News

  Bloomberg Masayoshi Son has quietly tightened his grip on SoftBank Group Corp during a tumultuous market downturn, edging closer to the point where he could bid to take the world’s largest technology investor private. The billionaire now owns more than a third of the company he founded, after aggressive buybacks in the last two months reduced SoftBank’s outstanding stock ...

Bloomberg China’s BYD Co will sell its electric vehicles in Malaysia in a 500 million ringgit ($113 million) tie-up with Sime Darby Motors Sdn Bhd. Sime Darby will be BYD’s exclusive distributor in Malaysia, with the first showroom to open later this month, the companies said in a statement. They plan to have 20 dealerships by next year, and 40 ...

  Bloomberg An Indian state agency released nearly 27,000 Vivo Mobile Communications smartphones for export after withholding the shipment for more than a week over alleged rule violations. The federal finance ministry’s revenue intelligence unit allowed the Chinese company to collect the devices it was holding at the New Delhi Airport over an alleged mis-declaration of phone models and their ...

  Bloomberg Walmart Inc-owned digital payments brand PhonePe is seeking to raise as much as $1 billion from General Atlantic and existing investors including Tiger Global Management, Qatar Investment Authority and Microsoft, people familiar with the matter said, even as global funding dries up for startups. The all-equity round is expected to close in the next two weeks and may ...

  Bloomberg I-Tail Corp Pcl, Thailand’s top pet food maker, ended lower in its trading debut after the country’s second-largest initial public offering this year. Shares of the Bangkok-based company closed at 31 baht, 3.1% below its IPO price of 32 baht, erasing gains of as much as 5.5% earlier. The unit of frozen and seafood products maker Thai Union ...

  Bloomberg The developer at the epicenter of China’s property debt crisis appears to be inching closer to unveiling a restructuring blueprint, after a long delay that has frustrated investors and highlights their struggle in a country still relatively new to defaults. China Evergrande Group planned to meet with an ad-hoc group of its dollar bondholders to formally discuss a ...

  Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (Adnoc) announced on Thursday the successful completion of the Masdar transaction, following which they will all become shareholders in Abu Dhabi Future Energy Company (Masdar) — Abu Dhabi’s flagship clean energy company. This transaction — first announced in December ...

  Dubai / WAM In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the government of Dubai’s general budget for the fiscal cycle of 2023-2025, with total expenditures of AED205 billion. The budget meets Dubai’s aspirations and confirms its determination to continue developing and ...

  Abu Dhabi / WAM An additional 87 senior reactor operators (SROs) and reactor operators (ROs), 30 of whom are UAE nationals including five females, have been certified to operate the Barakah Nuclear Energy Plant as part of the operations crews of Nawah Energy Company (Nawah), the operations and maintenance subsidiary of the Emirates Nuclear Energy Corporation (Enec) mandated to ...

  Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, and Mohammed Bin Salman Foundation (MiSK Foundation) have partnered to ease international market access for startups and technology companies between Abu Dhabi and the Kingdom of Saudi Arabia. The partnership will benefit founders seeking a soft-landing into the Saudi Arabia or Abu Dhabi technology ecosystem, with access to value ...