CAIRO / Reuters Saudi Arabia and Egypt set up a $10 billion joint fund to develop a planned mega-city, committing more than 1,000 square kilometres in the south Sinai, as Crown Prince Mohammed bin Salman met President Abdel Fattah al-Sisi in Cairo. The deal came at the start of Crown Prince Mohammed’s first public trip abroad since becoming heir apparent ...

DUBAI / Reuters Saudi Arabia’s ACWA Power has selected JPMorgan, Citigroup to arrange the initial public offering of its shares, which could raise up to $1 billion, sources said. The two international banks have been selected as global coordinators and a third international bank is close to being chosen, one of the sources told Reuters. ACWA Power, a developer of ...

Bloomberg Toyota Motor Corp. plans to spend $2.8 billion to make sure its system for writing the software for self-driving cars will be just as efficient as the factories that build them. The company needs faster and more reliable methods for writing software because self-driving cars require “millions and millions’’ of lines of computer code, according to James Kuffner, who’ll ...

Bloomberg China stepped up its push to curb financial risk, cutting its budget deficit target for the first time since 2012 and setting a growth goal of around 6.5 percent that omitted 2017’s aim for a faster pace if possible. The deficit target—released as Premier Li Keqiang delivered his annual report to the National People’s Congress in Beijing—was lowered to ...

Bloomberg PT Go-Jek Indonesia PT could become the country’s first-billion dollar startup to hold an initial public offering after the transport and technology company met with the nation’s equity market. Executives led by Go-Jek President Andre Soelistyo met with officials from the Indonesia Stock Exchange in Jakarta to discuss an IPO, Tito Sulistio, the bourse’s president, told reporters. While the ...

Bloomberg Japan’s aluminum industry is calling on President Donald Trump to rethink his plan to levy a 10 percent tariff on all imports of the metal, saying the action would hurt the country’s sales and could spill over into other industries, triggering a rise in global protectionism. “Our biggest concern is that individual producers in this country will lose business,” ...

Bloomberg India’s benchmark equity index reopened after a local holiday and clocked its steepest decline in over three weeks as investors weighed the potential impact of America’s plans to impose stiff tariffs on steel and aluminum imports. The benchmark S&P BSE Sensex fell for a fourth session, slipping 0.9 percent to 33,746.78 in Mumbai, in line with most Asian peers. ...

Bloomberg Technology companies and service providers are questioning key parts of Hong Kong’s plan to allow dual-class shares, just as firms including Xiaomi Corp. and Tencent Music Entertainment Group are considering going public. Hong Kong Exchanges & Clearing Ltd. wants to change its rules so that company founders can stay in control after their firms list, but the proposals may ...

Bloomberg Siemens AG will press ahead with an initial public offering of its health-care unit that could value it between 26 billion euros ($32 billion) and 31 billion euros as Chief Executive Officer Joe Kaeser unloads another key business at Europe’s largest engineering company. The IPO of a 15 percent stake in Siemens Healthineers is planned for March 16, the ...

Bloomberg Axa SA agreed to buy XL Group Ltd. for $15.3 billion in cash, the biggest-ever European acquisition of a US insurer, sending its shares plunging. The French firm fell the most since June 2016, with analyst Daniel Bischof of Baader Helvea AG saying the deal has a sound logic but the price is at the upper end of expectations. ...