News

Bloomberg Saudi Arabia’s sovereign wealth fund appointed former Dow Chemical Co. Chief Executive Officer Andrew Liveris as a special adviser. Liveris will work closely with the Public Investment Fund “in several areas and assist the fund in efforts to increase the value of the portfolio, and ensure the important contribution of PIF companies to the achievement of Vision 2030 goals” …

Bloomberg Mercuria Energy Group Ltd. revealed how much each of its top executives and founders control of its parent company offering a rare glimpse into the ownership structure of one of the world’s largest energy traders. In an application seeking permission for a US subsidiary to export electricity to Mexico, Mercuria included a detailed list of its shareholders. The obscure …

Bloomberg UK investment firm Wren House Infrastructure Management is considering buying the remaining 70 percent of Spain’s Global Power Generation SA that it doesn’t already own, according to people with knowledge of the matter. The potential deal could be valued at more than $1 billion, the people said, declining to be identified as the deliberations are confidential. London-based Wren House …

Bloomberg Ghana is postponing plans to protect itself from higher oil prices as the country reviews how its currency is affecting what consumers pay at the pump. Foreign exchange movements are probably having a bigger impact on volatile fuel costs than changes in the international price of crude, Deputy Minister of Finance Charles Adu Boahen said in an interview in …

DUBAI / Emirates Business The Dubai Gold and Commodities Exchange (DGCX) has recorded its highest ever daily Indian Rupee (INR) volume, trading 126,055 contracts on August 13. On the same day, the Exchange’s overall volume touched 185,630 contracts worth $4.17 billion, its second highest daily notional value since inception. Amidst continued market volatility, the DGCX traded over 2.08 million contracts …

Bloomberg President Donald Trump slammed what he termed ‘decades of abuse’ by Canada with a new threat to terminate the North American Free Trade Agreement (Nafta), a day after talks with the US’s northern neighbor stalled hours before a deadline. “There is no political necessity to keep Canada in the new Nafta deal. If we don’t make a fair deal …

Bloomberg Crude rose this month as sanctions on Iranian oil stoked concern that supplies will contract, overshadowing speculation that a US-China trade war will weaken demand. Futures in London settled 4.3 percent higher in August, the biggest monthly gain since April and US crude also rose for the month. Yet, both benchmarks faltered as Saudi Arabia was said to raise …

Bloomberg India’s economy expanded at the fastest pace in nine quarters, as strong domestic consumption and robust manufacturing growth stamped out global trade-war worries. Gross domestic product grew a stunning 8.2 percent in the three months ended June from a year earlier, the Statistics Ministry said in a statement in New Delhi. That was faster than the 7.6 percent median …

DUBAI / Emirates Business Damac Properties has awarded an AED512 million construction contract to China State Construction Engineering Corporation (CSCEC) to build tower C of AYKON City, DAMAC’s luxury mixed-use development on Sheikh Zayed Road. The new contract covers civil construction works for tower C, the residential tower in the award-winning $2 billion development, overlooking the Dubai Water Canal. “CSCEC …

Bloomberg PetroChina Co. is rewarding shareholders with a higher — and symbolic — payout after its best half-year profit in more than three years. The nation’s biggest oil and gas producer raised total dividends for the first six months by almost one-third to 0.0888 yuan per share. The lucky payout — eight is widely considered an auspicious number in China …