Prince Alwaleed announces SR1bn deal with music streaming service Deezer

Prince Alwaleed bin Talal described the Deezer share purchase as a 'premium investment'. (File photo Reuters)
Updated 02 August 2018

Prince Alwaleed announces SR1bn deal with music streaming service Deezer

  • Shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group
  • Deezer is a Dutch music streaming service with 53 million available tracks

LONDON: Prince Alwaleed bin Talal announced on Thursday a SR1 billion ($267 million) deal to buy newly issued shares in the Dutch music streaming service Deezer.

The shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group, the entertainment company owned by the businessman.

Rotana and Deezer also signed an exclusive long-term agreement to distribute Rotana’s popular audio and video content in the Middle East and North Africa, the Kingdom Holding statement said.

“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders and the signing of this distribution agreement will move Rotana to the international arena,”   Prince Alwaleed said.

Deezer says it provides one of the largest and most diverse music streaming services with 53 million tracks available to 14 million active users a month.

Prince Alwaleed has investments in a number of international companies including Citigroup Inc and Twitter.


US removes some Chinese furniture, modems from planned 10% tariffs

Updated 17 August 2019

US removes some Chinese furniture, modems from planned 10% tariffs

  • US President Donald Trump on Tuesday delayed more than half of the proposed tariffs until December
  • The $114 billion retail furniture industry has been among the sector’s hardest hit with price increases due to Trump’s tariffs

WASHINGTON: The Trump administration is sparing some Chinese-made household furniture, baby items and Internet modems and routers from its next rounds of 10 percent tariffs, it said on Friday.
The US Trade Representative’s office released a complete list of the items that were removed from $300 billion in tariffs scheduled to go into effect on Sept. 1 and Dec. 15, some of which had already been hit with 25 percent tariffs.
Trump on Tuesday delayed more than half of the proposed tariffs until December, saying it would help shield businesses and consumers from the US-China trade war fallout during the Christmas selling season.
The new list of 44 categories of spared imports, worth about $7.8 billion according to US Census Bureau data, also includes some chemical compounds used in the manufacture of plastics. Reuters previously reported that bibles and religious texts would be spared from the tariff list.
Modems and routers made in China were part of a $200 billion list of products hit with tariffs last September that have since been raised to 25 percent. Friday’s exclusion would avoid a further 10 percent hike as Trump imposes tariffs on Sept. 1 to products in the same broad customs category, including smart watches, smart speakers and Bluetooth headphones.
The bulk of the items removed from the tariff list were furniture products, including wooden- and metal-framed chairs and those made of plastics. Some of these were previously hit with tariffs as part of broader furniture categories.
Baby-related furniture items also were spared, including toddler beds, bassinets, cradles, strollers and children’s seats.
The $114 billion retail furniture industry has been among the sector’s hardest hit with price increases due to Trump’s tariffs, which rose to 25 percent in May.
The US Labor Department said on Tuesday that the price index for household furnishings rose 0.4 percent in July, marking its third consecutive monthly increase and contributing to broad-based growth in consumer prices during July.