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 […]

Iranian Government Preparing for using Bitcoin Inside the Country, report

The Iranian government has been conducting research into the economic and infrastructural aspects of preparing for bitcoin use in its country. According to the ministry of information technology, “arrangements are being made” to put together the infrastructure for the digital currency “as early as possible.” Iran’s Deputy Minister of Information and Communication Technology, Amir Hossein […]

The US and Iranian battle over the pistachio nut trade

There are lots of casualties in international conflicts but this one is nuts, you might say – although strictly speaking the pistachio is a seed. The international pistachio trade has faced unexpected headwinds due to the tensions between Iran and the US. The global pistachio industry is a multi-billion dollar a year sector that is […]