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Bloomberg Singapore’s sovereign wealth fund, GIC Pte, is nearing a deal to buy a majority stake in Oxford Properties Group’s Fairmont portfolio, which consists of four of Canada’s most iconic hotels, according to people familiar with the matter. The talks are advanced and a deal could be announced in coming weeks, said the people, who asked not to be identified ...

Bloomberg Palm oil inventories in Malaysia likely slumped to a 14-month low in August as exports from the world’s second-largest grower jumped. Stockpiles fell about 7 percent from a month earlier to 2.22 million metric tons, the biggest decline in three months and the lowest since June 2018, according to the median of 12 estimates in a Bloomberg survey of ...

Bloomberg Philippine property shares got a boost after President Rodrigo Duterte said his country benefits from online casinos, standing pat on the industry despite China’s call for a total ban. “I decide that we need it. Many jobs will be lost. Anyway, it’s government-controlled,” Duterte said in a televised briefing, when asked what he told Chinese President Xi Jinping about ...

Bloomberg India’s attempt to land a probe on the moon’s southern pole failed, dealing a major blow to its ambitious space programme. The country’s space agency lost communication with a lander and a rover near the satellite’s surface, minutes before a scheduled touchdown. The Chandrayaan-2 craft’s descent was normal until an altitude of 2.1 km (1.3 miles) before communication was ...

ABU DHABI / WAM UAE Banks Federation (UBF), officially released its annual report for the year 2018, shedding light on the significant progress and achievements of UBF and UAE banking sector, as well as major developments and trends in local and regional economies. The report highlights an increased number of UBF activities, achievements, and outcomes, and that the UAE banking ...

ABU DHABI / WAM UAE banks’ saving account balances hit a record of circa AED165.8 billion ($45.14 billion) during the first seven months of the year, a 9% growth of AED13.8 billion against AED152 billion by the end of 2018, according to statistics revealed by the Central Bank of the United Arab Emirates. The savings accounts for 11.4% of the ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Wednesday announced that it formally closed its $600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. This marks successful closing of total investment transaction, following formal closing of initial investment agreement with BlackRock and KKR on June 27, and subsequent closing of Abu Dhabi Retirement ...

Bloomberg America’s merchandise trade with China continued to sag in July despite a tariff-war truce between the world’s two largest economies that’s since evaporated as President Donald Trump escalated levies and China retaliated. US exports of goods to the Asian nation fell 2.7% from the prior month while imports declined 1.9%, narrowing the trade gap between the countries to a ...

Bloomberg Google’s YouTube agreed on Wednesday to pay a $170 million fine and limit ads on kids’ videos to settle claims that the company violated children’s privacy laws. The world’s largest video-sharing site agreed to pay the fine, which is a record for a children’s privacy case, of $136 million to the US Federal Trade Commission and $34 million New ...

Abu Dhabi / WAM The UAE’s years-long efforts to ensure internet safety for children have made remarkable results. The country’s commitment to protecting children from the negative effects of the virtual world has reflected in a broad spectrum of initiatives such as formulating a national plan, legislations, awareness mechanisms and participating in international efforts in this regard. Since the emergence ...