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.
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