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Strong US Jobs Report Boosts Case for More Fed Tightening LOSING SHEEN | Page 7 UNDER PRESSURE | Page 8 Asian stock Weak dollar a markets show green light mixed trend for stocks rally Saturday, August 5, 2017 JOINT VENTURE: Page 2 Dhul-Qa’da 13, 1438 AH Toyota and Mazda team up to build GULF TIMES $1.6bn plant in US BUSINESS Kuwaiti fund KIA to sell Areva shares, stay away from nuclear Reuters its equity has been wiped out by years of state had proposed that KIA take equity the restructuring but had no interest in Areva SA, once the vanguard of France’s Lauvergeon was put under formal Paris losses. stakes in nuclear fuel group Areva NewCo taking part in it in any way and will sell its nuclear export drive, as an empty shell investigation in May 2016 for her role in Following a state-funded €4.5bn rescue and reactor building unit Areva NP, which shares to the French state. with mainly the liabilities related to the the 2007 acquisition of uranium mining and restructuring of Areva, the French will both be spun off from the legacy Prior to the delisting of Areva SA, the troubled Olkiluoto 3 nuclear new build firm Uramin, which led to billions of euros Kuwait Investment Authority (KIA) will sell state will pay €4.5 per share for KIA’s Areva SA in which KIA is the main minor- state has launched a buyout off er that project in Finland. of writedowns that contributed to Areva’s its nearly 5% stake in Areva to the French 18.46mn shares, or about €83mn, repre- ity shareholder. runs from August 1 to 14. KIA off icials were not available for downfall. state as the nuclear group is delisted and senting an 86% loss for the fund. “A proposal was made to KIA but they Areva’s uranium mining and nuclear comment. Lauvergeon has repeatedly denied all will stay away from nuclear investments When it decided to buy the Areva stake have not followed up. KIA has no further fuel activities have been spun off as Areva French media have reported that wrongdoing. for now, sources familiar with the situa- nearly seven years ago, Kuwait was one of development projects in nuclear,” a NewCo, while its nuclear reactor unit KIA has complained to the state that its Next year, Gulf state UAE is set to be- tion told Reuters. several Gulf countries considering devel- source close to Areva told Reuters. Areva NP is being sold to state-owned investment in Areva in 2010 was based on come the first new nation to use nuclear Kuwait’s sovereign wealth fund, one oping nuclear power to meet demand for The source said that as main minority utility EDF. incorrect company accounts. energy in decades when it starts up the of the world’s biggest, paid €600mn electricity and water desalination. shareholder after the French state – which Japan’s MHI will buy minority stakes in The fund has never publicly comment- first of four nuclear reactors. ($712mn) for its 4.82% stake in 2010, but Two sources with direct knowledge of directly and indirectly owns nearly 89% of both units. ed on Areva’s accounts. Areva had fought hard to win that con- since then Areva’s stock has plunged as the situation told Reuters that the French Areva SA – KIA was kept informed about The restructuring leaves legacy Former Areva chief executive Anne tract but lost out to South Korea’s KEPCO. Abu Dhabi’s Strong US jobs report boosts Mubadala sells second stake in case for more Fed tightening US-based Reuters keep up with growth in the working- Washington age population. Republican President fi rm AMD Donald Trump, who inherited a strong job market from the Obama adminis- S employers hired more work- tration, cheered yesterday’s strong Reuters ers than expected in July and employment. “Excellent Jobs Num- Abu Dhabi Uraised their wages, signs of bers just released – and I have only labour market tightness that likely just begun,” Trump said on Twitter. clears the way for the Federal Reserve “Many job stifl ing regulations con- bu Dhabi’s Mubadala Invest- to announce a plan to start shrinking tinue to fall. ment Company yesterday said its massive bond portfolio. Trump has pledged to sharply boost Ait sold a 3.9% stake in Advanced The Labor Department said that economic growth and further strength- Micro Devices in its second sale of non-farm payrolls increased by en the labour market by slashing taxes, shares in the US-based semiconductor 209,000 jobs last month amid broad- cutting regulation and boosting infra- company this year. based gains. structure State-owned Mubadala sold 40mn June’s employment gain was re- spending. But after six months in shares or 3.9% of the outstanding vised up to 231,000 from the previ- offi ce, the Trump administration has shares of the company, inclusive of ously reported 222,000. failed to pass any economic legislation warrants and excluding the convert- Average hourly earnings increased and has yet to articulate plans for any ible bonds, Mubadala spokesman Brian nine cents, or 0.3%, in July after rising tax cuts and infrastructure spending Lott said. The value of the deal was not 0.2% in June. as well as most of its planned regula- disclosed. That was the biggest increase in tory rollbacks. The composition of the According to Reuters calculations, fi ve months. On a year-on-year basis, job gains in July mirrored June’s Manu- the sale value was $529.6mn based on wages increased 2.5% for the fourth facturing payrolls increased by 16,000 AMD’s closing share price of $13.24 on straight month. jobs, the largest increase since February. Thursday. “It was strong across the board. It Employment in the automobile puts (the Fed) still on track to start the sector rose by 1,600 despite slow- State-owned Mubadala sold programme to wind down the book in ing sales and bloated inventories that 40mn shares or 3.9% of the September and it’s a long ways off in have forced manufacturers to cut back outstanding shares of the December for the next rate hike,” said on production. US auto sales fell 6.1% company, inclusive of warrants Justin Lederer, an interest rate strate- in July from a year ago to a seasonally and excluding the convertible gist at Cantor Fitzgerald in New York. adjusted rate of 16.73mn units. bonds Lack of strong wage growth is sur- General Motors Co and Ford Motor prising given that the economy is near Co have both said they will cut pro- “This is in line with Mubadala’s full employment, but July’s monthly duction in the second half of the year. strategy as a fi nancial investor with increase in earnings could off er some Construction fi rms hired 6,000 a long-term perspective, to optimise assurance to Fed offi cials that infl ation workers last month. our shareholding in certain assets will gradually rise to its 2% target. Hiring at homebuilding sites in- and monetise them at the appropriate Economists expect the Fed will an- lending rate is in a range of 1% to employment rate dropped one-tenth some slack remains in the labour creased 5,100 last month. time,” Lott said. In March, Mubadala nounce a plan to start reducing its 1.25%. Prices of US government debt of a percentage point to 4.3% in July, market. A broad measure of unem- The professional and business sold 45mn shares for around $613mn. $4.2tn portfolio of Treasury bonds fell after the data while US stock index matching a 16-year low touched in ployment, which includes people services sector added 49,000 workers Mubadala continues to be the larg- and mortgage-backed securities at its futures added to gains. May. It has declined four-tenths of a who want to work but have given up to its payrolls last month. est shareholder in AMD, holding 57mn next policy meeting in September. The dollar rose sharply against a percentage point this year and is now searching and those working part- Retail payrolls rose by 900 in July as common shares and 75mn warrants, The Fed bought these securities to basket of currencies. at the most recent Fed median fore- time because they cannot fi nd full- hiring at motor vehicle and parts deal- representing a 12.9% stake. lower interest rates in the wake of the Economists polled by Reuters cast for 2017. time employment, was unchanged at erships as well as online retailers off - Mubadala, which has stakes in Gen- 2007-2009 fi nancial crisis. had forecast payrolls increasing by July’s decline in the jobless rate 8.6% last month. set a drop of 10,000 in employment at eral Electric and private equity fi rm Sluggish wage growth and the ac- 183,000 jobs in July and wages rising came even as more people entered the This alternative measure of unem- clothing stores. Companies like major Carlyle Group, among others, was for- companying benign infl ation, how- 0.3%. Wage growth is crucial to sus- labour force, underscoring job market ployment hit a 9-1/2-year low in May. online retailer Amazon are creating mally merged with another Abu Dhabi ever, suggest the US central bank will taining the economic expansion after strength. The labour force participa- July’s employment gains exceeded jobs at warehouses and distribution investment fund, International Petro- delay raising interest rates again until output increased at a 2.6% annual tion rate, or the share of working-age the monthly average of 184,000 for centres.
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