Bloomberg Reliance Industries Ltd. started testing its online shopping portal, moving a step closer to billionaire Mukesh Ambani’s goal of setting up a digital platform to take on e-commerce giant Amazon.com Inc. in India. JioMart, open to select customers who pre-register, promises more than 50,000 grocery products, free home delivery and a return policy that asks no questions. Labeled ‘the ...
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NWP buys 5 Lippo shopping malls in Indonesia for $124mn
Bloomberg NWP Retail, a shopping mall developer backed by Warburg Pincus LLC, will spend $123.5 million buying five Lippo shopping malls in Indonesia. Two shopping malls will be acquired from the Indonesian units of Singapore-listed Lippo Malls Indonesia Retail Trust for $92 million while another three will be bought for $31.5 million from entities owned by PT Multipolar. The acquisitions ...
Read More »Winter storms in Midwest delay 500 flights
Bloomberg Winter storms that delivered cold rain and ice to much of the Northeast and snow to the Midwest left more than 100,000 homes and businesses without power and caused more than 500 flight delays. The storms also produced treacherous road conditions, reduced visibility and knocked down power lines in an area that stretched from North Dakota, Minnesota and northern ...
Read More »Special stamps mark 110 years of UAE’s postal services
Dubai / WAM Postal services in the UAE have spanned over a century, connecting near and far. Marking the occasion, Emirates Post has issued a series of commemorative stamps to celebrate 110 years of postal services in the country. The first postal agency opened in the Emirate of Dubai on 19th August 1909. It was initially affiliated to and managed ...
Read More »RAK to create history with fireworks show
RAS AL KHAIMAH / WAM This year, Ras Al Khaimah is ready to create history with its fireworks show as part of the New Year’s Eve celebrations that will feature two record-breaking bids: the use of the most unmanned aerial vehicles launching fireworks simultaneously (190) and the spell-binding sight of the “longest firework firewall”. Preparations have entered the final stages ...
Read More »â€˜Elevate’ to accelerate women empowerment and gender equity
Sharjah / WAM HH Sheikha Jawaher bint Mohammed Al Qasimi, Chairperson of Nama Women Advancement Establishment (Nama), and wife of the Ruler of Sharjah, has taken forward the global call to action for gender equity and women’s economic empowerment with the launch of ‘Elevate’, a pioneering platform to support women in low and medium-income nations in Asia, Africa, South America, ...
Read More »Emirates NBD boosts AED1bn digital shift with new milestone
Dubai / Emirates Business Emirates NBD, a leading banking group in the region, has completed the third phase of its international core banking system upgrade, as it forges ahead with its ongoing digital transformation efforts to boost innovation and efficiency across its domestic and international operations. Leveraging advanced Finacle technology, the third phase of the project sees the rollout of ...
Read More »Oil holds near three-month high as US stockpiles shrink
Bloomberg Oil rose for a fifth session, the longest run of gains since July, as a bigger-than-forecast decline in US crude stockpiles eased oversupply concerns. Futures climbed 0.6% in New York after closing at the highest level in three months. American crude supplies fell by 5.47 million barrels in the week ended December 20, more than three times the median ...
Read More »US trade deficit in goods declines to 3-year low
Bloomberg The US merchandise-trade deficit unexpectedly narrowed for a third month in November to the smallest shortfall in three years as exports increased and imports declined, the latest sign that economic growth is holding up at the end of the year. The gap decreased to $63.2 billion from $66.8 billion the prior month, according to Commerce Department data released on ...
Read More »GCC bond issuances surge to record $100 billion this year
Bloomberg Gulf borrowers raised more than $100 billion in bond placements this year, a record amount that marked a shift from the more private funding route offered by loans. Saudi Aramco was the biggest issuer, while Egypt, Oman and Saudi Arabia also tapped international bond markets. Syndicated loans dropped 39% this year as sovereigns and companies sold notes in dollars ...
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