European carmakers warn of Brexit implications

The European Automobile Manufacturers’ Association is concerned about whether cars approved by UK authorities can still be sold in the EU after Brexit, and vice versa. (AP)
Updated 19 March 2018
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European carmakers warn of Brexit implications

BERLIN: A group representing European carmakers is urging Brexit negotiators to urgently address issues affecting the auto industry and prevent “potentially disastrous implications” for its supply chain.
Britain is due to leave the European Union at the end of March 2019, but its post-Brexit relationship with the EU has yet to be worked out. EU leaders are set to approve an outline for future negotiations with Britain at a summit later this week.
The European Automobile Manufacturers’ Association, or ACEA, said Monday it’s concerned about whether cars approved by UK authorities can still be sold in the EU after Brexit, and vice versa. It called for both sides to recognize each other’s vehicle approvals.
It also said that any new customs checks “would add cost, cause delays and threaten productivity.”


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.