News

Bloomberg Construction firm Katerra Inc filed for bankruptcy protection in the US, bookending the implosion of a startup that raised about $2 billion from investors including SoftBank Group Corp. The company filed Chapter 11 proceedings in the Southern District of Texas court. It estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. The ...

Bloomberg China Evergrande Group, the country’s most indebted developer, reversed losses in Hong Kong trading after the company clarified that operations remained normal and it was compliant in dealings with a banking unit. The shares rose 3.7% on Monday after earlier sliding 5.3%. Evergrande said various “rumours,” including that it was resorting to widespread price discounts, were false. Chinese developers ...

Bloomberg Flipkart, the Indian e-commerce giant controlled by Walmart Inc, is in talks to raise at least $3 billion from investors including SoftBank Group Corp and several sovereign wealth funds, according to people familiar with the matter. The startup is targeting a valuation of about $40 billion and is in discussions with Singapore’s GIC Pte, Canada Pension Plan Investment Board, ...

Bloomberg For the second time in six months, Chinese provinces are rationing electricity as the nation’s grids struggle to manage a surge in demand. This time, it’s partly because residents are blasting their air conditions to keep cool during an unusually warm summer. Cities in Guangdong, a manufacturing hub in the south that’s home to 130 million people, have been ...

Bloomberg Nium, a Singapore-based fintech startup backed by state-owned investor Temasek Holdings Pte, agreed to buy payments firm Ixaris for an undisclosed amount to expand in Europe before pursuing an initial public offering in the US. All of Ixaris’s 86 employees in London and Malta will join Nium, according to an emailed statement from Nium. Ixaris, based in London, is ...

DUBAI / WAM With Spain welcoming fully vaccinated international visitors starting from Monday, UAE travellers planning their summer getaways can now choose from over 30 cities in 19 countries across the Emirates network that have opened their doors for tourism and business. From July, Emirates will operate over 280 weekly flights from Dubai to cities in Europe, the US, Middle ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) has saved more than 1,312 megawatts of electricity last year, which represents a total value of AED3.4 billion and marked a record number of fresh water savings, which amounted to more than 349 million imperial gallons by the end of 2020. The company reaffirmed its full commitment to support the UAE’s ...

ABU DHABI / WAM The UAE has strongly condemned Iran-backed Houthi terrorist militias’ systematic attempts to attack civilians and civilian objects in Khamis Mushait, Saudi Arabia, with an explosive drone, which was intercepted by the Coalition Forces. In a statement released by the Ministry of Foreign Affairs and International Cooperation (MoFAIC), the UAE reiterated that these systematic terror attacks by ...

Dubai / Emirates Business Emaar Properties saw property sales in Dubai surge by 250 percent in the first five months of 2021, compared to the same period last year. Total property sales to date reached AED10.5 billion, against AED3 billion in the same period last year. The company is forecasting even higher growth for H1 2021. Commenting on the figures, ...

Abu Dhabi / WAM Over AED1.4 billion transactions were struck on UAE financial markets on Sunday, pushing the Abu Dhabi main share index 0.26 percent up to 6623 pts, compared to the last trading session, with the Dubai main index following suit at 2820 pts. The International Holding Company led the best performing shares with over AED683 million in trades, ...