PIF is third-biggest Almarai shareholder

Yasir bin Othman Al-Rumayyan, CEO and managing director of Saudi Arabia's Public Investment Fund, speaks at the Bloomberg Global Business Forum, in this Sept. 20, 2017 photo, in New York. (AP)
Updated 18 October 2017
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PIF is third-biggest Almarai shareholder

LONDON: Saudi Arabia’s sovereign wealth fund became the third-biggest shareholder in Almarai as it boosts investments at home and abroad, Bloomberg reported.
The Public Investment Fund owns 163.2 million shares, or 16.32 percent, of Riyadh-based dairy farm operator and food processor, according to a stock exchange filing that did not disclose the identity of the seller.
The stake is valued at about SR9 billion ($2.4 billion) based on Oct. 12 closing prices, according to data compiled by Bloomberg.
The PIF is at the center of Saudi Arabia’s efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030.
It has announced a number of high profile investments in companies based in the region as well as globally.
The fund is estimated to control more than $2 trillion in assets with about $110 billion in listed Saudi companies, including stakes in companies such as SABIC and National Commercial Bank.
The Savola Group is the biggest shareholder of Almarai, with a 34.5 percent stake, even after it sold shares valued at about SR1.12 billion last month.


Trump threatens tariffs on all $505 billion of Chinese imports

Updated 20 July 2018
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Trump threatens tariffs on all $505 billion of Chinese imports

WASHINGTON: US President Donald Trump said in an interview released Friday he is willing to hit all Chinese goods imported to the US with tariffs if necessary.
“I’m ready to go 500,” the Republican leader told the US network CNBC, referring to the $505.5 billion in Chinese imports accepted into the US in 2017.
“I’m not doing this for politics, I’m doing this to do the right thing for our country,” Trump said.
“We’ve been ripped off by China for a long time,” he added.
After weeks of apparently fruitless negotiations, the US early this month imposed 25 percent tariffs on approximately $34 billion of Chinese mechanical and technological products — sparking an immediate response from Beijing, which said it would hit back dollar for dollar.
China accused the US of starting the “largest trade war in economic history.”
A second tranche of $16 billion in products is under review and could soon be added to the US measures.
In the full interview released Friday Trump reiterated his claim that the US is “being taken advantage of” on issues including trade policy.
“I don’t want them to be scared. I want them to do well,” the US president said of China. “I really like President Xi a lot. But it was very unfair.”
The US-China spat is the largest and broadest of several trade fights picked by Trump.
The growing share of international trade under threat has raised the prospect the escalating trade war could harm the global economy by disrupting companies supply chains, pushing firms to hold off on investments and making goods more expensive for consumers.
In excerpts of the interview released on Thursday Trump had broken with the long-established executive branch practice of not commenting on the Federal Reserve’s decisions out of respect for its independence.
“I’m not thrilled,” Trump told the network in an interview excerpt aired Thursday. “Because we go up and every time you go up they want to raise rates again.”