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Mohamed Al-Fayed sold Harrods to Qatari royal family

Harrods was sold to the Qatar royal family for £1.5 billion with chief executive Al Fayed planning to retire. Al Fayed will be given the role of “honorary chairman” though will have little day-to-day involvement with the store.

The sale was concluded in the early hours of 8 May and Qatari Prime Minister Hamad bin Jassim bin Jaber Al Thani was sent to London to finalise the deal, saying that the acquisition of Harrods would add “much value” to the investment portfolio of Qatar Holdings while his deputy, Hussain Ali Al-Abdulla, called it a “landmark transaction”.

A spokesman for Fayed said “in reaching the decision to retire, [Fayed] wished to ensure that the legacy and traditions that he has built up in Harrods would be continued.” Read More…

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Largest cut in OPEC’s history

The Organization of the Petroleum Exporting Countries (OPEC) has drastically cut the daily production of oil by 2.2 million barrels per day (bpd). In a decision reached in Oran, Algeria, energy ministers from all 12 OPEC members agreed to make the largest cut in OPEC’s history.

opecOil prices have fallen from a high of $140 in July to just around $40; a decrease of $100. OPEC has cut 4.2 million bpd since September, when the price of oil decreased suddenly over fears of a global recession and lower usage of oil.

With this new decrease, production by OPEC members will be 24.845 million bpd. Saudi Arabia is taking the majority of the cut by decreasing their production by 1.2 bpd. Read More…