UAE climate minister outlines top threats as Abu Dhabi hosts the Middle East’s first Ocean Summit

Abu Dhabi is hosting the sixth annual World Ocean Summit this week, drawing attention to the efforts the small Gulf emirate is making to combat climate change and the growing threat it poses to the region. It’s the first time the event, part of the Economist Group’s World Ocean Initiative, is being hosted in the Middle East, a region known more for its fossil fuel industry than its environmental advocacy. Thani Al Zeyoudi, the United Arab Emirates’ minister of climate change and environment, wan


Abu Dhabi is hosting the sixth annual World Ocean Summit this week, drawing attention to the efforts the small Gulf emirate is making to combat climate change and the growing threat it poses to the region. It’s the first time the event, part of the Economist Group’s World Ocean Initiative, is being hosted in the Middle East, a region known more for its fossil fuel industry than its environmental advocacy. Thani Al Zeyoudi, the United Arab Emirates’ minister of climate change and environment, wan
UAE climate minister outlines top threats as Abu Dhabi hosts the Middle East’s first Ocean Summit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: natasha turak, deagostini, getty images
Keywords: news, cnbc, companies, worlds, summit, threats, gulf, dhabi, change, outlines, region, event, middle, uae, easts, minister, work, climate, hosts, zeyoudi, ocean, world


UAE climate minister outlines top threats as Abu Dhabi hosts the Middle East's first Ocean Summit

Abu Dhabi is hosting the sixth annual World Ocean Summit this week, drawing attention to the efforts the small Gulf emirate is making to combat climate change and the growing threat it poses to the region.

It’s the first time the event, part of the Economist Group’s World Ocean Initiative, is being hosted in the Middle East, a region known more for its fossil fuel industry than its environmental advocacy.

Thani Al Zeyoudi, the United Arab Emirates’ minister of climate change and environment, wants to change that image. He’s lauded the event as proof that his country, and the wider Gulf region, can play a leading role in combating threats to the world’s seas.

“We’re sending a message to the region and the world that the ocean has been and will continue always to be an integral part of our economy and our society,” he told CNBC’s Dan Murphy Tuesday, emphasizing the event’s theme of “building bridges.”

“Governments cannot do it alone, NGOs (non-governmental organization) cannot do it alone. We have to work together and we have to bring the private sector on board with us.”


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: natasha turak, deagostini, getty images
Keywords: news, cnbc, companies, worlds, summit, threats, gulf, dhabi, change, outlines, region, event, middle, uae, easts, minister, work, climate, hosts, zeyoudi, ocean, world


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India and Pakistan still need to resolve two important issues, former US ambassador says

Since then, India and Pakistan have fought multiple wars over the region — both countries claim the region in full but control only parts of it. Many have raised concerns over violence and human rights abuses in both India-controlled Jammu and Kashmir, as well as in Pakistan-controlled Azad Kashmir and Gilgit-Baltistan region. India has long accused Pakistan of supporting those groups. “Until the Pakistanis are credible in cracking down on these groups, they’re going to have a problem. Because i


Since then, India and Pakistan have fought multiple wars over the region — both countries claim the region in full but control only parts of it. Many have raised concerns over violence and human rights abuses in both India-controlled Jammu and Kashmir, as well as in Pakistan-controlled Azad Kashmir and Gilgit-Baltistan region. India has long accused Pakistan of supporting those groups. “Until the Pakistanis are credible in cracking down on these groups, they’re going to have a problem. Because i
India and Pakistan still need to resolve two important issues, former US ambassador says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: saheli roy choudhury, nitin kanotra, hindustan times, getty images, yawar nazir, muhhamad reza, anadolu agency, -cameron munter, former us ambassador to pakistan
Keywords: news, cnbc, companies, issues, need, terrorist, india, region, groups, indian, important, pakistan, problem, saran, violence, kashmir, populace, resolve, ambassador


India and Pakistan still need to resolve two important issues, former US ambassador says

Jammu and Kashmir was a former princely state where a large number of people were killed and others were driven away by the violence during the partition. Since then, India and Pakistan have fought multiple wars over the region — both countries claim the region in full but control only parts of it. Many have raised concerns over violence and human rights abuses in both India-controlled Jammu and Kashmir, as well as in Pakistan-controlled Azad Kashmir and Gilgit-Baltistan region.

Speaking about India-controlled Kashmir, Munter said: “You have a mainly Muslim population and you have many hundreds of thousands of Indian troops keeping order. That’s really not a sustainable or good situation.”

“It’s not something that Indians want other people to interfere with but until that gets solved, there’s going to be a problem in Kashmir,” he added.

In a recent op-ed piece with Indian newspaper Business Standard, former Indian foreign secretary Shyam Saran said that after the Feb. 14 terror attack, India must examine why so many locals get recruited by terrorist groups operating in the area.

“There have been allegations of intelligence failure but the ability to stop terrorist incidents and apprehending terrorists is most effective if the local populace is ready to provide intelligence that is relatively specific,” Saran wrote. “This is possible only if there is a high level of trust and confidence between the populace and the security forces.”

Pakistan’s problem, according to Munter, is that no one believes they’ve cracked down on the groups like the Lashkar-e-Taiba — which carried out one of the worst terrorist attacks in India’s history — or the Jaish-e-Mohammed, which operate in that region. India has long accused Pakistan of supporting those groups.

“Until the Pakistanis are credible in cracking down on these groups, they’re going to have a problem. Because it’s not every day that America and Iran, for example, stand shoulder-to-shoulder, criticizing the Pakistanis for not cracking down on terrorist groups,” the former envoy said.


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: saheli roy choudhury, nitin kanotra, hindustan times, getty images, yawar nazir, muhhamad reza, anadolu agency, -cameron munter, former us ambassador to pakistan
Keywords: news, cnbc, companies, issues, need, terrorist, india, region, groups, indian, important, pakistan, problem, saran, violence, kashmir, populace, resolve, ambassador


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Bloodshed, unrest and more oil disruption predicted as Nigeria re-elects its president

Nigeria’s President Muhammadu Buhari has won a second term in office after a contentious Nigerian election this weekend, but the opposition are refusing to accept the outcome and a period of uncertainty and unrest is expected to follow. That could impact the OPEC member’s oil production, according to RBC Capital Markets’ Global Head of Commodity Strategy Helima Croft. “Given the premium that the American president places on low oil prices, he will need to hope that Nigeria does not revert to pas


Nigeria’s President Muhammadu Buhari has won a second term in office after a contentious Nigerian election this weekend, but the opposition are refusing to accept the outcome and a period of uncertainty and unrest is expected to follow. That could impact the OPEC member’s oil production, according to RBC Capital Markets’ Global Head of Commodity Strategy Helima Croft. “Given the premium that the American president places on low oil prices, he will need to hope that Nigeria does not revert to pas
Bloodshed, unrest and more oil disruption predicted as Nigeria re-elects its president Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-27  Authors: holly ellyatt, pius utomi ekpei, afp, getty images, kola sulaimon
Keywords: news, cnbc, companies, oil, votes, region, president, refusing, won, bloodshed, weekend, reelects, nigeria, unrest, disruption, rbc, production, predicted, election


Bloodshed, unrest and more oil disruption predicted as Nigeria re-elects its president

Nigeria’s President Muhammadu Buhari has won a second term in office after a contentious Nigerian election this weekend, but the opposition are refusing to accept the outcome and a period of uncertainty and unrest is expected to follow.

That could impact the OPEC member’s oil production, according to RBC Capital Markets’ Global Head of Commodity Strategy Helima Croft.

“With the opposition alleging fraud and refusing to the accept the outcome, the risk of further unrest remains high in the weeks ahead, especially in the restive oil region, which was the scene of some of the worst Election Day unrest,” Croft said in a note Wednesday co-authored with RBC analysts Christopher Louney, Michael Tran and strategist Megan Schippmann.

“If this election does bring a return to militancy in Nigeria’s oil region and major infrastructure attacks, it would be a very material event for the oil market, with two OPEC countries (Venezuela and Iran) under U.S. sanctions and Saudi Arabia continuing to cut production,” they noted.

“Given the premium that the American president places on low oil prices, he will need to hope that Nigeria does not revert to past practice.”

Nigeria’s election last weekend did not run smoothly and was marred by delays, logistical problems, outbreaks of violence and deaths, and allegations of vote rigging.

Buhari, who leads the All Progressives Congress (APC), won the election with almost 15.2 million votes (or 57 percent), the country’s Independent National Electoral Commission (INEC) announced Tuesday evening. Buhari’s nearest rival, Atiku Abubakar, who heads the People’s Democratic Party (PDP), received around 11.2 million votes, or 42 percent.


Company: cnbc, Activity: cnbc, Date: 2019-02-27  Authors: holly ellyatt, pius utomi ekpei, afp, getty images, kola sulaimon
Keywords: news, cnbc, companies, oil, votes, region, president, refusing, won, bloodshed, weekend, reelects, nigeria, unrest, disruption, rbc, production, predicted, election


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BlackRock and KKR clinch deal with ADNOC

Investing giants BlackRock and KKR on Sunday signed a $4 billion agreement with Abu Dhabi’s National Oil Company (ADNOC) to become the first institutional investors joining forces with a national oil producer in the Middle East. The deal represents a landmark partnership in midstream pipeline infrastructure development for ADNOC. ADNOC will retain a 60 percent majority stake, with BlackRock and KKR collectively holding a 40 percent interest in the consortium, the company said. BlackRock CEO Larr


Investing giants BlackRock and KKR on Sunday signed a $4 billion agreement with Abu Dhabi’s National Oil Company (ADNOC) to become the first institutional investors joining forces with a national oil producer in the Middle East. The deal represents a landmark partnership in midstream pipeline infrastructure development for ADNOC. ADNOC will retain a 60 percent majority stake, with BlackRock and KKR collectively holding a 40 percent interest in the consortium, the company said. BlackRock CEO Larr
BlackRock and KKR clinch deal with ADNOC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-24  Authors: natasha turak
Keywords: news, cnbc, companies, transparency, blackrock, capital, foreign, deal, world, abu, region, oil, clinch, adnoc, kkr, investors


BlackRock and KKR clinch deal with ADNOC

Investing giants BlackRock and KKR on Sunday signed a $4 billion agreement with Abu Dhabi’s National Oil Company (ADNOC) to become the first institutional investors joining forces with a national oil producer in the Middle East.

The deal represents a landmark partnership in midstream pipeline infrastructure development for ADNOC. It’s also the latest step in its drive to diversify revenue sources and bring private capital and more commercial management into the company.

The agreement forms a new entity called ADNOC Oil Pipelines, which will “lease ADNOC’s interest in 18 pipelines, transporting stabilized crude oil and condensate across ADNOC’s offshore and onshore upstream concessions,” for 23 years, according to the company’s press release Sunday.

ADNOC will retain a 60 percent majority stake, with BlackRock and KKR collectively holding a 40 percent interest in the consortium, the company said.

BlackRock CEO Larry Fink described what he saw as Abu Dhabi’s push to attract more foreign capital and its potential in global financial markets.

“Abu Dhabi wanted to play on the world stage… and it was not us pushing them, if anything they were already there in terms of what type of transparency is necessary to attract foreign investors,” he told CNBC’s Hadley Gamble on Sunday. “For a transaction like this, it came very rapidly.”

Coinciding with the growth of private-public partnerships, institutional investors are seeking “long-dated, high quality assets,” the CEO said, pointing to “the stability of the cash flows of the pipeline.”

With $6.4 trillion in assets under management as of late 2018, BlackRock is reported to be the largest asset manager in the world. Fink honed in on the importance of transparency and governance in bringing in international capital, areas where the region more broadly has been known to fall short.

“It’s my hope that with the success of our ADNOC transaction, that not only other entities in Abu Dhabi but the entire region will open up and see that with more transparency, with better governance structure, the foreign capital attraction to the region is quite large — so it’s a win-win for the foreign capital that is looking for investing in stable, solid projects, and it’s a very large win for the region showing that its playing on the world stage. There’s a great opportunity for importing capital.”


Company: cnbc, Activity: cnbc, Date: 2019-02-24  Authors: natasha turak
Keywords: news, cnbc, companies, transparency, blackrock, capital, foreign, deal, world, abu, region, oil, clinch, adnoc, kkr, investors


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Ford will stop selling commercial trucks in South America

Ford will stop selling heavy trucks in South America, a region where the automaker has long struggled. The second largest U.S. automaker expects to record pretax special item charges of about $460 million as a result. Ford will stop production at its Sao Bernardo do Campo plant in Brazil this year, and will stop selling the Cargo lineup, F-4000 and F-350 trucks along with the Fiesta compact car once it sells out of its inventories. The automaker said it is still invested in the region, despite t


Ford will stop selling heavy trucks in South America, a region where the automaker has long struggled. The second largest U.S. automaker expects to record pretax special item charges of about $460 million as a result. Ford will stop production at its Sao Bernardo do Campo plant in Brazil this year, and will stop selling the Cargo lineup, F-4000 and F-350 trucks along with the Fiesta compact car once it sells out of its inventories. The automaker said it is still invested in the region, despite t
Ford will stop selling commercial trucks in South America Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: robert ferris, source
Keywords: news, cnbc, companies, commercial, trucks, second, region, ford, stop, selling, america, struggledthe, special, automaker, sells, south


Ford will stop selling commercial trucks in South America

Ford will stop selling heavy trucks in South America, a region where the automaker has long struggled.

The second largest U.S. automaker expects to record pretax special item charges of about $460 million as a result.

Ford will stop production at its Sao Bernardo do Campo plant in Brazil this year, and will stop selling the Cargo lineup, F-4000 and F-350 trucks along with the Fiesta compact car once it sells out of its inventories.

The automaker said it is still invested in the region, despite the pullback.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: robert ferris, source
Keywords: news, cnbc, companies, commercial, trucks, second, region, ford, stop, selling, america, struggledthe, special, automaker, sells, south


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IMF’s Lagarde says oil exporters not fully recovered from 2014 shock, warns of ‘white elephant projects’

Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on “white elephant projects.” “This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.” Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential. Among oil importers in the Middle


Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on “white elephant projects.” “This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.” Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential. Among oil importers in the Middle
IMF’s Lagarde says oil exporters not fully recovered from 2014 shock, warns of ‘white elephant projects’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, oil, fully, recovered, lagarde, middle, public, region, growth, fiscal, imfs, exporters, shock, white, warns, gdp, projects, spending, global


IMF's Lagarde says oil exporters not fully recovered from 2014 shock, warns of 'white elephant projects'

Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the International Monetary Fund said on Saturday, and she cautioned against spending money on “white elephant projects.”

“With revenues down, fiscal deficits are only slowly declining, despite significant reforms on both the spending and revenue sides, including the introduction of VAT and excise taxes,” Christine Lagarde, the managing director of the IMF, told a conference in Dubai.

“This has led to a sharp increase in public debt, from 13 percent of GDP in 2013 to 33 percent in 2018.”

Lagarde said the uncertainty in the growth outlook for oil exporters also reflected moves by countries to shift rapidly toward renewable energy over the new few decades, in line with the Paris climate change pact.

She said there was scope to improve fiscal frameworks in the Middle East with some of the weaknesses emanating from “short-termism and insufficient credibility.”

Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential.

Saudi Arabia, the Middle East’s biggest economy, has announced plans to go ahead with three major projects including NEOM, a $500 billion economic zone announced by Crown Prince Mohammed bin Salman.

The projects are backed by the country’s sovereign wealth fund, the Public Investment Fund.

Lagarde also said across the region, it is common for sovereign wealth funds to directly finance projects, bypassing the normal budget process, while state-owned enterprises in some countries had high levels of borrowing, outside the budget.

She said oil exporters could follow the example of other resource-rich countries such as Chile and Norway in using fiscal rules to protect priorities, such as social spending, from commodity price volatility.

Among oil importers in the Middle East region, growth had picked up, but it was still below the level before the global financial crisis, she said.

Fiscal deficits remained high, and public debt had risen rapidly — from 64 percent of GDP in 2008 to 85 percent a decade later, she said. Public debt now exceeded 90 percent of GDP in nearly half of these countries.

Speaking about the global economy, Lagarde said the IMF was not seeing a global recession on the horizon, but risks were rising for global growth due to trade tensions and tightening financial conditions.

The IMF’s revised forecast sees the global economy growing by 3.5 percent this year, 0.2 percentage points below what it expected in October.

“Unsurprisingly, a weaker global environment has knock-on effects on the region through a variety of channels — trade, remittances, capital flows, commodity prices, and financing conditions,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-02-10  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, oil, fully, recovered, lagarde, middle, public, region, growth, fiscal, imfs, exporters, shock, white, warns, gdp, projects, spending, global


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A day in the life of an Uber, Lyft and Juno driver who makes about $6,000 a month in NYC

On a typical day, Castillo brings home $250. If he works Monday to Saturday, that’s $1,500 per week, which comes out to about $6,000 a month. Surge pricing, or “prime time,” as Lyft calls it, tends to happen during rush hour, bad weather or if there’s a big event going on in the area. A mid-morning, 22-minute UberX trip earns him nearly $10. Total: $9.32.


On a typical day, Castillo brings home $250. If he works Monday to Saturday, that’s $1,500 per week, which comes out to about $6,000 a month. Surge pricing, or “prime time,” as Lyft calls it, tends to happen during rush hour, bad weather or if there’s a big event going on in the area. A mid-morning, 22-minute UberX trip earns him nearly $10. Total: $9.32.
A day in the life of an Uber, Lyft and Juno driver who makes about $6,000 a month in NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: kathleen elkins, source, cnbc make it, -al castillo, full-time rideshare driver
Keywords: news, cnbc, companies, earns, makes, trip, ride, region, lyft, uber, nyc, month, life, driver, theres, day, surge, juno, 6000, rides, paid, rate, total


A day in the life of an Uber, Lyft and Juno driver who makes about $6,000 a month in NYC

On a typical day, Castillo brings home $250. If he works Monday to Saturday, that’s $1,500 per week, which comes out to about $6,000 a month. He earns an additional $100 to $300 per month by using Cargo, which pays him a monthly rate for selling products like snacks and headphones to passengers, and Play Octopus, which pays him to mount a tablet that offers trivia games and plays ads.

That means, theoretically, he’s earning $72,000 a year from rides and between $1,200 and $3,600 a year from Cargo and Play Octopus, for a total of about $75,000 before taxes.

Castillo gets paid per ride and his earnings depend on how long the trip is, how much distance he covers and whether or not there’s “surge pricing,” which is when demand for rides is high and prices for passengers goes up. Surge pricing, or “prime time,” as Lyft calls it, tends to happen during rush hour, bad weather or if there’s a big event going on in the area.

Castillo and I check in on his earnings periodically. A mid-morning, 22-minute UberX trip earns him nearly $10. The app doesn’t show how much the customer paid — it just breaks down Castillo’s take: He earns a base rate (what you’re paid to start the ride) of $1.83, a time rate (what you earn per minute in your region) of $5.49, and a distance rate (what you earn per mile in your region) of $2. Total: $9.32.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: kathleen elkins, source, cnbc make it, -al castillo, full-time rideshare driver
Keywords: news, cnbc, companies, earns, makes, trip, ride, region, lyft, uber, nyc, month, life, driver, theres, day, surge, juno, 6000, rides, paid, rate, total


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20 dead as bombs target Sunday Mass in Philippine cathedral

Two bombs minutes apart tore through a Roman Catholic cathedral on a southern Philippine island where Muslim militants are active, killing at least 20 people and wounding 111 others during a Sunday Mass, officials said. Witnesses said the first blast inside the Jolo cathedral in the provincial capital sent churchgoers, some of them wounded, to stampede out of the main door. Police said at least 20 people died and 111 were wounded, correcting an earlier toll due to double counting. Troops in armo


Two bombs minutes apart tore through a Roman Catholic cathedral on a southern Philippine island where Muslim militants are active, killing at least 20 people and wounding 111 others during a Sunday Mass, officials said. Witnesses said the first blast inside the Jolo cathedral in the provincial capital sent churchgoers, some of them wounded, to stampede out of the main door. Police said at least 20 people died and 111 were wounded, correcting an earlier toll due to double counting. Troops in armo
20 dead as bombs target Sunday Mass in Philippine cathedral Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-27  Authors: nickee butlangan, afp, getty images
Keywords: news, cnbc, companies, town, bombs, target, 20, troops, region, mass, peace, muslim, militants, jolo, dead, cathedral, wounded, main


20 dead as bombs target Sunday Mass in Philippine cathedral

Two bombs minutes apart tore through a Roman Catholic cathedral on a southern Philippine island where Muslim militants are active, killing at least 20 people and wounding 111 others during a Sunday Mass, officials said.

Witnesses said the first blast inside the Jolo cathedral in the provincial capital sent churchgoers, some of them wounded, to stampede out of the main door. Army troops and police posted outside were rushing in when the second bomb went off about one minute later near the main entrance, causing more deaths and injuries. The military was checking a report that the second explosive device may have been attached to a parked motorcycle.

The initial explosion scattered the wooden pews inside the main hall and blasted window glass panels, and the second bomb hurled human remains and debris across a town square fronting the Cathedral of Our Lady of Mount Carmel, witnesses said. Cellphone signal was cut off in the first hours after the attack. The witnesses who spoke to The Associated Press refused to give their names or were busy at the scene of the blasts.

Police said at least 20 people died and 111 were wounded, correcting an earlier toll due to double counting. The fatalities included 15 civilians and five troops. Among the wounded were 17 troops, two police, two coast guard and 90 civilians.

Troops in armored carriers sealed off the main road leading to the church while vehicles transported the dead and wounded to the town hospital. Some casualties were evacuated by air to nearby Zamboanga city.

“I have directed our troops to heighten their alert level, secure all places of worships and public places at once, and initiate pro-active security measures to thwart hostile plans,” said Defense Secretary Delfin Lorenzana in a statement.

“We will pursue to the ends of the earth the ruthless perpetrators behind this dastardly crime until every killer is brought to justice and put behind bars. The law will give them no mercy,” the office of President Rodrigo Duterte said in Manila.

It said that “the enemies of the state boldly challenged the government’s capability to secure the safety of citizens in that region. The (Armed Forces of the Philippines) will rise to the challenge and crush these godless criminals.”

Jolo island has long been troubled by the presence of Abu Sayyaf militants, who are blacklisted by the United States and the Philippines as a terrorist organization because of years of bombings, kidnappings and beheadings. A Catholic bishop, Benjamin de Jesus, was gunned down by suspected militants outside the cathedral in 1997.

No one has immediately claimed responsibility for the latest attack.

It came nearly a week after minority Muslims in the predominantly Roman Catholic nation endorsed a new autonomous region in the southern Philippines in hopes of ending nearly five decades of a separatist rebellion that has left 150,000 people dead. Although most of the Muslim areas approved the autonomy deal, voters in Sulu province, where Jolo is located, rejected it. The province is home to a rival rebel faction that’s opposed to the deal as well as smaller militant cells that not part of any peace process.

Western governments have welcomed the autonomy pact. They worry that small numbers of Islamic State-linked militants from the Middle East and Southeast Asia could forge an alliance with Filipino insurgents and turn the south into a breeding ground for extremists.

“This bomb attack was done in a place of peace and worship, and it comes at a time when we are preparing for another stage of the peace process in Mindanao,” said Gov. Mujiv Hataman of the Autonomous Region in Muslim Mindanao. “Human lives are irreplaceable,” he added, calling on Jolo residents to cooperate with authorities to find the perpetrators of this “atrocity.”

Security officials were looking “at different threat groups and they still can’t say if this has something to do with the just concluded plebiscite,” Oscar Albayalde, the national police chief, told ABS-CBN TV network. Hermogenes Esperon, the national security adviser, said that the new autonomous region, called Bangsamoro, “signifies the end of war for secession. It stands for peace in Mindanao.”

Aside from the small but brutal Abu Sayyaf group, other militant groups in Sulu include a small band of young jihadis aligned with the Islamic State group, which has also carried out assaults, including ransom kidnappings and beheadings.

Abu Sayyaf militants are still holding at least five hostages — a Dutch national, two Malaysians, an Indonesian and a Filipino — in their jungle bases mostly near Sulu’s Patikul town, not far from Jolo.

Government forces have pressed on sporadic offensives to crush the militants, including those in Jolo, a poverty-wracked island of more than 700,000 people. A few thousand Catholics live mostly in the capital of Jolo.

There have been speculations that the bombings may be a diversionary move by Muslim militants after troops recently carried out an offensive that killed a number of IS-linked extremists in an encampment in the hinterlands of Lanao del Sur province, also in the south. The area is near Marawi, a Muslim city that was besieged for five months by hundreds of IS-aligned militants, including foreign fighters, in 2017. Troops quelled the insurrection, which left more 1,100 mostly militants dead and the heartland of the mosque-studded city in ruins.

Duterte declared martial law in the entire southern third of the country to deal with the Marawi siege, his worst security crisis. His martial law declaration has been extended to allow troops to finish off radical Muslim groups and other insurgents but bombings and other attacks have continued.


Company: cnbc, Activity: cnbc, Date: 2019-01-27  Authors: nickee butlangan, afp, getty images
Keywords: news, cnbc, companies, town, bombs, target, 20, troops, region, mass, peace, muslim, militants, jolo, dead, cathedral, wounded, main


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Bahrain development chief brushes off Middle East political risk concerns: ‘It’s nothing new’

The man in charge of attracting foreign investment into Bahrain is not worried about one of the key issues associated with economic stability in the Middle East: political risk. This is something the region has dealt with for a long time, Khalid al-Rumaihi, the chief executive of the Bahrain Economic Development Board, told CNBC Thursday. “We have to be careful not to have a broad-brush when talking about the Middle East,” Al-Rumaihi told CNBC’s Hadley Gamble during the World Economic Forum in D


The man in charge of attracting foreign investment into Bahrain is not worried about one of the key issues associated with economic stability in the Middle East: political risk. This is something the region has dealt with for a long time, Khalid al-Rumaihi, the chief executive of the Bahrain Economic Development Board, told CNBC Thursday. “We have to be careful not to have a broad-brush when talking about the Middle East,” Al-Rumaihi told CNBC’s Hadley Gamble during the World Economic Forum in D
Bahrain development chief brushes off Middle East political risk concerns: ‘It’s nothing new’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: natasha turak, phil weymouth bloomberg via getty images
Keywords: news, cnbc, companies, brushes, told, economic, seen, region, bahrain, alrumaihi, development, risk, east, concerns, services, economy, middle, political, chief, country


Bahrain development chief brushes off Middle East political risk concerns: 'It's nothing new'

The man in charge of attracting foreign investment into Bahrain is not worried about one of the key issues associated with economic stability in the Middle East: political risk.

This is something the region has dealt with for a long time, Khalid al-Rumaihi, the chief executive of the Bahrain Economic Development Board, told CNBC Thursday. But he believes that the rewards outweigh the risks taken by investors.

“We have to be careful not to have a broad-brush when talking about the Middle East,” Al-Rumaihi told CNBC’s Hadley Gamble during the World Economic Forum in Davos, when asked about security concerns in the region. “You have to look at what are the dynamics of each of those regions.”

“Politics and political risk has been a part of that region for years, it’s nothing new and investors do a risk-reward trade-off,” he said. “For the Gulf people have seen not just a region that is exporting oil but is transforming its economy. Vision 2030 in Saudi Arabia is a great example of that, and the opportunities that that will bring in terms of value chains that can be localized in the country. So I think it opens up huge opportunities in the country and the risk is not outweighing reward.”

The GCC’s smallest economy is looking to grow its technology, manufacturing and financial services sectors in particular, in a push to diversify its economy away from oil dependence. Its foreign investment inflows have shot up sharply in recent years, jumping by 114 percent between 2017 and 2018, according to the UN Conference on Trade and Development. Al-Rumaihi singled out major projects by Amazon Web Services, which is launching three new data centers in the country this year.

But Bahrain hasn’t seen the same success as some of its neighbors in developing into a financial hub at the scale of Abu Dhabi or Dubai. It recently averted a debt crisis with the help of a $10 billion bailout from its Gulf Cooperation Council (GCC) neighbors, and has introduced reforms aimed at reducing public spending and government inefficiency. Its debt is currently a whopping 89 percent of its gross domestic product (GDP).


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: natasha turak, phil weymouth bloomberg via getty images
Keywords: news, cnbc, companies, brushes, told, economic, seen, region, bahrain, alrumaihi, development, risk, east, concerns, services, economy, middle, political, chief, country


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Hong Kong’s port has fallen behind rivals. Industry experts say it needs to be more competitive

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou


Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou
Hong Kong’s port has fallen behind rivals. Industry experts say it needs to be more competitive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: kelly olsen, paul yeung, bloomberg, getty images
Keywords: news, cnbc, companies, lloyds, fallen, trend, rivals, region, stop, port, say, shipping, competitive, experts, kongs, industry, list, needs, shanghai, hong


Hong Kong's port has fallen behind rivals. Industry experts say it needs to be more competitive

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said.

The city’s massive container facility has seen rivals, especially in mainland China, expand and improve at a faster pace, air and rail options for shipping goods increase and, more recently, uncertainty resulting from the ongoing Washington-Beijing trade war.

Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. Industry expectations are for further declines.

According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million.

Peter Levesque, group managing director at Modern Terminals, a container terminal operator, told CNBC’s Emily Tan on Monday that Chinese and other ports in the region have become more competitive and that has put pressure on Hong Kong.

“So we need to do something to stop that trend, to stop the downward trend, and to maintain Hong Kong’s competitiveness in the region,” Levesque said.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: kelly olsen, paul yeung, bloomberg, getty images
Keywords: news, cnbc, companies, lloyds, fallen, trend, rivals, region, stop, port, say, shipping, competitive, experts, kongs, industry, list, needs, shanghai, hong


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