BUSINESS Saturday 8 June 2019 PAGE | 15 PAGE | 16 TheThe $8bn property Customers’ tycoon who absolute delight helpedh shaped most important: Silicon Valley Bezos Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 18.90 QAR/PHP : 14.10 QAR/LKR : 48.20 QAR/BDT : 23.10 EUR/QAR : 4.25 GBP/QAR : 4.78 CAD/QAR : 2.84 AUD/QAR : 2.70 CHF/QAR : 3.82 SGD/QAR : 2.75 KWD/QAR : 12.20 OMR/QAR : 9.55 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 France to ratify ‘positive’ EU-Canada trade pact AFP €590m ($665m) in customs that the definitive application of PARIS duties each year. CETA can happen in complete But rights activists say CETA accord with national require- President Emmanuel Macron said could weaken labour or environ- ments in terms of health and the yesterday that France would mental and health standards by environment,” Macron said. move to ratify a wide-ranging giving corporate interests too “The economic destabili- trade deal between the EU and much weight in determining sation that some in the agri- Canada despite criticism the pact industry regulations, while also culture sector feared hasn’t hap- gives excessive power to busi- encouraging nations to privatise pened, in particular with nesses while exposing many public services. Canadian meat imports, which smaller firms to unfair They also denounce a haven’t at all been as high as competition. dispute resolution framework some people feared,” he said. “The outcome from CETA that could expose governments Trudeau said Canada, which has been positive,” Macron said to lawsuits from firms who claim has ratified the accord, welcomed at a press conference with national laws unfairly impede Macron’s commitment as “very Canadian Prime Minister Justin their operations. Farmers mean- good news for France and Trudeau in Paris. while warn they could face huge Canada.” “We know that trade Most elements of the Com- imports of Canadian meat, deals, when they are sufficiently prehensive Economic and Trade cereals and other agricultural regulated, are beneficial,” he said. Agreement (CETA) came into products that would put their Several EU nations have yet effect in September 2018, though livelihoods at risk. to approve the text, however, only on a provisional basis while Macron rejected the claims, preventing it from coming fully several EU nations debate ratifi- saying the pact would be sub- into force. The Belgian gov- French President Emmanuel Macron (left ) with Canadian Prime Minister Justin Trudeau at the Elysee cation of the document. mitted to parliament this ernment had even asked the Palace in Paris, yesterday. The pact removes tariffs on summer. European Court of Justice to nearly all goods and services “Thanks to the measures weigh in on the so-called which claim their commercial effectively dissuade governments But on April 30, the court between Canada and Europe, taken by the government over the Investment Court System that rights are being infringed. Critics from pursuing stricter ruled the system was compatible which the EU says will eliminate past two years, we can guarantee would let firms sue companies say such a system would regulations. with EU law. Oil rises as Opec Elliott to buy Barnes & Noble for $475.8m REUTERS efforts to pull in a more tech- not sustain the growth in a investment last year in Water- to extend output LONDON savvy audience with its Nook retail landscape dominated by stones, demonstrates our con- e-book reader failed to Amazon. viction that readers continue Barnes & Noble Inc said yes- compete with Amazon’s Kindle In 2014, Barnes & Noble to value the experience of a terday it would be bought by and other tablets. closed its New York Fifth great bookstore,” Paul Best, reduction deal hedge fund Elliott Management Elliot’s offer of $6.50 per Avenue store - once the world’s Elliott’s head of European Corp for $475.8m, marking the share, represented a premium largest bookstore - and has Private Equity said. REUTERS end of the once-dominant US of about 42 percent to Wednes- faced declining sales for at least While Daunt will lead both LONDON book retailer as a public day’s close, the day before the last three years. As of this companies, the two booksellers company after years of falling media reports of a potential January, it ran 627 retail stores. would still operate Oil prices rose yesterday, sales. transaction first surfaced. To help turnaround the independently. climbing further from five- Brent crude futures Shares in the United States’ Barnes & Noble has been company’s fortunes, Elliott is Daunt will take up the top month lows hit this week amid were up 60 cents at largest book-store chain closed exploring options for a buyout bringing in Chief Executive job, vacant since July 2018, fol- signs that Opec and other pro- $62.27 a barrel by up 30 percent on Thursday since at least last October, with Officer of British bookshop lowing the completion of the ducers could extend their output 1358 GMT. US West after reports of a potential deal multiple parties showing chain Waterstones, James transaction, expected in the reduction deal. surfaced, and rose another 11 interest including founder- Daunt, to take the helm at third quarter of 2019. Brent crude futures were up Texas Intermediate percent early yesterday. chairman Leonard Riggio. Barnes & Noble. Barnes & Noble fired 60 cents at $62.27 a barrel by (WTI) crude futures Listed on the New York Riggio acquired the flagship Barnes & Noble said Water- former CEO Demos Parneros 1358 GMT. US West Texas Inter- gained 59 cents to Stock Exchange since 1993, Barnes & Noble trade name in stones, which was bought by partly because of allegations mediate (WTI) crude futures Barnes & Noble has struggled 1970s, nearly a century after Elliott last year, has success- that he sexually harassed a gained 59 cents to $53.18. $53.18. to grow its business since the Charles Barnes started the fully restored itself to sales female employee and Oil prices jumped after arrival of Amazon.com Inc business in his Illinois home. growth and sustainable prof- attempted to “sabotage” a Saudi Energy Minister Khalid Al Hans van Cleef at ABN Amro turned the book sales market Riggio grew the business, itability under Daunt. potential sale. Falih told a conference in St bank. on its head. adding several retail stores “Our investment in Barnes Parneros, however, Petersburg, Russia, that $60 a However, demand sentiment Even the company’s recent across the country, but could & Noble, following our rejected the accusations. barrel was too low to encourage remains weak amid fresh signs of investment in the industry. a stalling global economy and an Crude later pared gains. intensifying trade war between Falih said he did not want to the United States and China. NASA to open boost Saudi production to make The United States has also up for a lower oil price and that a threatened to put tariffs on goods Space Station return to the price-crash envi- from its major trading partner ronment of 2014-15 was Mexico. to tourists unacceptable. Mexican and US officials held A deal by the Organization of a second day of talks on Thursday, from 2020 the Petroleum Exporting Coun- fuelling optimism a deal could be tries (Opec) and other producers, close, although it was unclear AFP including Russia, to reduce output whether Mexican pledges to curb NEW YORK by 1.2 million barrels per day (bpd) migration were enough to per- runs out at the end of this month. suade Washington to postpone The National Aeronautics and “On the Opec side, a rollover tariffs. Space Administration (NASA) is almost in the bag. The question “The weak economic data said yesterday it will open up the is to calibrate with non-Opec,” and widening trade conflict have International Space Station for Falih said. made for a gloomier demand tourism and other business ven- “I don’t think there will be a outlook. In response, we have tures as of next year, as it seeks need to deepen the cut... I’m revised our third-quarter forecast to financially disengage from the hoping it will be an easy decision for Brent down to $66 (previously orbiting research lab. and that we’ll roll over, but if it’s $73),” Commerzbank said in a “NASA is opening the Inter- not, we will be flexible in terms of note. national Space Station to com- our position.” Brent is heading for a third mercial opportunities and mar- Supply has also been limited week of declines, down more than keting these opportunities as by US sanctions on oil exports 3 percent. we’ve never done before,” NASA from Iran and Venezuela. On Wednesday, Brent and Russian-Chinese business forum chief financial officer Jeff DeWit “Supply related issues basi- WTI hit their lowest since mid- Chief Executive of Rosneft Igor Sechin (centre) and Russian Energy Minister Alexander Novak (right) said in New York. cally put a floor under oil prices. January at $59.45 and $50.60 attend a Russian-Chinese business forum on the sidelines of the St Petersburg International Economic There will be up to two short This floor is in line with the tech- respectively after US crude output Forum (SPIEF), Russia, yesterday. private astronaut missions per nical support zone of $58-60 a reached a record high and stock- year, said Robyn Gatens, deputy barrel in Brent oil prices,” said piles climbed.