Saudi princess’ jewelry worth $1m stolen from her suite at the Paris Ritz

Agencies
September 11, 2018

Sept 11: More than £700,000 of jewelry belonging to a Saudi princess has been stolen from her at the Ritz in Paris.

The gems, worth an estimated £713,000, were not in a safe when they were taken and there was no sign of forced entry.

The unnamed Saudi royal said the theft happened on Friday afternoon.

It marks the second high-profile heist at the five-star hotel on Place Vendome this year.

An investigation has been opened by France's anti-organised crime brigade.

In January, an armed gang swiped an estimated four million euros' worth of jewels from shops inside the Ritz after bursting into the hotel and using hatchets to smash display cases.

All of the loot, some of which the robbers dropped while trying to make their escape, was recovered.

Five hooded men smashed through reinforced glass cabinets at the hotel, near the chic Place Vendome in the French capital, as terrified guests watched on.

Hotel guests described 'total panic' breaking out and some reported hearing gunshots as the men raided display cases in the hotel's Reza jewellery shop.

Shoppers alerted police who descended on the scene and used Tasers as they arrested three of the robbers before they could flee. But two gang members were able to escape with the massive haul.

One left the scene on a moped, hitting and injuring a woman as he sped off, while the second drove off in a Renault Mégane along nearby Rue Saint-Honoré, according to local media.

The hotel is located beside the French Justice Ministry which is guarded by armed soldiers around the clock.

Shots were heard as at least five raiders rushed into the five-star 'palace' brandishing weapons, as frightened staff and guests were told to lie on the floor.

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Agencies
July 30,2020

New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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News Network
March 18,2020

Dubai, Mar 18: Emirates, one of the world's biggest international airlines, has asked pilots to take unpaid leave to help it mitigate the impact of the coronavirus pandemic that has shattered demand for global travel.

"To this end you are strongly encouraged to make use of this opportunity to volunteer for additional paid and unpaid leave," the airline said in an internal email to pilots, seen by Reuters.

Emirates earlier this month asked some staff to take unpaid leave, although at that time it was not available to pilots.

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News Network
April 16,2020

Dubai, Apr 16: Saudi Arabia reported 518 new cases of coronavirus, bringing the total number of infections in the country to 6380, the Ministry of Health announced on Thursday.

According to the ministry of health, the number of recoveries today were 59, making total of recoveries in the kingdom 990, with 71 critical cases in intensive care.

The ministry also confirmed 4 deaths, bringing the total number of deaths in the kingdom to 83.

Saudi Arabia imposed a 24-hour curfew and lockdown on the cities of Riyadh, Tabuk, Dammam, Dhahran and Hofuf and throughout the governorates of Jeddah, Taif, Qatif and Khobar. This week the curfew was extended until further notice by king Salman

Overall, Saudi Arabia has reported one of the lowest rates of infections in the region, with around 6000 cases in a population of over 30 million.

Private sector support

Saudi Arabia has allocated SR50 billion (Dhs49 billion)to support the private sector as part of its package of initiatives approved by King Salman on Wednesday aimed at mitigating economic repercussions from the coronavirus disease (COVID-19).

The package targets small and medium-sized enterprises (SMEs) and economic activities that have been most affected by the pandemic.

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