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Bloomberg Sun Pharmaceutical Industries Ltd’s fourth-quarter profit halved from a year ago as the fallout from a corporate governance scandal caused it to take a 10.85 billion-rupee charge ($155.7 million) and led to the brother-in-law of billionaire founder Dilip Shanghvi moving to a non-executive role. Shares rose by as much as 2 percent on Wednesday morning trading as investors cheered ...

Bloomberg Global Payments Inc. agreed to buy Total System Services Inc. in a deal valued at $21.5 billion, the payment industry’s third mega-merger of the year. The transaction will create a powerhouse that provides payment technology and software to more than 3.5 million small to midsize merchants and more than 1,300 financial institutions worldwide, the two companies said in a ...

Bloomberg ArcelorMittal fell the most in two years after announcing that it’s cutting steel production across its European plants to cope with weak demand and rising imports. The world’s largest steelmaker will reduce primary production in Dunkirk, Fra-nce and Eisenhuettenstadt, Germany, according to a statement on Wednesday. It will also cut output in Bremen, Germany and extend a stoppage planned ...

Bloomberg The Environmental Protection Agency is poised to jettison proposed trading rest- rictions on a $5.2 billion market for biofuel compliance credits in a coming rule, casting aside changes sought by independent refiners complaining of hoarding and wild price swings. The EPA’s shift comes as the agency races to meet a May 31 rulemaking deadline amid pressure from large oil ...

Bloomberg For an eagerly-anticipated decision on who will lead the European Union’s institutions, investors will need to tune in at the end of June for clarity. EU leaders gathered after the continent-wide ballot and differences were immediately apparent between key players German Chancellor Angela Merkel and French President Emmanuel Macron. Together they have a lot riding on who will run ...

GENEVA / WAM The UAE was selected as the 2020 Chair of the Global Forum for Migration and Development (GFMD), at a meeting held at the United Nations in Geneva. The UAE will be the first Gulf country to chair the prestigious global summit. The role will add to the significant international focus on the UAE throughout the course of ...

Abu Dhabi / WAM The UAE is establishing a sustainable farming sector, where modern technologies are key to its plans to achieve food security for the entire population. The Smart Home Farming Exhibition, Bustani, which was held this year in the Sustainable Villa in Masdar City, is one of the country’s initiatives that aim to transform the standard consumer into ...

Dubai / Emirates Business A total of 6,377 new companies joined Dubai Chamber of Commerce and Industry in the first four months of 2019, bringing membership growth to 20% compared to the 5,316 members accounted for in the same period last year. The number of renewed members reached 39,338 between January and April 2019, marking a year-on-year (y-o-y) increase of ...

Abu Dhabi / Emirates Business Abu Dhabi National Exhibitions Company (Adnec) attracted huge interest from leading international companies in unmanned systems and simulation and training during its participation in the recently concluded Association for Unmanned Vehicle Systems International (AUVSi2019) and the International Forum for the Military and Civil Simulation, Training and Education Community (ITEC). Adnec’s participation in both events aimed ...

Bloomberg US companies counting on China for a major part of their growth have targets on their backs as Beijing and Washington ratchet up trade-war tensions. President Donald Trump’s decision to blacklist Huawei Technologies Co, the Chinese maker of smartphones, while also threatening bans on other Chinese technology companies, could open the door to retaliation against US brands from hotels ...