News

Bloomberg Japan’s government is considering holding off on its plan to sell about $10 billion worth of shares in Japan Post Holdings Co through this fiscal year following scandals involving its insurance unit, according to people familiar with the situation. Concern over corporate governance and the tumbling stock price have made it difficult to sell the third and final tranche ...

Bloomberg The Chinese government is trying to set the economy up for a stronger start to 2020, with a multi-pronged policy push ranging from easier monetary settings to freer trade. The latest pledge came when Premier Li Keqiang signalled that further cuts in the amount of cash that banks have to park as reserves will be forthcoming. In theory, that ...

Bloomberg Thailand will narrow its inflation target from next year as consumer-price growth remains subdued in the Southeast Asian nation. The central bank’s new goal is to keep annual headline inflation within a 1%-3% range, compared with 1%-4% previously, Narumon Pinyosinwat, a government spokeswoman, said on Tuesday in Bangkok following a cabinet meeting that approved the change. Speaking to reporters ...

Bloomberg BMW AG is being scrutinised by the US Securities and Exchange Commission (SEC) over its sales reporting practices, months after the regulator extracted a penalty from Fiat Chrysler Automobiles NV over similar issues. The German automaker has been contacted by the SEC and will cooperate fully with its investigation, Phil DiIanni, a spokesman, said by phone. The agency doesn’t ...

Bloomberg Media mogul Shari Redstone and other Viacom Inc directors were accused by a pension fund of selling out the entertainment company’s shareholders by ramming through an $11.7 billion merger with CBS Corp. Redstone, who also is CBS’s controlling shareholder, and her colleagues on Viacom’s board “expropriated potentially billions of dollars from Viacom’s minority stockholders” by agreeing to a deal ...

Abu Dhabi / WAM Choosing UAE-grown produce can help support sustainability and contribute towards solving food and water security, Madar Farms’ Head of Operations, Kyle Wagner, said during an event in Abu Dhabi. During a panel discussion at New York University Abu Dhabi (NYUAD), with Mariam Hareb Almheiri, Minister of State for Food Security, he urged the public to take ...

DUBAI / WAM DP World has been awarded a 30-year build-operate-transfer (BOT), concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port. Under the agreement, DP World will invest up to $500 million to improve and modernise the Jeddah Islamic Port, including major infrastructure development to ...

ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa), announced on Monday that it has secured a $3.5 billion revolving credit facility. The new 5-year multicurrency facility with a syndicate of 13 banks will be used for general corporate purposes and will replace its existing $3.1 billion revolving credit facility, signed in August 2015. Commenting on the news, Mohammed ...

ABU DHABI / WAM Abu Dhabi Developmental Holding Company (ADDH), and Group 42 (G42), announced on Monday the signing of an agreement to establish a joint venture to provide AI-enabled products and services to the portfolio companies of ADDH. Under the terms of the agreement, Adalytyx will be established as a separate legal and operating entity. Adalytyx will leverage G42’s ...

ABU DHABI / WAM The Emirate of Abu Dhabi has seen a 71 percent increase in works of art, collectors’ pieces and antiques trade commodity. In a trade figures report released by the Statistics Centre – Abu Dhabi (SCAD), total trade of the commodity for the first nine months of 2019 reached approximately AED6.60 billion, compared to AED3.86 billion for ...