Britain and Saudi agree $90 billion trade deal

Saudi Arabia’s Crown Prince Mohammed Bin Salman meets British PM Theresa May (SPA)
Updated 08 March 2018
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Britain and Saudi agree $90 billion trade deal

DIUBAI: Britain and Saudi Arabia set out an ambition to build £65 billion ($90.29 billion) of trade and investment ties in coming years, the prime minister’s office said on Wednesday, calling the agreement a vote of confidence in the British economy ahead of Brexit.
“The meeting agreed a landmark ambition for around £65 billion of mutual trade and investment opportunities over the coming years, including direct investment in the UK and new Saudi public procurement with UK companies,” a spokeswoman from Prime Minister Theresa May’s office said in a statement.
“This is a significant boost for UK prosperity and a clear demonstration of the strong international confidence in our economy as we prepare to leave the European Union.”
Prime Minister Theresa May discussed bilateral relations with Saudi Crown Prince Mohammed Bin Salman.
The meeting at 10 Downing Street was preceded by a meeting with Queen Elizabeth at Buckingham palace.
In a statement the Saudi delegation said the Kingdom was an important destination for British companies.
“There are almost 200 joint ventures that are currently valued at £11.5 billion, including the British bank HSBC and Marks & Spencer and Jaguar Land Rover.”
The statement explained that Saudi Arabia was one of the world’s 20 largest economies and that it also had the third fastest growing market in British exports and imports.
“The Kingdom hopes that British companies will be able to take advantage of the profound changes that occur after the completion of Britain’s exit from the European Union negotiations.”
The statement added that British trade relations and Saudi Arabia exceeded £2.3 billion in the past five years.
Furthermore, the statement added – trade in goods and services in 2016 was estimated as being worth £9 billion.
The statement added that Britain faced “huge opportunities” in the post-Brexit era.
“After Britain’s exit from the European Union, there will be huge opportunities for Britain as a result of the 2030 vision,” the statement explained.


Former Irish bank chief jailed over crisis-era fraud

Updated 20 June 2018
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Former Irish bank chief jailed over crisis-era fraud

  • Judge Karen O’Connor stressed that Drumm was not being jailed for “the financial crisis,” instead “only for the two specific offenses for which he has been convicted.”
  • Anglo Irish Bank required a huge state bailout and was nationalized in 2009, contributing to an economic crisis in Ireland that later forced Dublin to seek an €85-billion-international rescue.

Dublin: A judge on Wednesday jailed a former head of Anglo Irish Bank for six years for carrying out fraud at the start of the world financial crisis a decade ago.
David Drumm, 51, had at an earlier hearing been found guilty of fraud and false accounting at the bank, whose rapid fall from grace epitomised Ireland’s own financial collapse.
Ahead of sentencing, the court on Wednesday heard from the defense that Drumm had acknowledged a “huge error in judgment” over the €7.2 billion fraud.
Judge Karen O’Connor, sitting at Dublin Circuit Criminal Court, stressed that Drumm was not being jailed for “the financial crisis,” instead “only for the two specific offenses for which he has been convicted.”
Drumm had been accused of transferring huge sums between Anglo Irish Bank and another financial institution, sometimes only for a few hours, to make the bank’s balance sheet look better than it was as the global financial crisis took hold.
Anglo Irish Bank required a huge state bailout and was nationalized in 2009, contributing to an economic crisis in Ireland that later forced Dublin to seek an €85-billion-international rescue.
Drumm moved to Boston in the United States shortly after the collapse of Anglo Irish Bank, but was later arrested there and extradited to Ireland to face trial.
Two of Drumm’s Anglo colleagues and the former head of Irish Life and Permanent — the other financial institution involved in the fraud — had already been jailed over the same conspiracy.
Passing sentence on Drumm, O’Connor took into account the five months he had already served in the US custody awaiting his return to Ireland.