BUSINESS | Mercedes-Benz to lift Aston Martin Stake To Up to 20% By 2023

MILAN | ITALY – Daimler unit Mercedes-Benz is to lift its stake in Britain’s Aston Martin to up to 20% by 2023, making it one of the struggling British carmaker’s largest shareholders, Aston said on Tuesday.

Aston Martin, popular for being James Bond’s carmaker of choice, has suffered a torrid time since it floated two years ago, with its shares losing two – thirds of their value this year.

The 107-year-old firm hired Tobias Moers, former CEO of Mercedes-AMG, as its new boss from August.

Aston said the increase in Mercedes-Benz’s stake, from 2.6% currently would take place in several stages as part of a wider issue of 250 million shares at 50 pence each.

The stock issued to the German group will have a maximum value of 286 million pounds ($372.7 million), it said.

The deal will see an existing supply agreement between the two firms, in place since 2013, expanded to give Aston Martin access to key Mercedes’ technology, including hybrid an electric drive system.

‘We take another major to step  forward as our long-term partnership with Mercedes – Benz AG moves to another level, with them becoming one of the company’s largest shareholders’, said Aston’s chairman and biggest shareholder Lawrence Stroll.

The German firm will get the right to nominate one non-executive director to Aston Martin’s board after its first shareholding increase, the London – listed firm said.

Aston, which has started deliveries of its first sport utility vehicle, the DBX, said on Tuesday it swung into an adjusted core loss of 29 million pounds in the third quarter, versus a profit of 43 million pounds last year.

Revenue in the period nearly halved to 124 million pounds, it said.

Aston Martin is targeting annual capex of 250 million pounds to 300 million pounds per year between 2021 and 2025.

It envisage production volumes about 10,000 units, revenues of about 2 billion pounds and adjusted core profit of 500 million pounds by financial years 2024 or 2025.

King Salman Heads Saudi Arabia’s First In – Person Cabinet Session Since Pandemic

Saudi Arabia’s King Salman bin Abdul Aziz headed on Tuesday the first in – person Cabinet meeting in Riyadh since COVID-19 disrupted activities globally. The Council of Ministers met at the al – Yamamah Palace in Riyadh on Tuesday to discuss a range of events front recent leaps made in bilateral ties with a number … More King Salman Heads Saudi Arabia’s First In – Person Cabinet Session Since Pandemic

Saudi Arabia To Host LEAP Tech Conference To Address Future Challenges

RIYADH, Saudi Arabia – Saudi Arabia will host the global technology conference LEAP on Feb.1 to 3 in Riyadh to address future challenges, as it consolidates its digital regional and global leadership. Targeting the attendance of 40,000 local and international visitors, the conference will involve over 350 speakers from 80 countries, as well as 700 … More Saudi Arabia To Host LEAP Tech Conference To Address Future Challenges

U.S. Citizens In UAE Warned To Maintain Security Awareness – Embassy Website

DUBAI – The U.S. Embassy and Consultate in the United Arab Emirates advised its citizens in the country to ‘maintain a high level of security awareness’ in a statement on Monday, following reports of a possible missile attack and accompanying missile defence activity over Abu Dhabi earlier in the morning. Such Statement are rare, for … More U.S. Citizens In UAE Warned To Maintain Security Awareness – Embassy Website

UAE Intercepts Houthi Attack, Saudi Arabia Reports Two Injured By Fallen Missile

PARIS, France – The United Arab Emirates intercepted and destroyed two Houthi ballistic missiles targeting the Gulf country on Monday with no causalities, its defence ministry said, following a deadly attack a week earlier. Fore more than six years, Yemen’s Houthis have been battling a Saudi – led coalition that includes the UAE, repeatedly carrying … More UAE Intercepts Houthi Attack, Saudi Arabia Reports Two Injured By Fallen Missile

Saudi – Led Coalition Says Houthi Missile Fell In Industrial Zone

PARIS, France – The Saudi – led coalition fighting in Yemen said a ballistic missile fired by the Iran – aligned Houthi movement had fallen in a southern industrial zone, state media reported on Sunday. A resident sustained minor injuries in the attack, according to the official Saudi Press Agency, which added that it was … More Saudi – Led Coalition Says Houthi Missile Fell In Industrial Zone

UAE Grounds Most Private Drones For A Month After Houthi Attack

PARIS, France – The United Arab Emirates has grounded most private drones and light sports aircraft used for recreational purposes for a month starting Saturday, the Interior Ministry said, following a deadly attack his week by Yemen’s Houthis on the Gulf country. The UAE has said that the Iran – aligned Houthi movement used cruise … More UAE Grounds Most Private Drones For A Month After Houthi Attack

FDA Expands Use Of Remdesivir To Patients With High Risk Of Hospitalization

PARIS, France – The U.S. health regulator on Friday expanded its approval for the use of Gilead Sciences’ antiviral drug remdesivir to treat non – hospitalized patients 12 years and older for the treatment of mild – to – moderate COVID -19 disease with high risk of hospitalization. Previously, the use of Veklury was limited … More FDA Expands Use Of Remdesivir To Patients With High Risk Of Hospitalization

U.N. Chief Condemns Deadly Saudi – Led Coalition Strike In Yemen

PARIS, France – United Nations Secretary – General Antonio Guterres condemned air strikes by a Saudi – led coalition in Yemen on Friday that reportedly killed at least 60 people in detention center in the Houthi – held Saada province. A Reuters witness said several people, including African migrants, died in the attack. Guterres’ spokesman, … More U.N. Chief Condemns Deadly Saudi – Led Coalition Strike In Yemen

U.S Calls For De – Escalation Of Saudi – Houthi Conflict In Yemen

WASHINGTON – There needs to be a de – escalation in the conflict between a Saudi – led military coalition and the Iran – aligned Houthi group in Yemen, U.S. Secretary of State Antony Blinken said on Friday following air strikes that killed scores of people. ‘The escalation in fighting only exacerbates a dire humanitarian … More U.S Calls For De – Escalation Of Saudi – Houthi Conflict In Yemen

U.S. Commits To Helping Saudi Arabia, Gulf Partners Defend Against Threats From Yemen

The U.S. reiterated its commitment to helping Saudi Arabia and its Gulf partners defend themselves against threats from Yemen and other places in the region, the State Department said after a call between Secretary of State Antony Blinken and Prince Faisal bin Farhan. ‘Secretary Blinken reiterated the U.S. commitment to help Gulf partners improve their … More U.S. Commits To Helping Saudi Arabia, Gulf Partners Defend Against Threats From Yemen

Lebanese Museum Returns Artefacts From Syria’s Ancient City Of Palmyra

BEIRUT – Five Roman artefacts from the ancient city of Palmyra, a site damaged during Syria’s decade – long conflict, were returned to Damascus on Thursday by a private Lebanese museum where they had been on display since 2018. The limestone statues and carved funerary stones dating from the Roman second and third centuries AD … More Lebanese Museum Returns Artefacts From Syria’s Ancient City Of Palmyra

Top Diplomats For U.S., Russia Meet In Geneva On Soaring Ukraine Tensions

GENEVA – The top diplomats of Russia and the United States were to meet in Switzerland on Friday to discuss soaring tensions over Ukraine after a flurry of meetings between officials on both sides in the last week produced no breakthroughs. U.S. Secretary of State Antony Blinken arrived in Geneva for talks with Russian Foreign … More Top Diplomats For U.S., Russia Meet In Geneva On Soaring Ukraine Tensions

Saudi Arabia’s Crown Prince Meets Russian Special Envoy For Syrian Settlement

RIYADH, Saudi Arabia – Saudi Arabia’s Crown Prince Mohammed bin Salman has received Russia special envoy for Syrian settlement Alexander Lavrentiv, the official Saudi Press Agency (SPA) reported on Thursday. The two reviewed the latest developments in Syria, as well bilateral relations between the two countries, according to SPA. ‘The Russian envoy conveyed the greetings … More Saudi Arabia’s Crown Prince Meets Russian Special Envoy For Syrian Settlement

No Vaccine, No French Open For Djokovic As Rules Righten

PARIS, France – Novak Djokovic risks being frozen out of tennis as he chases a record 21st Grand Slam title, with rules on travellers who are unvaccinated against COVID-19 tightening in the third year of the pandemic and some tournaments reconsidering exemption. The Serbian, who has not been vaccinated, was deported from Australia on Sunday … More No Vaccine, No French Open For Djokovic As Rules Righten

UAE Says It Suspects Fuel Trucks Hit By Drones, Yemeni Houthis Claim Attack

DUBAI – Three fuel trucks exploded and a fire broke out near Abu Dhabi airport on Monday in what Yemen’s Iran – aligned Houthi group said was an attack deep inside the United Arab Emirates. The Houthi movement, which is battling a Saudi – led coalition that includes the UAE, has frequently launched cross – … More UAE Says It Suspects Fuel Trucks Hit By Drones, Yemeni Houthis Claim Attack

Loading…

Something went wrong. Please refresh the page and/or try again.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s