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Bloomberg An Indian court temporarily halted JSW Steel Ltd’s $2.8 billion purchase of insolvent Bhushan Power & Steel Ltd, a move that hurts the South Asian nation’s effort to clean up the world’s worst bad-debt pile. The National Company Law Appellate Tribunal (NCLAT) ordered a freeze on payment by the Sajjan Jindal-led mill and took objection to the Enforcement Directorate, ...

Bloomberg China’s shoppers and investors lost their appetite for gold this year — and there’s little expectation of any major improvement in 2020 as slowing growth and higher prices crimp consumer spending. Jewellery consumption is forecast to drop 4% to about 660 tons this year, according to forecasts from Metals Focus Ltd, while a decline of more than 20% to ...

Bloomberg Apple Inc is seeing higher iPhone demand than it expected, thanks to two forces consumers find hard to resist: falling prices and the inevitable aging of older models. Since missing holiday sales targets last year, the company has cut some prices and offered more attractive trade-in deals. The iPhone 11 went on sale at $699 — $50 below the ...

Bloomberg Porsche is intensifying its battle against Tesla with the unveiling of $116,590 version of the electric Taycan that’s pitched at a similar price point to the top-line version of the US company’s Model S. The entry-level Taycan 4S is available for pre-orders now and will enter showrooms in early January, the Volkswagen AG brand said. The model follows Porsche’s ...

Bloomberg Volkswagen AG’s plan to review options for its Lamborghini supercar division marks a further step in Chief Executive Officer Herbert Diess’s campaign to transform the world’s biggest automaker and more than double its market value. The German manufacturer is weighing a potential sale or stock listing for the Italian brand, according to people familiar with the matter, as Diess ...

Dubai / WAM Dubai Customs on Sunday launched the World Logistics Passport, as part of the first phase of the Dubai Silk Road strategy, to help boost the role of the Dubai Silk Road and expand demand for Dubai’s products, services and integrated transportation systems. The unique initiative will also further augment the growing role played by Dubai Customs in ...

Dubai / WAM The world’s watch industry is set to converge on Dubai for the fourth edition of Dubai Watch Week, the global event celebrating the art of horology, scheduled to take place from November 20-24. The biennial platform, dedicated to uniting and growing the global watch community for the preservation and transmission of horological knowledge, is set to unveil ...

ABU DHABI / WAM Hazza Al Mansoori, the UAE’s first astronaut, said he was pleased with the historic achievement made for the UAE and the Arabic world after reaching the International Space Station (ISS). Addressing the media shortly after his return to the UAE, along with backup astronaut, Sultan Al Neyadi, Al Mansoori said: “”When I saw HH Sheikh Mohamed ...

Dubai / WAM The 5th edition of Breakbulk Middle East, a platform for exhibitors to display their innovative endeavours and industry-enhancing initiatives will be held from February 25-26, 2020, in Dubai to emphasise the effective use of technology to promote the sector. Speaking on the addition of “Breakbulk AR” at next year’s event, Dr Abdullah bin Mohammed Belhaif Al Nuaimi, ...

Bloomberg President Donald Trump has directed a deliberate withdrawal of US troops from northern Syria in advance of an expected increase in military action in the region, to keep them out of harm’s way, US Secretary of Defense Mark Esper said. Meanwhile, Treasury Secretary Steven Mnuchin reiterated a US threat to damage Turkey’s economy via sanctions if Ankara does anything ...