News

Bloomberg Malaysia will return 42 containers of illegal plastic waste to the UK, which has agreed to take them back, as the Southeast Asian nation continues its fight against becoming the world’s dumping ground for trash. The containers, which arrived at Penang Port between March 2018 and March 2019, were classified as illegal because they failed to comply with the ...

Bloomberg India’s digital payments pioneer Paytm announced new funding from existing shareholders like SoftBank Group Corp’s Vision Fund and new investors, as competition in the country’s finance sector heats up. Though the company did not disclose details, it raised $1 billion in equity at a $16 billion valuation, according to a person familiar with the matter. It is in talks ...

Bloomberg China Mengniu Dairy Co agreed to buy Kirin Holdings Co’s Australian beverage unit Lion Dairy & Drinks for about 45.6 billion yen ($419 million), the Chinese dairy giant’s latest foray into the continent. Mengniu will pick up Lion’s milk, yogurt and juice products, the companies said in a statemen. The deal is expected to close in the first half ...

Bloomberg Southeast Asian payments platform 2C2P Pte, which helps airlines, travel companies and online shopping malls handle payments from customers in the region, has raised $52 million from investors including the World Bank’s International Finance Corp, Cento Ventures and Arbor Ventures to fund expansion. The new funding round will bolster the company’s position in Southeast Asia’s burgeoning digital payments market ...

Bloomberg SoftBank Group will this week begin a previously agreed tender offer for as much as $3 billion of WeWork shares, including up to $970 million owned by WeWork cofounder Adam Neumann, two people familiar with the matter said. Tender offer will go ahead based on the previously announced terms of $19.19 per WeWork share. No talks between SoftBank and ...

ABU DHABI / WAM Under the framework of the UAE’s efforts to support the Yemeni people, the country has contributed AED367 million, equivalent to $100 million, to the United Nations Humanitarian Response Plan in Yemen 2019, bringing the total aid contributed by the UAE to over AED22 billion. Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, signed ...

Dubai / Emirates Business Alpen Capital Limited, Dubai-headquartered investment banking advisory firm, announced the publication of its latest report on the GCC Insurance Industry for the year 2019. The report provides a comprehensive overview of the GCC insurance sector and outlines the recent trends, growth drivers and challenges in the sector. It also profiles some of the prominent insurance companies ...

DUBAI / WAM The National Bonds, a Shariah-compliant investment company in the UAE, announced the launch of “NBC Booster 20”, following the signing of a Memorandum of Understanding (MoU), with the Dubai Financial Market (DFM), this year. National Bonds will provide certificates of investment for registered investors exclusively, through DFM-licensed brokers, effective from November 17. This exclusive offer, which is ...

DUBAI / Emirates Business Enoc Group, the Official Integrated Energy Partner of Expo 2020 Dubai, on Sunday marked the ground-breaking of its Expo 2020 Dubai pavilion, located near the UAE pavilion and between the Sustainability and Opportunity Districts. Under the theme of ‘Reimagine Energy’, the pavilion will be split across five distinct pavilion structures or ‘houses’ inspired by traditional oil ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA), launched the Digital Coach project for training public transport riders. The move is in line with the UAE Strategy for artificial intelligence (AI), and technology is first of its kind in training drivers worldwide. This robot is configured to train both novice and professional drivers in need of further exposure to ...