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Takata rises as car makers to pay $553mn over recall losses

Bloomberg Takata Corp., which is seeking a buyer following the auto industry’s biggest ever safety recall, surged the most in four months after some car makers reached settlements worth $553 million to resolve economic-loss claims tied to the company’s faulty products. Toyota Motor Corp., Subaru Corp., Mazda Motor Corp. and BMW will reimburse out-of-pocket expenses, provide loaners to some vehicle ...

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SoftBank Vision Fund raises record $93bn

Bloomberg SoftBank Group Corp. and Saudi Arabia formally announced the first round of capital commitments for the largest- ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups. More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a ...

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Broadcom, KKR to be bidders for Toshiba unit

Bloomberg Broadcom Ltd. and a group led by KKR & Co. are emerging as the two leading bidders for Toshiba Corp.’s semiconductor unit for second-round offers, according to people familiar with the matter. Broadcom, based in San Jose, California, is offering about 2.2 trillion yen ($20 billion) and would face simpler regulatory reviews than some rivals, said one of the ...

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Poland faces harsh EU reality in push for coal exemptions

Bloomberg The Polish government’s hopes to get special treatment from the European Union for its coal-dependent economy may be quashed by the bloc’s strict approach to limiting the dirty fuel. The EU’s largest eastern economy needs to build more coal-fired power plants to avoid blackouts and an economic slump, Poland’s energy minister said in the southern city of Katowice. That ...

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Glencore says e-car boom coming faster than expected

Bloomberg Glencore Plc Chief Executive Officer Ivan Glasenberg said the rise of electric cars will significantly boost demand for minerals including copper and lithium in the coming decades. “The electric vehicle revolution is happening and its impact is likely to be felt faster than expected,” Glasenberg told investors at an industry conference in Barcelona. Almost all carmakers are increasing investm-ent ...

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US, Saudi firms sign deals worth $200bn

RIYADH / Reuters US and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. National oil firm Saudi Aramco said it signed $50 billion of agreements with US firms. Energy minister Khalid al-Falih said deals involving all companies ...

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SNOC, SEWA sign gas sales pact for power generation

Sharjah / WAM The Sharjah National Oil Corporation (SNOC), and the Sharjah Electricity and Water Authority (SEWA), have signed a full gas sales agreement, GSA, targeting the supply of natural gas for power generation in the emirate of Sharjah. The agreement was signed by Sheikh Sultan bin Ahmed Al Qasimi, Deputy Chairman of the Sharjah Petroleum Council and President of ...

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6,000 cybersecurity experts to converge in Dubai for GISEC

Dubai / Emirates Business The ‘Wannacry’ ransomware attack, which has now affected more than 200,000 computers in over 150 countries since originally infecting users’ files on Friday, 12 May, will be a hot topic on the main conference floor and in the corridors of the Dubai World Trade Centre (DWTC) when the 4th Gulf Information Security Exhibition and Conference (GISEC) ...

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Expo Centre Sharjah sees 7% increase in visitors numbers in Q1

Sharjah / WAM Expo Center Sharjah announced a 7 percent increase in the number of visitors to the various exhibitions and events organised by the Centre during the first quarter of 2017, year on year, with more than 302,474 visitors to the various events and exhibitions coming from around the UAE and beyond. Saif Mohamed Al Midfa, CEO of Expo ...

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Sharjah promotes UAE business opportunities with Far East

SHARJAH / Emirates Business Sharjah FDI Office (Invest in Sharjah) – an investment entity operating under the Government of Sharjah – is targeting events in two of China’s fastest developing cities in a bid to increase the UAE’s business opportunities with the Far East. The organisation will be exhibiting at the 2017 World Forum for Foreign Direct Investment, which takes ...

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