BUSINESS | Luxury Vehicles, Recovering Auto Markets Boost BMW Profits

MILAN – – German automaker BMW said third-quarter net profit rose 17% to 1,81 billion euros as regional auto markets recovered and highly profitable luxury models such as the 8 Series coupe and X7 large sport-utility vehicle helped fatten the bottom line.

The profit figure improved on the 1.55 billion euros recorded in the same July-September quarter a year earlier. Earnings bounced back from a loss of 212 million euros in the second quarter of this year.

The company said it benefited from regional upturns in demand as well as from strict coast and cash management.Chief financial officer Nicolas Peter said an earlier decision to focus on the upper-luxury segment was paying off as more – profitable vehicles occupied a large share of the company’s sale, citing the X7 made at the company’s plant in Spartanburg, South Carolina.

The company saw a strong performance from its BWM Brilliance Automative Lt. joint venture in China, which was hit earliest by shutdowns related to the coronavirus but which has recovered fast. BMW sales in China, its largest market, rose 6.4% for the year through September. Sales numbers in Europe fell by 20% and in the U.S. by 25%. Group revenues fell ¼% to 26.28 billion euros.

Operating margins on sales came in at 9.4%,a key financial figure that shows how much the company is making per car. That was better than the 8.4% recorded a year earlier before the pandemic.

The company reduced both research and development spending and capital expenditure on plants and equipment during the quarter, but said spending on new equipment during the quarter, but said spending on new technology remained at a high level, including for future electrified models. The auto industry is facing pressure form long – term change such as regulatory pressure for more zero local emission electric cars to fight pollution and global warming and from a move toward digital services.

Munich – based BMW said it planned to spend more than 30 billion euros on research and development by 2025.

BMW kept its earnings forecast for the full year, saying it assumes demand in key markets will be significantly reduced by the pandemic and that full-year profits will be ‘significantly lower’ than in 2019.

BUSINESS | Nestle To Invest 3.2 Billion Sfr To Cut Carbon Emissions

Zurich – – Nestle said on Thursday it plans to invest 3.2 billion Swiss francs ($3.58 billion) over the next five years to reduce its climate impact and help it get to net zero emissions by 2050. The world’s biggest food company said it would work with farmers and suppliers to promote regenerative agriculture, plant … Continue reading BUSINESS | Nestle To Invest 3.2 Billion Sfr To Cut Carbon Emissions

NEWS ALERT | Iran Ready To Show Goodwill If U.S., Europe Abide By Nuclear Deal: Zarif

MILAN – – Iran will fully comply with a 2015 deal aimed at preventing it from developing nuclear weapons if both the United States and Europe honour their original commitments, Iranian Foreign Minister Mohammad Javad Zarif said on Thursday. U.S. President Donald Trump quit the pact in 2018, saying it did not do enough to … Continue reading NEWS ALERT | Iran Ready To Show Goodwill If U.S., Europe Abide By Nuclear Deal: Zarif

BREAKING NEWS | Multiple Casualties At English Warehouse Blast, Fire Brigade Says

LONDON – – A large blast in a warehouse near Bristol in England has caused multiple casualties, a spokeswoman for the fire brigade said on Thursday. The fire service had previously said on Twitter that it was responding to an incident after being called to a large explosion in Avonmouth, south west England. It said … Continue reading BREAKING NEWS | Multiple Casualties At English Warehouse Blast, Fire Brigade Says

BREAKING NEWS | WHO Looks at possible ‘E-Vaccination certificates’ for travel

GENEVA – – The World Health Organization does not recommend countries issuing ‘immunity passports’ for those who have recovered from COVID-19, but is investigating the prospects of using e-vaccination certificates, a WHO medical expert said on Thursday. ‘We are looking very closely into the use of technology in this COVID-19 response, one of them how … Continue reading BREAKING NEWS | WHO Looks at possible ‘E-Vaccination certificates’ for travel

ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

The Minister of Human Resources and Social Development will issue soon the executive regulations of the Labor Reform Initiative (LRI), Sattam Alharbi, Deputy Minister for Inspection and development of work environment, was cited by Saudi Press Agency as saying. The initiative, which falls under the Kingdom’s National Transformation Program, was launched by the ministry last … Continue reading ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

CULTURE | Red Sea Film Festival Presents Restored Al – Naami Works

JEDDAH – – The Red Sea Film Festival will host an exhibition celebrating the work of photographer and cinematographer Safouh Al – Naamani (1926 – 2016) and a screening program of contemporary Saudi and Arab cinema as part of Misk Art Week 2020, which will take place from Dec. 3-7 at the Prince Faisal bin Fahd Fine Arts Gallery, Riyadh. The … Continue reading CULTURE | Red Sea Film Festival Presents Restored Al – Naami Works

BUSINESS | Saudi International Airshow Postponed Due To Covid -19

The 2021 edition of the Saudi International Airshow has been postponed in consideration of the COVID-19 pandemic, the Saudi Press Agency has to reported. The Saudi Aviation Club said the cancellation was necessary to prioritize the safety of participants and visitors of the event, which was initially set to happen early next year at the … Continue reading BUSINESS | Saudi International Airshow Postponed Due To Covid -19

POLITICS | Ivanka Trump Questioned Under Oath In Lawsuit Over Use Of Inauguration Funds

NEW YORK – – Ivanka Trump, the president’s daughter and adviser, was questioned under oath this week as part of a civil lawsuit alleging misuse of nonprofit funds for Donald Trump’s inauguration four years ago.  District of Columbia Attorney General Karl Racine’s office disclosed in a court filing on Tuesday that the deposition had taken … Continue reading POLITICS | Ivanka Trump Questioned Under Oath In Lawsuit Over Use Of Inauguration Funds

BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID -19 pandemic. Brent crude was down 15 cents, or 0,3%, at $48.10 a barrel by 0155 GMT, after gaining 1,8% on Wednesday. U.S … Continue reading BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

BUSINESS | U.S States Plan To Sue Facebook Next Week: Sources

WASHINGTON – A group of U.S. states led by New York is investigating Facebook Inc. for possible antitrust  violations and plans to fill a lawsuit against the social media giant next week, four sources familiar with the matter said on Wednesday. The complaint would be the second major lawsuit filed against a Big Tech company … Continue reading BUSINESS | U.S States Plan To Sue Facebook Next Week: Sources

TRAVEL | Saudi Interior Ministry To Announce Date Of Lifting Of Travel Restrictions

RIYADH – – Saudi Arabia’s interior ministry said on Tuesday it will later announce a date of lifting restrictions on citizens traveling to and from the Kingdom. The Kingdom partially lifted a suspension of international flight on Sept.15, six months after travel restrictions were imposed because of the novel coronavirus pandemic. Saudi authorities had originally … Continue reading TRAVEL | Saudi Interior Ministry To Announce Date Of Lifting Of Travel Restrictions

BUSINESS | Japan Nike Ad On Bullying, Racism Sparks Hot Online Response

MILAN – A video ad from Nike Japan against bullying and racism that features biracial athletes and other minorities, such as those of Korean descent, has prompted a sharp online response including calls to boycott the company. Japan has traditionally prided itself on being racially homogenous, although successful mixed – race athletes such as tennis … Continue reading BUSINESS | Japan Nike Ad On Bullying, Racism Sparks Hot Online Response

BREAKING NEWS | Saudi Crown Prince Congratulated President of UAE on National Day

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulation to Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), on the anniversary of his  country’s National Day. In his cable, HRH Prince Mohammed Bin Salman wished the … Continue reading BREAKING NEWS | Saudi Crown Prince Congratulated President of UAE on National Day

NEWS ALERT | Saudi Crown Prince Congratulates Romania’s President On National Day

HRH Prince Mohammed bin Salman Bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulation to President Klaus Iohannis of Romania on the anniversary of his country’s National Day. In his cable, HRH Crown Prince Mohammed bin Salman wished the President constant good health and happiness … Continue reading NEWS ALERT | Saudi Crown Prince Congratulates Romania’s President On National Day

TRAVEL | Saudi Arabia Is Among 6 Safest Travel Destinations In World, In Light Of Covid-19 Pandemic

The Kingdom of Saudi Arabia has ranked 6th among the world safest travel destinations, in light of the novel Coronavirus (Covid-19) pandemic, and the only one in the Middle East. This come according to an article published on the Wego Travel Blog website, entitled ‘Safe Placed to Travel During Covid -19 Pandemic”. The classification was … Continue reading TRAVEL | Saudi Arabia Is Among 6 Safest Travel Destinations In World, In Light Of Covid-19 Pandemic

NEWS ALERT | Jordan’s King Abdullah And Palestinian Leader Abbas Meet, Hope Biden Revives Peace Process

Jordan’s King Abdullah on Sunday met with Palestinian President Mahmoud Abbas and both leaders et high hopes the U.S. President – elect Joe Biden will revive peace talks over a two-state solutions to the decades – old Arab – Israeli conflict, officials said. In a palace statement after meeting with Abbas in the Red Sea … Continue reading NEWS ALERT | Jordan’s King Abdullah And Palestinian Leader Abbas Meet, Hope Biden Revives Peace Process

NEWS ALERT | Trump Senior Aide Kushner And Team Heading To Saudi Arabia, Qatar

White House senior advise Jared Kushner and his team are headed to Saudi Arabia and Qatar this week for talks in a region simmering with tension after the killing of an Iranian nuclear scientist. A senior administration official said on Sunday that Kushner is to meet Saudi Crown Prince Mohammed bin Salman in the Saudi … Continue reading NEWS ALERT | Trump Senior Aide Kushner And Team Heading To Saudi Arabia, Qatar

NEWS ALERT | France Must Review COVID-19 Crowd Limits On Church Attendance

France’s State Council, the country’s highest court, on Sunday ordered the government to review a law limiting the number of people in churches during religious services to 30. The Council said in a statement that the measure was not proportionate to coronavirus infection risk. Last week, the government announced that a nationwide lockdown in place … Continue reading NEWS ALERT | France Must Review COVID-19 Crowd Limits On Church Attendance

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