Daily Business Wrap - Drake & Scull loses its chairman, too - video Dailymotion

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Read the full story here: https://bit.ly/2H7CCxn  See more videos at https://gulfnews.com/videos  Drake and Sculls announced that its chairman, Obaid Bin Touq, was stepping down just days after the exits of the Group CEO, the chief financial officer and chief legal officer. It’s the latest loss in the company’s ongoing issues following the announcement of over Dh5 billion in losses in 2018.  #GulfNews #Drake&Scull #US #India #China

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00:00Drake and Skoll's situation continued to deteriorate today.

00:05At an AGM, the chairman, Obeid Bintouk, has said he is going to step down as chairman

00:10from the board.

00:11This comes only days after the company also lost its chief legal officer and its CEO.

00:16The company has said it is meeting with creditors and banks to talk about ways to find solutions

00:21to move the company forward.

00:22However, the company is in dire straits at the moment and does have a number of complaints

00:27out by the prosecutor's office regarding the money it has lost over the last year.

00:32When it posted results just last week, it announced it had lost over $5 billion in 2018.

00:38The managing director of the International Monetary Fund, Christine Lagarde, came out

00:42today and said that tweets and other rumors are not helping the situation between U.S.

00:46and China, which has seen escalations in trade wars over the past week.

00:51She warned that U.S. and China will need time to work out their differences, which she said

00:55are very important, but the situation should not be inflamed.

01:00Trump's comments have actually made the situation a little tenuous between the U.S. and China.

01:04China considered pulling out Chinese Premier Li Hu out of his delegation to the U.S. next

01:09week.

01:10However, at this point, it is confirmed that he will still attend meetings expected to

01:14go on Thursday and Friday.

01:16Global markets have not been doing particularly well since the announcement.

01:20They've been down for two days in a row.

01:22The U.S. markets are down today over 350 points.

01:26Trade tensions also rose today between U.S. and India when U.S. Commerce Secretary Wilbur

01:31Ross warned India not to place any retaliatory tariffs against the U.S. for the scrapping

01:37of trade privileges.

01:39Indian officials have said they are looking at higher import duties on more than 20 U.S.

01:43goods if President Donald Trump presses ahead with a plan to end a scheme which allows India

01:48to have duty-free imports of up to $5.6 billion.

01:52Ross, who was on a trip to Delhi, said the retaliatory actions would not be appropriate

01:57under WTO rules.

01:58For more news on this, please check back at gulfnews.com.

Daily Business Wrap - Drake & Scull loses its chairman, too

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