Bloomberg For three years, Russian companies retreated from the London stock market. Now, a pair of oil and mining billionaires is hoping to break the drought. En+ Group Ltd., owned by aluminum magnate Oleg Deripaska, and Polyus PJSC, a gold producer controlled by the family of Suleiman Kerimov, are planning to sell shares in May or June. If successful, …
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Bloomberg The escalation of Home Capital Group Inc.’s distress last week has led one of its largest former investors to rethink — if only slightly — the prospects of troubles spreading through the rest of Canada. After the alternative-mortgage lender set up a C$2 billion ($1.5 billion) credit line to offset a run on deposits, Mawer Investment Management Ltd.’s …
Read More »Bloomberg Continental AG will scale back investments in traditional motor components and allocate more funds for hybrid and electric powertrains as the auto-parts maker prepares for the eventual decline of combustion engines. Europe’s second-largest component supplier will invest an additional 300 million euros ($326 million) to develop and expand its offering of electric- and hybrid-car technologies by 2021, the …
Read More »Bloomberg America’s factories expanded less than forecast in April as measures of orders and employment pulled back, Institute for Supply Management data showed on Monday. Even with the retreat last month, the gauge remains well above the 51.5 average for all of 2016 and indicates healthy optimism among factory managers. The data show manufacturing is settling into a more …
Read More »Bloomberg SAP SE’s sales topped analysts’ estimates for the fourth straight quarter, as business software spending grew, though the costs of transitioning to a web-delivered model weighed on profitability. First-quarter revenue rose 12 percent to 5.29 billion euros ($5.7 billion), SAP reported, compared with the 5.16 billion-euro estimate of analysts surveyed by Bloomberg. Operating profit, excluding share-based compensation, amortization …
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ABU DHABI / Agencies Abu Dhabi Commercial Bank (ADCB) reported on Sunday AED1.1 billion in net profit attributable to equity shareholders, marking an 8 percent increase from the AED1.02 billion recorded in the same quarter of 2016. The bank said the rise in profits was driven by healthy volumes and a strong non-interest income combined with a well-managed cost …
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Abu Dhabi / WAM Net foreign and corporate investments at UAE stock markets surged to AED 613 million during April 2017 despite the relative volatility of some stocks over the past four weeks. The increasing liquidity is attributable to the hike in foreign purchases, specially by non-Arabs, which hit AED 4.813 billion in April, with sales for the same …
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SHARJAH / WAM The UAE Ministry of Economy has revealed the signing of a new cooperation agreement with the Korean Intellectual Property Office (KIPO) aimed towards improving the UAE’s patent system. The agreement falls within the framework of completion and implementation of the terms of MoU signed by two parties in October last year. Highly qualified technical experts and …
Read More »Dubai / Agencies Deyaar Development announced on Sunday that its net profit amounted to AED 32 million in Q1 of 2017. A company statement said real estate development revenues more than doubled to AED 142 million in the first three months of the year, from AED 60 million in Q1-16. Deyaar reported a strong year-on-year increase in revenues to …
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Dubai / Emirates Business His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the Dubai Font, Microsoft’s first font to be created by a city and named after it, in line with the UAE’s vision to become a regional and global leader in innovation. On this occasion, …
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