News

Bloomberg India’s electricity demand declined for the third straight month, another indication of an economic slowdown that seems to be deepening. Electricity demand from distribution utilities declined 13.2% in October from a year earlier, data from the Central Electricity Authority showed. The slump began in August when the power requirement dropped for the first time in more than two years. ...

Bloomberg Honda Motor Co cut its annual profit forecast as sluggish global vehicle demand and supply issues weigh on the Japanese carmaker, which unveiled a 100 billion yen ($915 million) share buyback. Operating profit for the fiscal year ending March will be 690 billion yen instead of 770 billion yen, the company said in a statement. Analysts are predicting a ...

Bloomberg Toshiba Corp is set to post a seven-fold increase from a year earlier in April-September operating profit, the Nikkei reported without saying where it got the information. Despite the 50 billion yen ($458 million) in operating profit in the six-month period, the company will report a net loss because of the weak performance of a chip-making subsidiary and deficits ...

Bloomberg #DemonetisationDisaster was among the top trends worldwide on Twitter on November 8, the third anniversary of Indian Prime Minister Narendra Modi’s ban on high-value currency notes that has since been termed a “total failure” and a “draconian” act. The outcry comes on the day Moody’s Investors Service cut India’s credit rating outlook to negative, citing a litany of problems ...

Bloomberg The US Justice Department’s (DOJ) top antitrust enforcer said data collection practices of technology companies can raise competition concerns, the latest warning directed at the industry amid a broad investigation of its biggest companies. Makan Delrahim, the head of the antitrust division, said in a speech at Harvard Law School that the department is paying close attention to the ...

Bloomberg Lordstown Motors Corp, the electric-truck startup formed specifically to save a shuttered Ohio car factory, has acquired the highly politicised plant from General Motors Co. The acquisition that the two companies announced ends an era that began when GM opened the complex in 1966. The factory’s fate was largely sealed when the United Auto Workers union was unable to ...

Bloomberg President Donald Trump said trade talks with China are moving along “very nicely,” and said the leaders in Beijing wanted a deal “much more than I do.” Trump also described as “incorrect” reports about how much the US was ready to roll back tariffs on China. “If we don’t make that right deal, we’re not going to make a ...

Abu Dhabi / WAM The UAE’s Supreme Council of the Union has re-elected His Highness Sheikh Khalifa bin Zayed Al Nahyan as its President for a fourth five-year term, in accordance with the provisions of the UAE Constitution. The Supreme Council of the Union expressed its deep confidence in the wise leadership of President His Highness Sheikh Khalifa, and wished ...

Bloomberg Chinese state-owned entities are in talks about investing a combined $5 billion to $10 billion in Aramco’s initial public offering (IPO), people with knowledge of the matter said. The Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to the people, who asked not to be identified because the ...

DUBAi / WAM The 2019 edition of the Islamic Banking Index by Emirates Islamic demonstrates significant progress made by the Islamic banking sector across parameters, with Islamic banking penetration reaching its highest level since the inception of the Index five years ago. Top-line findings of this year’s milestone edition of index indicate the sector continues to widen its appeal to ...