28 Stories

Saudi Arabia Signs Deals Worth $20 Billion With Pakistan

Saudi Arabia's Crown Prince Mohammed bin Salman has signed agreements worth $20 billion with Pakistan at the start of an Asian tour widely seen as an attempt to bolster ties and improve the kingdom's image after a troubling year.

The two-day visit to Pakistan which began Sunday is the first by bin Salman, commonly known by his initials MBS, since he became crown prince. His tour will also take him to India and China this week,

The crown prince has struggled to rehabilitate his international reputation following the murder and dismemberment of Washington Post journalist and Saudi critic Jamal Khashoggi in the Saudi consulate in Istanbul last year. The crown prince has denied any connection to the killing.

Bin Salman arrived in Pakistan Sunday with an elaborate entourage that included several hundred luxury cars, two C-130 planes and special containers that shipped the prince's belongings ahead of the visit.

The slew of deals and memorandums of understanding (MoU) signed between the two nations during the visit include a $10 billion agreement on establishing an oil refinery in the southwestern coastal city of Gwadar and a $4 billion agreement on developing alternative energy sources.

The deals are expected to provide a much-needed shot in the arm for Pakistan's ailing economy. The country has historically low foreign exchange reserves and is currently in talks with the IMF for what would be its 13th economic bailout since the 1980's.


Nissan Ex-Chief Carlos Ghosn Being Held In Jail

It’s a dramatic fall from grace for a top honcho. Carlos Ghosn reigned over one of the world’s largest and most powerful automotive giants until last week. This week, he is lodged in a Tokyo jail. The downfall of the iconic global business leader is a tale of shocking allegations, corporate intrigue, and simmering cultural tensions.


Ex-Goldman Sachs Bankers Face U.S. Charges

Two former Goldman Sachs bankers and Malaysian investor Jho Low have been slapped with criminal charges by the United States government

The US Department of Justice charges stem from the long-running corruption scandal at Malaysia's state development fund, 1MDB.

One Goldman Sachs banker admitted that he conspired to launder money and violate a US anti-bribery law, the department said,