Another Noble Group Ex-CEO Gets $20 Million After Legal Battle

Noble Group Holdings Ltd., the commodity trader shrunken by years of losses and a multibillion dollar restructuring, has paid $20 million to former Chief Executive Officer Ricardo Leiman. The payment to Leiman, who left the company in 2011 -- several years before its 2018 restructuring was disclosed in a presentation accompanying Noble’s third...

Ant Group IPO pricing ‘history’s largest’, says Alibaba’s Jack Ma

The mammoth dual listing for Chinese biotech giant Ant Group will be the world’s biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday. “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City” he told the Bund...

Virgin Galactic's Richard Branson wants to be the first 'space billionaire' to actually travel to space

Richard Branson, the thrill-seeking British billionaire, founded Virgin Galactic in 2004 on the promise that a privately developed spacecraft would make it possible for hundreds of people to become astronauts, no NASA training required. And if a 2,500-mile-per-hour ride to the edge of space sounded off-putting, Branson also pledged to take the j...

Saudi Chemicals Maker Sabic Returns to Profit as Demand Recovers

Saudi Basic Industries Corp., the chemical maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter amid signs of a recovery in demand from impact of the coronavirus. The company, known as Sabic, said third-quarter profit was 1.09 billion riyals ($290 million) compared with 740 million riyals in the same period...

Bentley reveals plan to go fully electric by 2030

Luxury carmaker Bentley has unveiled plans to go fully electric by 2030.Before then, the brand will be switching its model range to offer only plug-in hybrid or battery electric cars by 2026. Volkswagen-owned Bentley also aims to be completely carbon neutral across its manufacturing within a decade. Electric cars are growing in popularity and sa...

UAE merges Insurance Authority with the Central Bank of UAE

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai tweeted on Saturday that the UAE had merged the Insurance Authority with the Central Bank of UAE. He added that the new economic organization in the country aims at raising the efficiency of the insurance sector and raising the efficie...

Gap considers closing all its UK stores

US retailer Gap could close all of its own UK stores, putting thousands of jobs at risk, as it mulls shifting its operations to franchise-only in Europe. Shops in the UK, France, Ireland and Italy could shut next summer, along with its UK-based European distribution centre, the retailer said. Gap would not disclose the number of UK stores it has...

UAE’s Etisalat recognized as world’s fastest mobile network

The UAE’s largest telco Etisalat has been recognized as the world’s fastest mobile network operator in Q2-Q3 2020 in a new ranking from Speed test by Ookla. The ranking is based on analysis by Ookla of millions of tests actively initiated by customers across every network to check internet speeds using various web and mobile platforms. The S...

Coke is canceling 200 drink brands

Coca-Cola is saying goodbye to 200 brands, or half of its portfolio. The beverage giant had already announced that it will discontinue some beloved, if outdated, drinks, like Tab, Zico and Odwalla. Thursday was the first time the company said it would get rid of 200 of them. Reducing the portfolio will allow Coca-Cola to focus on its most profit...

From Exxon to Charles Schwab, white-collar job cuts are mounting

The pandemic has wiped out millions of mostly low-income jobs in hotels, restaurants, retail and other hard-hit corners of the economy. Now, the pink slips are spreading to higher-paid office workers. In the last few days, ExxonMobil, Chevron (CVX), Charles Schwab and Raytheon have announced plans to cut thousands of white-collar jobs. That's on...

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