News

Bloomberg A stock swap offer to help shareholders of billionaire Mukesh Ambani’s unlisted retail business monetise their investment has valued the unit at $34 billion. Share owners in Reliance Retail Ltd can exchange four shares for one of its listed parent Reliance Industries Ltd, according to a so-called scheme of arrangement posted on the group’s website. With Reliance’s market capitalization ...

Bloomberg China’s top legislature approved changes to the nation’s Securities Law, including formalising registration-based initial public offerings after years of reviews, as it eased listing rules and stiffened penalties for violations in the country’s $21 trillion capital markets. The revisions are effective from March 1, according to a report from a government website citing decisions made by the National People’s ...

Bloomberg Japan’s financial regulator ordered a three-month suspension of insurance sales by two units of Japan Post Holdings Co as punishment for improper sales practices. The Financial Services Agency said it found examples of Japan Post customers being sold unduly expensive policies, without proper explanation of what they were buying. The penalty applies to the group’s mail and insurance subsidiaries, ...

Bloomberg Australia is in the grip of another heatwave with temperatures forecast to soar over the weekend, exacerbating deadly wildfires that have ravaged the nation for months. Severe heat will spread across the southeast of the country over the next few days, building to “extreme” conditions in some areas, according to the Bureau of Meteorology. Parts of western Sydney are ...

Abu Dhabi / WAM The UAE Cabinet chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the issuing of a Federal Law on Consumer Protection which comes in light of the government endeavours to achieve the continuous development of the legislation that affects the lives of ...

Bloomberg Oil settled above $61 a barrel amid light volume as US President Donald Trump said a preliminary trade deal with China is “done” and ahead of government data expected to show another crude stockpile decline. Futures rose 1% in New York to close at a three-day high. Trump suggested that the US and China will sign a trade agreement ...

Fujairah / WAM HH Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, highlighted the importance of the Etihad Rail Project to enhancing the UAE’s position in the road transport sector, as well as of linking the regions and ports around the country through a modern road network, in line with the latest international practices. He ...

Bloomberg China’s imports of US soybeans rose to the highest in 20 months in November after more American cargoes cleared customs ahead of the signing of a partial trade deal in January. China’s inbound shipments from the US surged to 2.6 million tons, the highest since March 2018, and up from about 1.1 million tons in October. China imported almost ...

ABU DHABI / WAM The Government of Abu Dhabi and Aldar Properties have agreed on an exchange of land assets in a transaction that will see the redistribution of land resources suitable for development in accordance with both the Abu Dhabi Government and Aldar’s respective strategic priorities. The agreement, implemented by the Abu Dhabi Department of Municipalities and Transport, contributes ...

Fujairah / WAM A century after the shipping industry moved from coal to oil as its primary energy source, another change on the same scale is now under way – one prompted this time by a change in environmental regulations. The shift could provide a significant boost to the status of the UAE’s East Coast Port of Fujairah as a ...