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- Lebanon receives preliminary approval to increase World Bank loan to $400m
- China Exempts Some Goods from US Tariffs to Limit trade War Pain
- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
- Foreign investors remain net buyers of GCC stock market in first quarter
- Quarterly earnings announcement, tariff hold supports QSE index rise
- Gold prices drop more than 1%
- Saudi Arabia's Vision 2030 enters final phase with strong momentum
- Saudi Arabia takes part in European Economic Congress
- UAE jobs: Etihad Airways to hold career fair for Emiratis on May 22
- Adnoc Distribution to operate 500 high-power EV chargers by 2028
05/07/2009 00:00 AST
Teck Resources Ltd., Canadas largest diversified mining company, sold a 17 percent stake to Chinas $200 billion sovereign wealth fund for C$1.74 billion ($1.5 billion) to reduce debt.
China Investment Corp., also known as CIC, will buy 101.3 million Class B subordinate voting shares for C$17.21 each, Vancouver-based Teck Resources said today in a statement. Teck said the deal will give CIC a 6.7 percent voting interest.
Teck has sold assets to reduce debt after adding $9.8 billion of loans last year to buy Fording Canadian Coal Trust, a producer of coal used in steelmaking. Teck last year sold more than half of its coking coal production to Japan and Korea and recently started selling to China, the worlds largest steelmaker.
``For a lot of people looking at Tecks financial situation, there was certainly no opportunity for them to grow organically in the short term, said David Davidson, an analyst for Paradigm Capital Inc. in Toronto, who has a ``buy on Teck shares. ``This opens it up.
For more on this:
http://www.bloomberg.com/apps/news?pid=20601082&sid=aZyOxfRZ9gPQ
Bloomberg
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
26/04/2025
Lebanon has received preliminary approval to increase the value of a World Bank reconstruction loan to $400 million from $250 million, Finance Minister Yassine Jaber said in a statement on Wednesday.
Reuters
26/04/2025
China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's co
Asharq Al Awsat
25/04/2025
China demanded that the US revoke all unilateral tariffs and denied there were talks on reaching a trade deal, maintaining a defiant stance despite President Donald Trump's recent easing of criticism
Bloomberg
25/04/2025
The Middle East and North Africa is on track for a modest economic recovery after 2024's muted growth, with real gross domestic product projected to rise 2.6 percent in 2025 and 3.7 percent in 2026,
Arab News
24/04/2025
US Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that th
Asharq Al Awsat
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