Service is not allowed to implement the core 'parts' of a new rule that it adopted at Donald Trump’s request?to tighten voting requirements for mail-in ballots ahead of November congressional elections. U.S. District Court Judge Indira Talwani issued a temporary restraining in Boston at the request of Democratic-led States and voting rights groups, after the U.S. Supreme Court issued a decision on Monday that led to lifting earlier injunctions which blocked Trump's plans for restricting mail-in voting. This decision prompted a frantic effort by dozens of Democratic State Attorneys General and voting rights organizations, including the League of Women Voters, to renew their legal fight and obtain an order to prevent the USPS enforcing the rule that had been allowed to take affect on Wednesday. Talwani's restraining orders will remain in effect while she decides whether or not to issue a more-term injunction that would block the rule. The judge is a Democrat President Barack Obama appointee and plans to decide whether or not to block the rule during a hearing on September 3. According to the rule, all envelopes for outgoing and return mail ballots must have unique barcodes. Under the rule, the USPS may refuse to deliver any ballots that are not compliant with the new standards, or those associated with voters not appearing on the list. The rule was issued to implement the executive order signed by the Republican President in March. Trump had called for stricter?rules regarding voting by mail after years of calling for tighter 'rules and claiming that his defeat in the 2020 presidential election to Democrat Joe Biden resulted from widespread voter fraud. All 50 states allow some form of mail in voting. 29 of them let voters request to vote that way without stating a reason, and eight conduct their entire elections by mail. According to the states, USPS processed more than 100 million ballots during the election of 2024. About 30% of voters nationwide cast their ballots via mail. The new federal restrictions, they say, will disenfranchise voters and burden the states during the weeks leading up to an election by forcing them to purchase new envelopes, equipment and training staff. Plaintiffs?argue that the USPS lacked the authority to issue this rule?and, by doing so, usurped Congress and the states' authority under the U.S. Constitution in regulating elections. The plaintiffs claim that the rule undermines USPS' neutral role as a mail carrier, and violates federal laws that protect voters' rights.
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Rescuers search for flood debris in Nepal as the risk of new flooding increases
Heavy machinery was used by rescue teams to dig through the mud and debris of Nepalese cities that were devastated two days earlier by a flash flooding. Officials also worked hard to reduce the risks of new flooding. Early on Friday morning, the death toll was 389 in Nepal, and almost a thousand more were missing in both countries. In Tibet, where a Wednesday morning 'glacier collapse' sent a torrent of mud, rock, and debris crashing through Himalayan river systems, there are also a few hundred people still unaccounted for. The flood destroyed power stations, bridges and roads along the popular route linking Kathmandu and Lhasa, Tibet. At least 540 of the missing are foreigners. Authorities in Nepal have used helicopters to look for survivors and deliver emergency supplies to thousands of people cut off in the towns and valleys. Emergency services, some using sniffer dog teams, recovered dozens bodies that were swept into the plains. Dibga Tamang, along with three other people, was airlifted to Nuwakot on Thursday after being rescued by the town of Rasuwa. "All our people are gone," Tamang said. "They are dead," Tamang replied. "I don't have anyone left to wait for me." "Everything is gone. "The end" Water and debris have been thrown up in such a way that they could trigger a new disaster. Nepal's disaster-management authority warned of an erupting lake created by debris that blocked the Bhotekoshi River. On the other side, China reported that 3 million cubic meters of water – the equivalent of 1,200 Olympic swimming pools – was expected to flood into a dammed lake in the next three days. The water resources ministry, according to Chinese state media, said that there is a high chance of the lake breaching. Peak flow is expected around September 1. Zhu Jinfeng is a researcher in the hydrology department of the Ministry. He told CCTV that the volume of water continues to grow, as does the risk. TORRENT TORE THROUGH BORDER CROSSING State media reported that Chinese rescuers still had not reached the worst-hit area of the Chinese border at the Gyirong crossing by Thursday evening as crews cleared debris from the main?access road leading into the area. Gyirong's border port is a vital part of China's Belt and Road Network, which links the country with South Asia. Parking lots and logistics zones have been built in the last decade. On Wednesday, dramatic footage showed torrents of muddy debris and water tearing through the structures at the border crossing within seconds. They also engulfed people who were trying to flee. China's state broadcaster CCTV reported on Thursday that 558 people were missing in Tibet’s Gyirong County, including 260 non-Chinese nationals. Just three Chinese nationals have been confirmed as dead so far. Li Qiang is China's premier and the No. 2 official in the country. The state-run Xinhua agency reported that Li Qiang, China's No. Beijing's visit indicated that the disaster was a top priority for the country. "EXPLODED Like a Bomb" Janak Bahadur, a survivor in Devighat in Nepal said that the flood "came suddenly and exploded as a bomb." The river appeared small at first, but suddenly it began to overflow and sweep through. India, Australia, and South Korea sent rescue and aid teams to Nepal in order to find the missing foreigners. Donald Trump, President of the United States, said that the U.S. has offered support. "Nobody has ever seen something like that. Very powerful, strong, well-built structures were destroyed like toothpicks. It's terrible. We're sending aid, we've talked to the leaders and told them that they can have anything they desire. Families of the?missing' were desperately searching for information on their location. Vasanthi Muniandy's sister Vennila, who was part of an Hindu pilgrimage group in Malaysia, told her that Vennila last spoke to her after Vennila crossed the border from Nepal into Tibet. "I'm totally broken." Vasanthi said, "My sister is important to me." "I want her to come back. She is the only one I have. I want her home. "I want her to be in safety." Ganesh Aryal is the administrator for the Chitwan District. He said that authorities had recovered 103 corpses in the river system of his district. His district is located in the plains, about 100 km away from the worst affected region of Trishuli. He said that because local hospitals could not accommodate all of the bodies, district officials were setting up tents for families to collect their "dead" relatives. Balendra Shah, Nepal's prime minister, visited flood-hit Nuwakot, Nepal on Thursday and said that the situation is still difficult. "All state agencies are working at full capacity. "Our first priority is now to save the lives of every citizen, to search for the missing and to treat the injured, and to provide immediate relief to affected families," said he. The disaster poses a significant challenge to Shah's government, which has only been in place for five months. However, officials say that the country already has systems and officials with experience dealing with such tragedies. This includes the 2015 earthquake where nearly 9,000 people were killed. (Reporting by Gopal Sharma, Sahana Bajracharya, Aftab Ahmed, Saurabh Sharma, Liz Lee, Yukun Zhang, Xiuhao Chen, Shi Bu, Sakshi Dayal, Kanjyik Ghosh, Shilpa Jamkhandikar, Hritam Mukherjee, Ashley Tang and Christine Chen; Writing by Lincoln Feast; Editing by Stephen Coates)
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Virgin Australia will trim capacity following a profit beating and stronger revenue
Virgin Australia announced on Friday that it expected to reduce domestic capacity by 3%, in line with Qantas Airways,?in?the first?half. This would support a?revenue increase, after reporting higher-than-expected earnings for the full year. Australia's No. Australia's No. Profits were driven by a strong travel demand, and a transformation program that aimed to boost loyalty earnings, efficiency, pricing, as well as solid fuel hedging. It declared a fully-franked dividend of 7,6 Australian cents per share, its first dividend since it relisted in 2025. Virgin Australia CEO Dave Emerson stated that "we delivered?strong earning growth and?further profit expansion despite significant pressure on inflation across the aviation supply chains and a more difficult operating environment." The airline forecasts first-half revenue for available seat kilometers (RASK), which is ahead of the market's expectations. This highlights resilient travel demand and disciplined capacity management. Virgin Australia stated that RASK (a key measure for revenue generated from each seat flown) is expected to grow between 6%-8% in the six month period ending December '2026. This is ahead of Visible Alpha's consensus estimate of 5.15%. Qantas announced on Thursday that it would increase its total revenue per available seat-kilometre by 8% to 10% during the same period, which was also higher than analyst expectations. This measure also includes baggage fees, other fares and charter revenue in addition to taking into consideration the percentage of filled seats.
Sudan suffers from widespread power cuts
Sudanese Welder,?Shannan Mohammed, has been building furniture in Omdurman for a family little by little as constant blackouts interrupt his work.
He points to half-built tables, chairs, and doors in the courtyard of the home. "All of this money has been frozen due to lack of electricity stopping work." Blackouts have plagued areas under the control of the army in Sudan. They have gotten worse recently as a result of the rapid support forces (RSF), who have targeted the power grid. This has been combined with the lack of government funding for repairs. Blackouts have disrupted the lives of hundreds of thousands of people who have returned to Khartoum after the army took it back last year. They have also undermined efforts to rebuild the economy.
The power cuts after five hours. The next day, it comes back. It is not a benefit to a worker because it arrives at night, said Mohammed.
Mohammed's sister Awatef said that even household chores have become impossible.
She said, "I never finish my laundry because the electricity cuts out." "We only order takeout so there is nothing left to store in the fridge."
Many people cannot afford generators due to high gas prices. Sudan's premier?minister exempted personal solar panels from fees and customs earlier this month. Both sides are increasingly using drones to wage war in Sudan, which has turned the conflict into a drone-based conflict. The war has destroyed livelihoods and spread the famine to multiple parts of the country.
The Khartoum State Government spokesperson, Altayeb Sadeldin, said that the targeting of the electric sector was particularly significant. He cited the looting and destruction of copper wires, fuel, and other components as well as drone attacks as the reasons for outages.
He said that Sudan's primary power source, Merowe Dam, was among the targets. The delay in annual rains also affected power generation at other dams.
When asked for comment, a RSF source stated that allegations that the RSF targeted the power grid are "incorrect army propaganda".
(source: Reuters)