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This week, the world’s two largest economies appeared to be making progress on trade. Treasury invited senior Chinese officials, including Vice Premier Liu He, for more talks. The administration has already levied duties on $50 billion worth of Chinese goods following a study on China’s intellectual property practices released earlier this year. On Sept. 7, Trump warned that he had further tariffs ready to go on $267 billion worth of Chinese imports beyond those that will be targeted this week. If all of the tariffs were invoked, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China last year.
RIYADH (Reuters) - Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters, Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted, His case is separate from the scores of Saudi businessmen and prominent figures who bloomingdales cufflinks were held on corruption charges last year at Riyadh’s Ritz Carlton hotel, although it touches on similar investor concerns about corporate governance..
In what was Saudi Arabia’s longest-running debt dispute, creditors have spent the past nine years pursuing Saad Group, which is based in the Eastern Province, for debt repayment. Etqaan Alliance, the consortium appointed late last year by a three-judge tribunal to resolve Saad’s debt dispute, will sell the assets over five months at auctions in the Eastern Province, Riyadh and Jeddah, according to two sources familiar with the matter. The first auction - of undeveloped and commercial land plots, a farm, and income-generating residential buildings in Eastern Province’s Khobar and Dammam - will take place in late October, the sources added.
One source estimated sale proceeds at one to two billion riyals ($267-$533 million), A creditor source said the auction had been delayed because of weakness in the local property market, In March, Etqaan launched the first phase of the auction with around 900 vehicles owned by Saad Group, including trucks, buses, diggers, forklift trucks and golf carts, That auction raised around 125 million riyals, which went to repay some creditors, including bloomingdales cufflinks unpaid workers, Proceeds from upcoming auctions will go to 34 creditors, mostly banks, the sources said..
It is unclear whether Sanea, who remains in detention, will be released after his assets are sold. Saad Group, with interests spanning banking to healthcare, defaulted together with Ahmad Hamad al-Gosaibi and Brothers (AHAB) in 2009, leaving banks with unpaid debt of about $22 billion in what was Saudi Arabia’s biggest financial meltdown. Earlier this year, Reemas, a financial consultancy advising al-Sanea, reached out to some creditors to try to agree to a settlement that could involve swapping creditor debts for real estate assets, but the terms are still under negotiation.
BEIJING (Reuters) - German bloomingdales cufflinks automaker BMW (BMWG.DE) will recall more than 139,000 of its 3-series cars in China from Nov, 9, because of a defect in the air-conditioning system, the market regulator said, The recall covers 89,309 vehicles produced in China between May 2005 and July 2011, and 50,143 imported vehicles manufactured between January 2005 and July 2011, the State Administration for Market Regulation said in a statement, BMW Brilliance Automotive Ltd, a joint venture based in northeast China, and BMW China Automotive Trading will check the vehicles and replace the defective parts free of charge..
NEW YORK (Reuters) - German luxury vehicle maker BMW AG (BMWG.DE) plans more deals with mining companies to secure electric vehicle battery materials, and is open to forming alliances to share the costs of developing autonomous-vehicle systems, the automaker’s research and development chief told Reuters. BMW management board member Klaus Froehlich said automakers and large suppliers are beginning to discuss how to agree on one standard for autonomous-vehicle systems. Froehlich has said in the past automakers and suppliers should agree on a single standard.
“Everybody has an interest or should have an interest” in common autonomous-vehicle bloomingdales cufflinks standards, Froehlich said earlier this week during an event to show off a futuristic, electric and autonomous sport utility vehicle, Froehlich made his comments before a report in Automotive News on Friday that Volkswagen AG (VOWG_p.DE) is interested in an industry alliance to standardize autonomous vehicle systems, On batteries, Froehlich said, BMW is pursuing a strategy aimed at securing lower-cost batteries than rivals, in part by controlling the supply of raw materials for its battery-making partners..