Teva rejects Israeli PM’s request to keep Jerusalem plant open

Teva Pharmaceutical Industries has rejected Israeli Prime Minister Benjamin Netanyahu‘s request to keep the company’s manufacturing plant in Jerusalem running. The world’s largest generics drugmaker said last week it aimed to cut debt by reducing its workforce by more than a quarter, or 14,000 jobs, including 1,700 in Israel, where it will close its manufacturing […]

Richest 1% now owns half the world’s wealth

The wealthiest 1% of the world’s population now owns more than half of the world’s wealth, according to a new report. The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half […]

Venezuela teeters on brink of default

Caracas – Longstanding fears of a Venezuela debt default crystallized Wednesday, as the political crisis engulfing the sinking OPEC state deepened with a meeting set at the UN Security Council and the EU eyeing an arms embargo. Investors were bracing for what looked to be an inevitable “credit event” that analysts said could arrive within […]

Factbox: Saudi Prince Alwaleed’s international and domestic investments

Saudi Arabia embarked on an anti-corruption purge on Sunday involving the arrest of royals, ministers and investors including billionaire Alwaleed bin Talal, one of the kingdom’s most prominent businessmen. Eleven princes, four ministers and tens of former ministers were detained, two senior officials told Reuters. Prince Alwaleed is a nephew of the king and owner […]