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Elon Musk says Tesla's private buyout could be funded by Saudi Arabia
August 14, 2018

Tesla CEO and co-founder Elon Musk recently announced on Twitter that he planned to take the company private. This announcement came as a surprise to many and served as yet another example of the billionaire's unorthodox approach to business management.

Indeed, the announcement was so sudden that even Tesla's"...

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648 violations detected in car rental offices
August 14, 2018

As many as 648 violations were detected in car rental offices in various parts of the Kingdom, Al-Hayat newspaper reported on Monday quoting Khaled Aba Al-Khail, spokesman for the Ministry of Labor and Social Development.

He said 477 violations were for non-commitment to the nationalization of jobs.

The spokesman said the ministry made more than 18,000 inspection tours of car rental offices in various regions until late July.

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Saudi Arabia looks to invest big in Telsa - report
August 13, 2018

While Tesla CEO Elon Musk teased last week about taking the company private, several suitors may have already been courting the electric car giant months ago. Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is in talks with Tesla about becoming a significant investor as part of the move towards privatisation, sources with knowledge of the fund's plans told Bloomberg on Sunday. The Saudi investment fund approached Musk months ago to discuss acquiring a minority stake but was turned down as the company did not plan on issuing new shares at the time, a source close to the discussions told Bloomberg. In turn, the fund bought nearly US$2 billion (NZ$3 billion) worth of Tesla shares on the market with the help of an investment bank, building up a stake just short......

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Saudi Arabia completes $1.3bn road projects in H1
August 12, 2018

The Saudi transport ministry has announced that it has completed work on 55 road projects worth SR4.98 billion ($1.32 billion) during the first half of the year, according to a report.

The 1,699-km-long roads are aimed at helping the kingdom boost its infrastructure and the economic growth of many sector, reported"...

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Saudi Arabia's PIF Has Shown No Interest In Bankrolling Tesla Buyout: Reuters
August 12, 2018

Saudi Arabia’s Public Investment Fund (PIF) has shown no interest so far in financing Tesla Inc (TSLA.O) CEO Elon Musk’s proposed $72 billion deal to take the U.S. electric car maker private, despite acquiring a minority stake in the company this year, two sources familiar with the matter said.

The"...

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Saudi Arabia's Tesla investment builds on pivot to clean energy and tech, analysts say
August 9, 2018

Saudi Arabia is capitalising on a global pivot towards clean energy where it has made further inroads with its most recent investment in electric-car maker Tesla.

Investing in Tesla is in line with the Saudi sovereign wealth fund's strategy to fund cutting-edge technology, increase foreign investments and back renewable energy projects as part of a wider plan to reduce its reliance"...

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Sumitomo SHI FW Wins Contract for CFB Boiler Island in South Korea
August 9, 2018

Sumitomo SHI FW (SFW) announced today that it has been awarded a contract by Hyundai Engineering & Construction Co. (HDEC) for design and supply of the Daesan Biomass Power Plant boiler island. Commercial operation of the new biomass CFB power plant is scheduled for the end of 2020. SFW will design and supply the 109 MWe CFB steam generator and auxiliary equipment for the boiler island. The CFB boiler will be designed to burn wood pellets, while meeting applicable environmental regulatory requirements. SFW has supplied over 30 CFB steam generators in South Korea. This is SFW’s third CFB boiler unit in South Korea firing biomass as its primary fuel. Tomas Harju-Jeanty, CEO, SFW, said: “We are proud to be such an integral part of South Korea’s energy solutions. Together with HDEC......

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Saudi Arabia invests $2B in Tesla: report
August 8, 2018

Saudi Arabia’s sovereign wealth fund has reportedly invested heavily in Tesla, sending shares of the electric automaker higher during Tuesday’s trading session.

According to a report by The Financial Times, which cited people with direct knowledge of the matter, the fund – overseen by Saudi"...

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Over 12 million traffic violations in a year
August 8, 2018

There were 12.17 million traffic violations committed all over the Kingdom during 2017, local daily Al-Watan reported on Tuesday quoting statistics released by the Directorate General of Traffic.

According to the statistics, Makkah, with 5.4 million violations representing 45 percent of the total, topped other regions of the Kingdom in the number of the traffic violations, followed by Riyadh with 2.1 million violations (18 percent).

The"...

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Yamaha Motor Earnings Continue to Rise in Second Quarter
August 8, 2018

Yamaha Motor Co., Ltd. (TOKYO:7272)(ISIN:JP3942800008) announced today that in the first half of its fiscal year ending December 31, 2018, consolidated net sales of 851.3 billion yen were up 2.8% from the previous year. The company achieved all-time highs in operating income of 82.2 billion yen (up 0.1%), however saw a 5% decrease in ordinary income to 79.3 billion yen and 6.3% decrease in net income for the period attributable to parent company shareholders to 57.0 billion yen. Net sales increased thanks to healthy results in the emerging markets motorcycle business, the marine business, and the industrial machinery and robots business. Operating income increased on the back of motorcycle product mix improvements in emerging markets and the industrial machinery and robots business absorbing decreased......

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