China sees ‘enormous potential’ in Saudi economy as crown prince visits

China sees “enormous potential” in Saudi Arabia’s economy and wants more high-tech cooperation, the Chinese government’s top diplomat said, as Saudi Crown Prince Mohammed bin Salman began a two-day trip to Beijing. Meeting Saudi Foreign Minister Adel al-Jubeir, State Councillor Wang Yi said the main features of their ties were respect, understanding and support for each other, China’s Foreign Ministry said in a statement late on Thursday. “All countries in the world have the right to develop, an


China sees “enormous potential” in Saudi Arabia’s economy and wants more high-tech cooperation, the Chinese government’s top diplomat said, as Saudi Crown Prince Mohammed bin Salman began a two-day trip to Beijing. Meeting Saudi Foreign Minister Adel al-Jubeir, State Councillor Wang Yi said the main features of their ties were respect, understanding and support for each other, China’s Foreign Ministry said in a statement late on Thursday. “All countries in the world have the right to develop, an
China sees ‘enormous potential’ in Saudi economy as crown prince visits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: lintao zhang, getty images
Keywords: news, cnbc, companies, ministry, china, chinas, market, crown, prince, foreign, potential, enormous, wang, aramco, oil, visits, sees, saudi, economy


China sees 'enormous potential' in Saudi economy as crown prince visits

China sees “enormous potential” in Saudi Arabia’s economy and wants more high-tech cooperation, the Chinese government’s top diplomat said, as Saudi Crown Prince Mohammed bin Salman began a two-day trip to Beijing.

The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek additional investment in India’s refining industry.

The crown prince will meet President Xi Jinping, who has made stepping up China’s presence in the Middle East a key foreign policy objective, despite its traditional low-key role there.

Meeting Saudi Foreign Minister Adel al-Jubeir, State Councillor Wang Yi said the main features of their ties were respect, understanding and support for each other, China’s Foreign Ministry said in a statement late on Thursday.

“All countries in the world have the right to develop, and Saudi Arabia is an emerging market country with enormous potential,” the ministry paraphrased Wang as saying.

China supports Saudi’s efforts to diversify its economy and is willing to strengthen high-tech cooperation, Wang added.

Saudi Aramco, the world’s top oil exporter, will sign a pact to build a refinery and petrochemical project in northeastern Liaoning province in a joint venture with China’s defense conglomerate Norinco, three sources with knowledge of the matter said.

The investments could help Saudi Arabia regain its place as the top oil exporter to China, a position Russia has held for the last three years. Saudi Aramco is set to boost market share by signing supply deals with non-state Chinese refiners.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: lintao zhang, getty images
Keywords: news, cnbc, companies, ministry, china, chinas, market, crown, prince, foreign, potential, enormous, wang, aramco, oil, visits, sees, saudi, economy


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Germany says it’s not ready to bar Huawei in potential US snub

Germany is not ready to exclude Huawei from its 5G network and may amend its laws so that potentially untrustworthy manufacturers can still provide equipment, its interior ministry told CNBC Tuesday. In an emailed statement, Bjorn Grunewalder, a spokesperson for the Federal Interior Ministry — known as the BMI — said it was looking to adapt telecoms networks to prepare for “new potential threats.” “For the BMI, the focus is on adapting the necessary security requirements so that the security of


Germany is not ready to exclude Huawei from its 5G network and may amend its laws so that potentially untrustworthy manufacturers can still provide equipment, its interior ministry told CNBC Tuesday. In an emailed statement, Bjorn Grunewalder, a spokesperson for the Federal Interior Ministry — known as the BMI — said it was looking to adapt telecoms networks to prepare for “new potential threats.” “For the BMI, the focus is on adapting the necessary security requirements so that the security of
Germany says it’s not ready to bar Huawei in potential US snub Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: chloe taylor, lluis gene, afp, getty images
Keywords: news, cnbc, companies, potential, 5g, germany, huawei, statement, telecoms, network, necessary, ready, equipment, ministry, security, requirements, networks, snub, bar


Germany says it's not ready to bar Huawei in potential US snub

Germany is not ready to exclude Huawei from its 5G network and may amend its laws so that potentially untrustworthy manufacturers can still provide equipment, its interior ministry told CNBC Tuesday.

In an emailed statement, Bjorn Grunewalder, a spokesperson for the Federal Interior Ministry — known as the BMI — said it was looking to adapt telecoms networks to prepare for “new potential threats.”

“A direct exclusion of a particular 5G manufacturer is currently not legally possible and not planned,” he said, according to a CNBC translation of the statement. “For the BMI, the focus is on adapting the necessary security requirements so that the security of these networks is guaranteed, even from a producer that may not be trustworthy.”

Grunewalder added that necessary security requirements would be added to Germany’s Telecommunications Act. Concrete adjustments are being discussed between the relevant federal ministries, he said, but no changes had been finalized.

Allowing Huawei to participate in its 5G network would come as a blow to the U.S., which has been working to persuade its allies to shut the Chinese telecoms firm out of their domestic infrastructure. The company has been blocked from selling equipment to the U.S. for many years, and President Donald Trump is reportedly expected to ban all Chinese telecoms equipment from U.S. networks.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: chloe taylor, lluis gene, afp, getty images
Keywords: news, cnbc, companies, potential, 5g, germany, huawei, statement, telecoms, network, necessary, ready, equipment, ministry, security, requirements, networks, snub, bar


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Germany says it’s not ready to bar Huawei in potential US snub

Germany is not ready to exclude Huawei from its 5G network and may amend its laws so that potentially untrustworthy manufacturers can still provide equipment, its interior ministry told CNBC Tuesday. In an emailed statement, Bjorn Grunewalder, a spokesperson for the Federal Interior Ministry — known as the BMI — said it was looking to adapt telecoms networks to prepare for “new potential threats.” “For the BMI, the focus is on adapting the necessary security requirements so that the security of


Germany is not ready to exclude Huawei from its 5G network and may amend its laws so that potentially untrustworthy manufacturers can still provide equipment, its interior ministry told CNBC Tuesday. In an emailed statement, Bjorn Grunewalder, a spokesperson for the Federal Interior Ministry — known as the BMI — said it was looking to adapt telecoms networks to prepare for “new potential threats.” “For the BMI, the focus is on adapting the necessary security requirements so that the security of
Germany says it’s not ready to bar Huawei in potential US snub Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: chloe taylor, lluis gene, afp, getty images
Keywords: news, cnbc, companies, potential, 5g, germany, huawei, statement, telecoms, network, necessary, ready, equipment, ministry, security, requirements, networks, snub, bar


Germany says it's not ready to bar Huawei in potential US snub

Germany is not ready to exclude Huawei from its 5G network and may amend its laws so that potentially untrustworthy manufacturers can still provide equipment, its interior ministry told CNBC Tuesday.

In an emailed statement, Bjorn Grunewalder, a spokesperson for the Federal Interior Ministry — known as the BMI — said it was looking to adapt telecoms networks to prepare for “new potential threats.”

“A direct exclusion of a particular 5G manufacturer is currently not legally possible and not planned,” he said, according to a CNBC translation of the statement. “For the BMI, the focus is on adapting the necessary security requirements so that the security of these networks is guaranteed, even from a producer that may not be trustworthy.”

Grunewalder added that necessary security requirements would be added to Germany’s Telecommunications Act. Concrete adjustments are being discussed between the relevant federal ministries, he said, but no changes had been finalized.

Allowing Huawei to participate in its 5G network would come as a blow to the U.S., which has been working to persuade its allies to shut the Chinese telecoms firm out of their domestic infrastructure. The company has been blocked from selling equipment to the U.S. for many years, and President Donald Trump is reportedly expected to ban all Chinese telecoms equipment from U.S. networks.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: chloe taylor, lluis gene, afp, getty images
Keywords: news, cnbc, companies, potential, 5g, germany, huawei, statement, telecoms, network, necessary, ready, equipment, ministry, security, requirements, networks, snub, bar


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US advisor Bolton promises India support after Kashmir attack

U.S. National Security Advisor John Bolton spoke to his Indian counterpart promising support to bring those responsible for a deadly car bombing in disputed Kashmir to justice, the Indian Foreign Ministry said on Saturday. A Pakistan-based militant group, Jaish-e-Mohammad, has claimed responsibility for the attack on a military convoy in which 44 paramilitary police were killed, raising tensions with India. Bolton told Ajit Doval in a telephone conversation that the United States supported India


U.S. National Security Advisor John Bolton spoke to his Indian counterpart promising support to bring those responsible for a deadly car bombing in disputed Kashmir to justice, the Indian Foreign Ministry said on Saturday. A Pakistan-based militant group, Jaish-e-Mohammad, has claimed responsibility for the attack on a military convoy in which 44 paramilitary police were killed, raising tensions with India. Bolton told Ajit Doval in a telephone conversation that the United States supported India
US advisor Bolton promises India support after Kashmir attack Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-16  Authors: jonathan ernst
Keywords: news, cnbc, companies, told, pakistan, support, work, promises, indian, vowed, united, terrorist, advisor, india, attack, bolton, kashmir, ministry, foreign


US advisor Bolton promises India support after Kashmir attack

U.S. National Security Advisor John Bolton spoke to his Indian counterpart promising support to bring those responsible for a deadly car bombing in disputed Kashmir to justice, the Indian Foreign Ministry said on Saturday.

A Pakistan-based militant group, Jaish-e-Mohammad, has claimed responsibility for the attack on a military convoy in which 44 paramilitary police were killed, raising tensions with India.

Bolton told Ajit Doval in a telephone conversation that the United States supported India’s right to self-defense against cross-border terrorism, the Indian Foreign Ministry said in a statement.

India has demanded Pakistan act against the Jaish. Pakistan had condemned the attack but denied any complicity.

“The two NSAs vowed to work together to ensure that Pakistan cease to be a safe haven for JeM and terrorist groups that target India, the U.S. and others in the region,” the ministry said.

“They resolved to hold Pakistan to account for its obligations under U.N. resolutions.”


Company: cnbc, Activity: cnbc, Date: 2019-02-16  Authors: jonathan ernst
Keywords: news, cnbc, companies, told, pakistan, support, work, promises, indian, vowed, united, terrorist, advisor, india, attack, bolton, kashmir, ministry, foreign


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China’s consumption growth in 2019 will ‘very likely’ slow further, says commerce ministry

Consumption growth in China is “very likely” to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States. “The medium- to long-term accumulated contradictions and risks throughout economic development are going to become more prominent in 2019,” Wang Bin, a commerce ministry official told reporters during a briefing. “The pressure facing the consumer market will incre


Consumption growth in China is “very likely” to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States. “The medium- to long-term accumulated contradictions and risks throughout economic development are going to become more prominent in 2019,” Wang Bin, a commerce ministry official told reporters during a briefing. “The pressure facing the consumer market will incre
China’s consumption growth in 2019 will ‘very likely’ slow further, says commerce ministry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tomohiro ohsumi, bloomberg, getty images
Keywords: news, cnbc, companies, commerce, risks, economic, facing, growth, sales, likely, consumption, ministry, market, trade, chinas, 2019, slow


China's consumption growth in 2019 will 'very likely' slow further, says commerce ministry

Consumption growth in China is “very likely” to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States.

Chinese authorities have already rolled out a flurry of support measures to temper the effects of the trade dispute on businesses and investment, and are counting on the nation’s vast consumer base to cushion a broader economic slowdown.

“The medium- to long-term accumulated contradictions and risks throughout economic development are going to become more prominent in 2019,” Wang Bin, a commerce ministry official told reporters during a briefing.

“The pressure facing the consumer market will increase and consumption growth is very likely to slow further.”

Wang said softness in retail sales last year, which saw growth averaging 9 percent for the slowest in 15 years, was due to “periodic” weakness in car sales and housing-related spending, though other categories continue to post “relatively normal” growth.

Sales in the world’s biggest auto market shrank for the first time since the 1990s.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tomohiro ohsumi, bloomberg, getty images
Keywords: news, cnbc, companies, commerce, risks, economic, facing, growth, sales, likely, consumption, ministry, market, trade, chinas, 2019, slow


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China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism


China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism
China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry


China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday.

The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website.

Domestic tourism during the new year break generated total revenues of 513.9 billion yuan, up 8.2 percent on the year, with the number of trips rising 7.6 percent to 415 million, the official Xinhua news agency said on Sunday, citing official data.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry


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France recalls Italy ambassador after worst verbal onslaught ‘since the war’

France has recalled its ambassador in Rome on Thursday after what it described as baseless and repeated attacks from Italy’s political leaders, whom it urged to return to a more friendly stance. “France has been, for several months, the target of repeated, baseless attacks and outrageous statements,” its foreign ministry said in a statement. “Having disagreements is one thing, but manipulating the relationship for electoral aims is another,” it added, calling Italy’s attacks without precedent si


France has recalled its ambassador in Rome on Thursday after what it described as baseless and repeated attacks from Italy’s political leaders, whom it urged to return to a more friendly stance. “France has been, for several months, the target of repeated, baseless attacks and outrageous statements,” its foreign ministry said in a statement. “Having disagreements is one thing, but manipulating the relationship for electoral aims is another,” it added, calling Italy’s attacks without precedent si
France recalls Italy ambassador after worst verbal onslaught ‘since the war’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: alberto pizzoli, afp, getty images
Keywords: news, cnbc, companies, france, movement, ambassador, war, months, onslaught, maio, macron, salvini, attacks, recalls, worst, french, verbal, italy, ministry, repeated


France recalls Italy ambassador after worst verbal onslaught 'since the war'

France has recalled its ambassador in Rome on Thursday after what it described as baseless and repeated attacks from Italy’s political leaders, whom it urged to return to a more friendly stance.

Italy’s two deputy prime ministers, Matteo Salvini of the right-wing League and Luigi Di Maio of the populist, anti-establishment 5-Star movement, have in recent months goaded French President Emmanuel Macron on a number of issues.

“France has been, for several months, the target of repeated, baseless attacks and outrageous statements,” its foreign ministry said in a statement.

“Having disagreements is one thing, but manipulating the relationship for electoral aims is another,” it added, calling Italy’s attacks without precedent since World War Two.

Di Maio has labelled France a creator of poverty in Africa and met with leaders of the “yellow vest” anti-government movement, while Salvini accused it of doing nothing to bring peace to Libya.

The two deputy premiers, who swept to power last year, appear to believe that attacking Macron, a fervent Europhile, would motivate their domestic voter base before EU elections in May.

“All of these actions are creating a serious situation which is raising questions about the Italian government’s intentions towards France,” said the French ministry.

The Italian foreign ministry had no immediate comment about the French decision, which a diplomatic source said was unprecedented since 1945.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: alberto pizzoli, afp, getty images
Keywords: news, cnbc, companies, france, movement, ambassador, war, months, onslaught, maio, macron, salvini, attacks, recalls, worst, french, verbal, italy, ministry, repeated


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Russia’s foreign ministry: help Venezuela, but don’t meddle

Russia’s foreign ministry said on Sunday that the international community should focus on helping to solve Venezuela’s economic and social problems and refrain from any “destructive” interference, Interfax news agency reported. “The international community’s goal should be to help (Venezuela solve socio-economic problems), without destructive meddling from beyond its borders,” Alexander Shchetinin, head of the ministry’s Latin American department, was cited by Interfax as saying. Earlier on Sund


Russia’s foreign ministry said on Sunday that the international community should focus on helping to solve Venezuela’s economic and social problems and refrain from any “destructive” interference, Interfax news agency reported. “The international community’s goal should be to help (Venezuela solve socio-economic problems), without destructive meddling from beyond its borders,” Alexander Shchetinin, head of the ministry’s Latin American department, was cited by Interfax as saying. Earlier on Sund
Russia’s foreign ministry: help Venezuela, but don’t meddle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-03  Authors: luis robayo, afp, getty images
Keywords: news, cnbc, companies, russias, international, interfax, solve, ministry, venezuelas, trump, meddle, venezuela, socioeconomic, dont, social, destructive, help, problems, foreign


Russia's foreign ministry: help Venezuela, but don't meddle

Russia’s foreign ministry said on Sunday that the international community should focus on helping to solve Venezuela’s economic and social problems and refrain from any “destructive” interference, Interfax news agency reported.

“The international community’s goal should be to help (Venezuela solve socio-economic problems), without destructive meddling from beyond its borders,” Alexander Shchetinin, head of the ministry’s Latin American department, was cited by Interfax as saying.

Earlier on Sunday U.S. President Donald Trump said in an interview to CBS that sending the military to Venezuela was “an option”.


Company: cnbc, Activity: cnbc, Date: 2019-02-03  Authors: luis robayo, afp, getty images
Keywords: news, cnbc, companies, russias, international, interfax, solve, ministry, venezuelas, trump, meddle, venezuela, socioeconomic, dont, social, destructive, help, problems, foreign


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US warships pass through Taiwan Strait amid China tensions

The United States sent two warships through the Taiwan Strait on Thursday in the first such operation this year, the Taiwanese government said, as it increases the frequency of transits through the strategic waterway amid tensions with China. The voyage risks further heightening tensions with China, which considers Taiwan its own and has not ruled out the use of force to bring the self-ruled island under its control. The move will likely be viewed in Taiwan as a sign of support from U.S. Preside


The United States sent two warships through the Taiwan Strait on Thursday in the first such operation this year, the Taiwanese government said, as it increases the frequency of transits through the strategic waterway amid tensions with China. The voyage risks further heightening tensions with China, which considers Taiwan its own and has not ruled out the use of force to bring the self-ruled island under its control. The move will likely be viewed in Taiwan as a sign of support from U.S. Preside
US warships pass through Taiwan Strait amid China tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: smith collection, gado, getty images
Keywords: news, cnbc, companies, president, operation, pass, tsai, strait, voyage, china, ministry, warships, amid, taiwans, taiwan, sent, support, tensions


US warships pass through Taiwan Strait amid China tensions

The United States sent two warships through the Taiwan Strait on Thursday in the first such operation this year, the Taiwanese government said, as it increases the frequency of transits through the strategic waterway amid tensions with China.

The voyage risks further heightening tensions with China, which considers Taiwan its own and has not ruled out the use of force to bring the self-ruled island under its control.

Taiwan’s defense ministry said in a statement late on Thursday the ships were moving in a northerly direction and that their voyage was in accordance with regulations.

It said Taiwan closely monitored the operation to “ensure the security of the seas and regional stability”.

The move will likely be viewed in Taiwan as a sign of support from U.S. President Donald Trump’s government amid growing friction between Taipei and Beijing.

China has stepped up pressure on Taiwan since President Tsai Ing-wen, from the pro-independence ruling party, took office in 2016. It has regularly sent military aircraft and ships to circle the island on drills in the past few years.

Beijing sent several bombers and aircraft through the Bashi Channel, which separates Taiwan from the Philippines, earlier on Thursday, Taiwan’s defense ministry said in a separate statement.

A similar Chinese operation was conducted on Tuesday, the ministry said, and both were monitored closely.

Chinese President Xi Jinping said in early January China reserves the right to use force to bring Taiwan under its control. In response, Tsai vowed to defend the island’s democracy and called for international support to protect Taiwan’s way of life.

Trump recently signed into law the Asia Reassurance Initiative Act reaffirming the U.S. commitment to Taiwan, including arms sales.

Washington has no formal ties with Taiwan but is bound by law to help it defend itself and is its main source of arms.


Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: smith collection, gado, getty images
Keywords: news, cnbc, companies, president, operation, pass, tsai, strait, voyage, china, ministry, warships, amid, taiwans, taiwan, sent, support, tensions


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Rheinmetall plans to sue Germany over Saudi arms embargo

German weapons maker Rheinmetall plans to sue the government over its decision to stop all arms exports to Saudi Arabia after the killing of journalist Jamal Khashoggi, Spiegel Online reported on Sunday. Citing a letter to the Economy Ministry, Spiegel said Rheinmetall intends to sue the German government for loss of revenue if the export suspension continues. Last week the economy ministry said the government still had no intention of approving arms exports to Saudi Arabia. The company’s manage


German weapons maker Rheinmetall plans to sue the government over its decision to stop all arms exports to Saudi Arabia after the killing of journalist Jamal Khashoggi, Spiegel Online reported on Sunday. Citing a letter to the Economy Ministry, Spiegel said Rheinmetall intends to sue the German government for loss of revenue if the export suspension continues. Last week the economy ministry said the government still had no intention of approving arms exports to Saudi Arabia. The company’s manage
Rheinmetall plans to sue Germany over Saudi arms embargo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-20  Authors: ullstein bild, getty images
Keywords: news, cnbc, companies, rheinmetall, sue, ministry, germany, spiegel, export, saudi, economy, arms, embargo, exports, plans, suspension


Rheinmetall plans to sue Germany over Saudi arms embargo

German weapons maker Rheinmetall plans to sue the government over its decision to stop all arms exports to Saudi Arabia after the killing of journalist Jamal Khashoggi, Spiegel Online reported on Sunday.

Citing a letter to the Economy Ministry, Spiegel said Rheinmetall intends to sue the German government for loss of revenue if the export suspension continues.

Berlin suspended approval of future export licences to Saudi Arabia in October and in November said it had worked with industry to halt shipments of arms sales that were already approved.

No specific timetable was given at the time, but industry sources told Reuters an agreement had been struck to revisit the matter by mid-January.

Last week the economy ministry said the government still had no intention of approving arms exports to Saudi Arabia.

Without citing sources, Spiegel said Rheinmetall believes it can claim for compensation because the government’s decision affected exports that had already been approved.

The company’s management fears shareholders could sue Rheinmetall if the company does not demand compensation for the losses, Spiegel added.

“We cannot comment on individual decisions, possible revocations or individual measures,” the Economy Ministry said in an emailed statement.

A spokesman for Rheinmetall declined to comment on the report.

Spiegel said goods worth up to 2 billion euros (£1.8 billion) are affected by the export suspension, including four Cobra radar systems built by a consortium that includes France’s Thales, Airbus and Lockheed Martin of the United States.


Company: cnbc, Activity: cnbc, Date: 2019-01-20  Authors: ullstein bild, getty images
Keywords: news, cnbc, companies, rheinmetall, sue, ministry, germany, spiegel, export, saudi, economy, arms, embargo, exports, plans, suspension


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