Highlights: August 21 - August 25, 2017
The summary of the last week's business headlines and the most interesting stories.
Week at a glance
Removing tariffs could bring £135 billion annually for UK
The UK could secure a big economic boost by unilaterally removing tariffs on all imported goods, a group of pro-Brexit economists have claimed....Total acquires Maersk Oil for $7.45 billion
Total announced that the boards of Total and A.P. Møller – Mærsk have both approved the acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S (Maersk Oil), a wholly owned subsidiary of A.P. Møller – Mærsk A/S, by Total in a share and debt transaction....Kazakhstan continues with records: Country exported almost 42% more of sunseed
Kazakhstan continues setting new records in the sunseed export market in the current 2016/17 season....Wood Group HY profit falls 86.7 percent
John Wood Group reported an 86.7 percent fall in half-year profit, due to an exceptional charge and as weak oil prices hurt demand for its services....Smartphone market to see slowdown in China
China's smartphone market is showing signs of saturation, according to a recent report showing that growth in the market slowed in the first half of this year....U.S.-UAE non-oil trade reached $30.3 billion
Non-oil trade between the UAE and the USA hit more than AED111.1 billion ($30.3 billion) by the end of 2016, including free zone trade, against $27.8 billion in 2015, said Sultan bin Saeed Al Mansouri, Minister of Economy....Chile rejects $2.5 billion copper and iron project
The Chilean government rejected a $2.5-billion copper and iron project proposed by privately-held Andes Iron, though the company vowed to appeal....Russia to grant $700 million loan to Belarus
Russia will grant a public loan worth $700 million to Belarus this year to repay its debt to Moscow, according to the Russian cabinet a draft agreement published on the website of the legal information....New Zealand top performer in adoption of digital services
IDC New Zealand has released its 2017 ConsumerScape 360° survey findings....Papua New Guinea could earn $20 billion from oil and gas
The Papua New Guinea company Oil Search Limited has estimated that the oil and gas sector will attract about $20 billion in the next seven years if given the right environment....Whole Foods shareholders approve $13.7 billion acquisition by Amazon
Organic grocery chain Whole Foods Market said that the shareholders had approved its $13.7 billion acquisition by e-commerce giant Amazon....J. M. Smucker Company earnings retreat 21% in Q1
The J. M. Smucker Company revealed a profit for first quarter that decreased compared to the same period last year....CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion
Irish building materials firm CRH has sold its U.S. distribution business to Beacon Roofing Supply for $2.63 billion in cash and will use the proceeds to continue an acquisition spree....Guess? Q2 2018 GAAP net earnings down 52.8%
Guess? reported financial results for its second quarter ended July 29, 2017....Mitsui Sumitomo to buy Singapore insurer for $1.6 billion
Mitsui Sumitomo Insurance Company (MSI) is acquiring Singapore's First Capital Insurance for $1.6 billion from Canada's Fairfax Financial Holdings....Qantas post second highest performance in 97 years
Qantas reported an underlying profit before tax of $1,401 million and a statutory profit before tax of $1,181 million for the 12 months ended June 30, 2017....SoftBank invests $4.4 bn in shared offices firm WeWork
Office sharing startup WeWork announced that Japan's SoftBank Group has made a $4.4 billion investment in the company....Ukrainian exports to Canada 76% up in January-June 2017
Exports of Ukrainian goods to Canada in the first six months of 2017 amounted to $22.7 million, which is 76.3% more than for the same period in 2016, Ukrainian Deputy Minister of Economic Development and Trade Natalia Mykolska said.... ■