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OCCUPIED JERUSALEM — US chipmaker Intel agreed to buy Israeli driverless car-technology firm Mobileye for $15.3 billion on Monday, positioning itself for a dominant role in the fast-moving autonomous-driving sector.

The $63.54-per-share cash deal marks the largest purchase of a company solely focused on the self-driving sector and could significantly alter the competitive landscape among key technology and systems suppliers, including chipmakers Nvidia Corp and Qualcomm Inc. and systems integrator Delphi Automotive Plc.

Mobileye's shares jumped 30 per cent to $61.3 in late morning US trading, while Intel's shares were down 2 per cent. Shares of Delphi, which has partnerships with both companies, were up 3 per cent.

The deal underscores the expanding alliances between automakers and their suppliers as they race to develop self-driving cars, a concept that once seemed a science-fiction dream but is drawing closer to reality.

While Intel is known for hardware chips and Mobileye for collision detection and mapping software, the merger promises to create an expanded portfolio of technologies needed for driverless vehicles. It also strengthens Intel's position in the sector against rival chipmakers Nvidia and Qualcomm.

The Intel-Mobileye portfolio includes cameras, sensor chips, in-car networking, roadway mapping, machine learning, cloud software and data fusion and management.

"It's an area where [Intel] has had very little presence — the automotive market, and so this is a tremendous opportunity for them to get into a market that has significant growth opportunities," said Betsy Van Hees, an analyst at Loop Capital Markets.

"Mobileye's technology is very critical... The price seems fair," she added.

The offer represents a premium of about 33 per cent to Mobileye's closing price of $47 on Friday.

Amman — Rubicon Group Holding (RGH), represented by its CEO Randa S. Ayoubi and Yasu-Project, a Japanese company,  represented by its chairman Inoue Yasuharu, signed a cooperation agreement on Monday, paving the way for the two business entities to work together on several projects.

The two companies will start their cooperation with the production of a full feature animation movie, celebrating the legacy of the football game, to be produced and developed by RGH. “We are very excited to see this collaboration between RGH and Yasu-Project to bring about Japan’s beauty in art and culture through RGH’s production dynamics,” Yasuharu said in remarks following the signing of the agreement.

The signing of a final agreement, including all details, is slated for April, according to a statement of RGH, global entertainment company headquartered in Amman. 

CAIRO — Cairo’s population is set to grow by 500,000 this year, more than any other city in the world, adding to the pressure on an Egyptian economy struggling to recover from six years of political turmoil. 

Greater Cairo, a metropolitan area including Cairo and parts of the Giza and Qalyubia provinces, is home to some 22.8 million people and will gain another half a million in 2017, a Euromonitor International report released last week shows.

That represents a quarter of Egypt’s 92 million. The national natural population growth of 2.4 per cent per year is double the average of other developing countries, said Mohamed Abdelgalil, adviser to official statistics agency CAPMAS.

Stinging poverty in southern Egypt leads many families to have several children in the hope they can become sources of income. Those children eventually migrate to larger cities for job opportunities scarce in their hometowns. 

“In rural areas, and in the south in particular, poor families have many children because they see these children as a safety net,” Maysa Shawky, the head of the National Population Council, told Reuters in an interview.

“Also, many of them have daughters until they have sons,” she added. “They want to produce breadwinners — instead of hiring a worker, they could have their children help them.”

Shawky said awareness campaigns at universities and schools have begun as part of a national population strategy. 

New capital 

Internal migration is one of the main causes of overpopulation in Cairo. Egypt lists 351 slums as “unsafe”, most of them in the sprawling capital where the poorest have built ramshackle homes that lack basic amenities such as mains sewage and water. Some 850,000 people are believed to live in such dangerous slums. 

“For the average citizen to not be affected by hikes in the prices of goods and services, the economic growth rate must be double the natural population increase rate,” Abdelgalil said. 

Egypt’s economic growth was 4.3 per cent in 2015-2016 — not enough to achieve that. The IMF expects it to be about 4 per cent this year. 

A new administrative capital, announced in March 2015, is intended partly to reduce the crowding in Cairo. Some 45km to the east, it will be home to government ministries, housing and an airport. 

People will start moving to the as yet-unnamed new city in 2018, said Khaled Abbas, assistant to the housing minister for technical affairs. Work on 17,000-18,000 residential units is nearing completion and they will be put up for sale in April.

“Egypt’s population is expected to reach 160-180 million in 40 years. Where will all these people go?” said Abbas. “We’re also working on developing areas in northern and southern Egypt.”

AMMAN — The consumer price index (CPI) rose by 4.6 per cent in February 2017 compared to the same month last year, according to the Department of Statistics (DoS).

The figure was the outcome of an increase in the prices of some commodity groups coupled with a drop in the prices of others. Among the groups which contributed to the increase were transport, vegetables, as well as dry and canned legumes.

These rose by 18 per cent and 27 per cent, respectively. Also, tobacco and cigarettes and health care contributed to the increase as their prices went up by 11 per cent, each. Moreover, rentals went up by 2 per cent.

The groups whose prices dropped were meat and poultry by 5 per cent, fruits and nuts by 10 per cent, garments by 4 per cent and dairy products and table eggs by 2 per cent, according to the DoS.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

BEIJING — China on Saturday warned the US against launching a trade war, saying that both countries would suffer if US President Donald Trump follows through on his threats.

The billionaire politician has repeatedly accused China of using unfair trade policies to steal jobs from the US, threatening to retaliate with massive tariffs unless Beijing changes tack.

"A trade war is not in the interest of the two countries and the two peoples," China's Minister of Commerce Zhong Shan told reporters on the sidelines of the country's annual political gathering in Beijing.

"It's fair to say trade war will only cause pain without gains."

He said that US exports to China have increased by an average of about 11 per cent per year over the last decade, while Chinese exports have only increased by 6.6 per cent over the same period, noting that the Asian giant is also a major importer of American goods like soybeans, cars and Boeing airplanes.

"This clearly shows that China and America are very important to each other," he added.

On Thursday, Zhong's American counterpart Wilbur Ross said that the trade conflict with China and other countries has already been on for decades, but the US is just now beginning to fight back.

China is the world's biggest trader in goods. It accounts for about $350 billion of the US trade deficit, about half the total.

The warning was the second time this week that China has railed against a possible trade war, amid growing indications that the Trump administration is serious about pursuing a protectionist agenda.

Last week the United States Trade Representative sent a letter to Congress saying that Americans are not directly subject to rulings by the World Trade Organisation, which Washington joined when it was founded in 1995.

The assertion provoked a warning from China's commerce ministry that attempts to ignore the organisation's rules could lead to "a repetition of the trade war of the 1930s".

JUBA — War-ravaged South Sudan has hiked work permit fees 100-fold for foreign aid workers to $10,000, officials said, despite suffering from famine.

The world's youngest nation has been mired in civil war since 2013, when President Salva Kiir fired his deputy Riek Machar, sparking a conflict that has increasingly split the country along ethnic lines.

Last month, the United Nations declared that parts of the country are experiencing famine, the first time the world has faced such a catastrophe in six years. 

Nearly half the population, or about 5.5 million people, is expected to lack a reliable source of food by July.

Despite the catastrophe, Juba will now charge $10,000 for foreigners working in a "professional" capacity, $2,000 for "blue collar" employees and $1,000 for "casual workers" from March 1, the labour ministry said in a decree.

Edmund Yakani, executive director of the local charity Community Empowerment for Progress Organisations (CEPO), said the move aimed to reduce the number of humanitarian workers. 

"Actually, the work permit is too expensive for humanitarian workers, since over 90 per cent of the foreigners seeking to work in South Sudan are humanitarian workers", he told Reuters. 

Aid groups say they often face restrictions in South Sudan. In December, Juba expelled the country director of the Norwegian Refugee Council (NRC) after security agents held him without charge for more than 24 hours.

The UN defines famine as when at least a fifth of the households in a region face extreme food shortages, acute malnutrition rates exceed 30 per cent, and two or more people in every 10,000 are dying each day.

The fighting has uprooted more than 3 million people. Continuing displacement presents "heightened risks of prolonged [food] underproduction into 2018," the United Nations said in a report last month.

KUWAIT CITY — Kuwait is building one of the world's longest causeways to its remote north where it will pump billions into "Silk City", aiming to revive the ancient Silk Road trade route.

The oil-rich emirate is eager to inject life into the uninhabited Subbiya region on its northern tip that has been chosen as the location for Silk City.

The plan is to reinvigorate the ancient Silk Road trade route by establishing a major free trade zone linking the Gulf to central Asia and Europe.

The 36-kilometre bridge, three-quarters of it over water, will cut the driving time between Kuwait City and Subbiya to 20-25 minutes from 90 minutes now.

Investment in the Silk City project is expected to top $100 billion, and a 5,000-megawatt power plant has already been built in Subbiya.

At a cost of 904 million dinars ($3.0 billion), the Sheikh Jaber Al Ahmad Al Sabah Causeway, named after the emir who died in January 2006, is one of the largest infrastructure ventures in the region.

It is already nearly three-quarters completed.

Despite the sharp drop in oil income, which made up 95 per cent of public revenues, the emirate has pledged to keep spending on capital projects almost intact.

'A strategic link'

Kuwait boasts a $600-billion sovereign wealth fund, and is in the middle of a five-year development plan stipulating investments worth $115 billion.

"The causeway project is a strategic link connecting Kuwait City to the northern region," said Ahmad Al Hassan, assistant undersecretary for road engineering at the public works ministry.

In addition to the fully integrated residential Silk City, other economic ventures are planned for Subbiya and its surroundings, he indicated.

A large container port is under construction on nearby Bubiyan, Kuwait's largest island.

Completing the causeway and harbour projects will pave the way for transforming the area into a commercial and investment hub with a free trade zone planned on five small islands nearby.

The causeway project consists of the main bridge north to Subbiya and a 12.4-kilometre bridge running west, dubbed the Doha Link.

The two bridges start from the same point at Shuwaikh Port, the country's main commercial port.

"If we take the Subbiya bridge alone, it is the fourth longest in the world," Hassan said.

The Lake Pontchartrain Causeway in the United States is the world's longest bridge over water, stretching 38.44 kilometres.

The two Kuwaiti bridges are scheduled for completion in November next year, project engineer Mai Al Messad said.

"We have already completed 73 per cent of the project and hope to finish it ahead of the contractual period," Messad told AFP.

In late 2015, the Cabinet gave the green light to establish a free economic zone on the five islands near Subbiya and the coastlines of Iraq and Iran.

It is hoped that once complete, the zone, spread over several thousand square kilometres, will become the economic gateway to the northern Gulf.

However, nothing tangible has yet been done to advance the free economic zone project itself.

The Subbiya Causeway contract was awarded to a consortium led by South Korea's Hyundai Engineering and Construction Co. along with Kuwait's Combined Group Contracting Co.

Another South Korean firm, GS Engineering & Construction, won the smaller Doha Link contract.

AMMAN — London Stock Exchange (LSE) and Deutsche Bank, in partnership with Al Mawared Brokerage, a subsidiary of Investbank are holding a conference on depositary receipts on Monday, as part of their on-going efforts to develop new financial products.  

The conference is also held in cooperation with the Amman Stock Exchange (ASE), according to a statement received by The Jordan Times from the conference organisers.  

 The Jordan Securities Commission (JSC), the capital markets regulator, has recently issued new regulations regarding the issuance, listing and trading of depositary receipts. 

At the conference, experts and senior managers from LSE and Deutsche Bank will highlight opportunities for Jordanian public shareholding companies to issue depositary receipts and list them on the LSE.  

Commenting on the participation of the LSE in the conference, Tom Attenborough, head of Large Cap Primary Markets, said “London Stock Exchange has a long history of supporting companies from the region. There are 37 Middle East and North Africa companies with a combined market capitalisation of US$66 billion listed in London”. 

“We are excited by recent developments in Jordan’s securities regulations and believe that there is an excellent opportunity to work in partnership with the Amman Stock Exchange to showcase Jordanian companies to the international investor base that London attracts,” he added.

Moreover, Deutsche Bank’s ongoing efforts to develop new financial products serving the capital market needs of the Middle East and North Africa region includes promoting depositary receipts, the statement said.  

In comments, Deutsche Bank’s director and head of Product Development, Depositary Receipts, Peter Gotke said: “The global capital markets have welcomed many of the MENA region’s leading companies, and both investors and issuers continue to see depositary receipts as providing a key route to listing and raising capital on key exchanges, including London. Global depositary receipts provide access to new pools of investment, and broaden the participation of global investors, thereby allowing issuers to impact their valuation, and local market liquidity.”

Al Mawared’s CEO Hana Harasis said the conference is an opportunity for Jordanian companies to benefit from the deep liquidity pool at the LSE, as well as the international exposure that comes with such a listing.  

The conference will be held at the Jordan Capital Markets premises, according to the statement.

AMMAN — Euromoney Conferences will hold its annual Euromoney Jordan Conference on Wednesday, March 22 to highlight the role that financial entities can play to shape the country’s financial future. 

Co-hosted by the Jordanian Ministry of Finance, this year’s conference will bring together 300 financiers, donors, investors, business leaders, entrepreneurs, policymakers and government officials to explore how Jordan can fund its future, according to a statement of the organising parties.

Titled “Meeting the Financial Challenge”, the upcoming Euromoney Jordan Conference will consist of interactive panel discussions, debates and interviews.

During the event, expert panellists will examine the macroeconomic outlook for 2017 and beyond, discussing global economic and geopolitical events and their impact on the Kingdom. 

The Conference’s programme will also include an assessment of the soundness of Jordan’s financial sector, as well as a review of regulation, bank strategy, de-risking, financial technology and private finance.

The event will include keynote addresses from, Minister of Finance Omar Malhas and Minister of Planning and International Cooperation Imad Fakhoury as well as Nemeh Sabbagh, CEO of the Arab Bank. 

Moreover, the programme will include a special session on activating financial inclusion in Jordan, as well as a discussion on expanding public-private partnerships in the education, medical and service sectors. 

“This year’s Euromoney Jordan Conference will serve as a rare platform for participants to hear directly from a high-level line-up of financial leaders and decision makers, each of whom plays a critical role in shaping Jordan’s financial future,” said Victoria Behn, director of Middle East and Africa at Euromoney Conferences. 

“We look forward to a robust and productive exchange of ideas as we take a deeper look at the role of finance in delivering Vision 2025, Jordan’s 10-year blueprint for economic and social development.”

LONDON — European stock markets paused Tuesday as investors waited on this week's interest rate call in the eurozone and crucial jobs data in the United States. 

The European Central Bank (ECB) will unveil the outcome of its latest monetary policy gathering on Thursday, with no change expected in borrowing costs.

Traders will then zero in on this Friday's eagerly-anticipated US non-farm payrolls (NFP) data, a key indicator for the health of the world's biggest economy, ahead of next week's Federal Reserve interest rate meet.

"Markets remain becalmed for yet another day, hampered by a lack of data and a general wariness ahead of the ECB on Thursday, NFPs on Friday and a Fed meeting next week," said analyst Chris Beauchamp at trading firm IG.

The region's equities fell Monday with the financial sector hit by shock plans from Germany's troubled Deutsche Bank to raise 8 billion euros ($8.5 billion) in fresh capital.

Markets had been given a shot in the arm last Wednesday from hopes of a US spending spree under President Donald Trump.

"Equities have been taking a breather since last Wednesday's Trump-fuelled rally. I think we are looking for fresh direction now — Trump tax plans, ECB, Federal Reserve maybe," added ETX Capital analyst Neil Wilson.

"Wait-and-see mode for now. The ECB might deliver some fresh impetus on Thursday but think we'll be looking for US to lead the way."

Further impetus came as Federal Reserve Chair Janet Yellen signalled last Friday that an interest rate increase could be on the way this month — if US employment and inflation remain in line with expectations.

Analysts interpreted that as a clear sign that the central bank will raise the benchmark lending rate at the March 14-15 policy meeting.

A time to reflect 

"The build up to this week's big data point — the US jobs report — has offered the opportunity for some reflection for investors," said Oanda analyst Craig Erlam.

"The last few weeks have seen the focus switch from Donald Trump's plans to revitalise the US economy with tax cuts, substantial infrastructure spending and deregulation, back to the Fed — partly because we still have little idea of what the former will entail, and partly because the Fed suddenly decided to send a coordinated message that it plans to raise interest rates."

Wall Street opened lower, with the Dow Jones Industrial Average sliding nearly a tenth of a percentage point.

"US stocks are dipping in early action, following yesterday's modest declines.

"The global markets continue to deal with a surge as of late in Fed rate hike expectations for next week as well as political risk on both sides of the Atlantic," said analysts at US brokerage Charles Schwab.

In foreign exchange activity, the European single currency has been on the back foot since Friday, also dented by uncertainty over the French presidential elections.

Most Asian markets rose Tuesday in cautious deals over Trump as well as geopolitical risks. While Trump's speech to Congress last week fired optimism that he would press on with a big-spending, tax-cutting programme, he has yet to flesh out his plans.

On the downside, Tokyo stocks shed 0.2 per cent, extending Monday's losses that came after North Korea's quadruple missile launch, three of which landed in Japanese-controlled waters, stoking regional security fears.