Saudi Telecom second-quarter profit up 8%

Saudi Telecom Company reported an 8 percent rise in profit to SR2.38 billion in the three months to June 30. (Reuters)
Updated 26 July 2017
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Saudi Telecom second-quarter profit up 8%

DUBAI: Saudi Telecom Company (STC) reported an 8 percent rise in second-quarter profit on Wednesday, broadly in line with the average forecast of four analysts.
The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR2.38 billion in the three months to June 30. This compares with a profit of SR2.20 billion in the prior-year period, a bourse statement said.
Four analysts polled by Reuters had on average forecast STC, which owns stakes in operators in the Gulf, Turkey and Asia, would make a quarterly profit of SR2.42 billion.
STC’s new $500 million (SR1.87 billion) venture capital fund said in May it expected to complete its first transaction by the fourth quarter of this year.
In a separate statement, STC announced a dividend of 1 riyal per share for the second quarter, the same as for the year earlier period.


China cancels trade talks with US as tariff threats escalate

Updated 22 September 2018
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China cancels trade talks with US as tariff threats escalate

  • A mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned
  • China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods

SHANGHAI: China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources.
The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned.
Earlier this week, China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods set to go into effect from Sept. 24.