Bloomberg A sudden power failure at the world’s busiest airport that stranded thousands of passengers and snarled US holiday air traffic underscores the vulnerability of the nation’s grid. The 11-hour outage was caused by a fire in an underground electrical facility that also cut backup supplies to Hartsfield-Jackson Atlanta International Airport, said Southern Co.’s Georgia Power utility. Frustrated passengers were ...

Bloomberg Hershey Co. is near a $1.6 billion deal to buy Amplify Snack Brands Inc., according to CNBC, which cited unidentified sources familiar with the matter. The deal values Amplify at $12 a share, CNBC said, which would represent a 71 percent premium to Friday’s closing price of $7 a share. Amplify, based in Austin, Texas, has a market cap ...

Bloomberg Forget Gucci and Rolex. Grocery stores, hair salons and tutoring centres may have the brightest future for Hong Kong retail as high-end malls get squeezed by forces beyond their control. That’s according to property consultants including Savills Plc, Jones Lang LaSalle Inc. and CBRE Group Inc., who say that community shopping centres targeting local customers are better suited to ...

Dubai / Emirates Business The GCC’s first commercial vertical indoor farm, Badia Farms, has launched in Dubai with ambitious plans to pioneer the future of the region’s agriculture industry. Using the latest hydroponic technology and vertical farming techniques, the farm produces nutritious and pesticide-free leafy greens without the need for sunlight, soil or chemicals. Badia Farms has been established by ...

DUBAI / Emirates business The Hong Kong Trade Development Council (HKTDC) is looking for planning to take the trade relations between the UAE and Hong Kong to the next level with seven global trade fairs to be held in Hong Kong early next year. The UAE is Hong Kong’s 17th largest trading partner and 17th largest import supplier. The total ...

Dubai / Emirates Business Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for AED 500 million. The financing will be used for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay. The project is a partnership between Omniyat, Saudi’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd. — one ...

ABU DHABI / WAM The first unified electronic platform for unmanned aerial vehicles (UAVs) and air vehicles to be used in the UAE for recreational, ser-vice and commercial purposes has been announced. The platform, entitled “Unified Pilot System for Unmanned Aircraft Products and Systems,” is in line with UAE government’s keenness to provide a civil aviation environment and a safe ...

DUBAI / Reuters The English Court of Appeal has refused an application by Dana Gas to appeal a decision allowing fund manager BlackRock to participate in English court proceedings over Dana’s $700 million of sukuk, Dana said on Monday. Dana is refusing to redeem its Islamic bonds on the grounds that they are no longer sharia-compliant and have therefore become ...

Bloomberg It’s Brexit, and not Warsaw’s escalating conflict with the European Union over democratic values, that presents a bigger threat to inflows of the bloc’s assistance to Poland, according to the government official in charge of funds absorption. While the EU’s executive is set to move ahead this week with plans to slap unprecedented political sanctions on Poland, Deputy Development ...

Bloomberg Russian President Vladimir Putin spoke with Donald Trump for the second time in four days, this time to thank the US president for Central Intelligence Agency information that lead to the breakup of a suspected IS cell. The information helped disrupt a group that had been planning to blow up Kazan Cathedral and other locations around St. Petersburg, according ...