News

Bloomberg India’s company court approved a bid by a group of firms controlled by yoga guru Baba Ramdev to take over cooking oil and soya-products maker Ruchi Soya Industries Ltd for 43.5 billion rupees ($606 million). Patanjali Consortium Adhigrahan Pvt — a venture by Patanjali Ayurved Ltd and three other companies — will merge with Ruchi Soya, according to a ...

Bloomberg The ongoing protests in Hong Kong, now in their 15th week, have delivered a blow to the city’s tourism industry not seen since the 2003 SARS epidemic. Tourist arrivals in the city declined almost 40 percent in August from a year earlier, Financial Secretary Paul Chan wrote in a blog post. That’s the biggest year-on-year decrease in visitor numbers ...

Bloomberg Gold exchange-traded funds in India saw the highest inflows in more than six years as investors poured in money seeking safe havens amid record high domestic prices and a slowdown in the economy. Net inflows in August rose to $20 million, the highest since December 2012, according to data from the Association of Mutual Funds in India. It was ...

Bloomberg Dalton Capital Japan, a subsidiary of Dalton Strategic Partnership LLP, said it will shut its Tokyo office, citing Brexit and shrinking demand from European investors. “As we expect the business environment to toughen due to Brexit and given dwindling appetite in Japanese equities from European investors, operations will be consolidated with Dalton Strategic Partnership in London,” the asset manager ...

Abu Dhabi / WAM The governments of the United Arab Emirates and the Kingdom of Saudi Arabia have welcomed the response by the Legitimate Government of Yemen and the Southern Transitional Council, on the Kingdom’s call for dialogue, saying it is “a major and positive step” towards ending the recent crisis in the governorates of Aden, Abyan and Shabwa. The ...

ABU DHABI / WAM The upcoming 24th World Energy Conference 2019 will crown Abu Dhabi’s efforts to face the challenges of the global energy sector and shape a brighter future, as well as become the world’s energy capital, according to Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry. During an interview with the Emirates News Agency ...

SHARJAH / WAM As part of its charitable and humanitarian projects within the UAE and abroad from 2008-2018, Sharjah Charity International (SCI), spent AED2.5 billion in past decade on aid packages for underprivileged citizens and residents in UAE, payments for orphans, and the implementation of projects in some 110 developing countries across the world. This was documented in a report ...

DUBAI / WAM The upcoming sixth edition of the World Green Economy Summit (WGES 2019), will showcase innovation, as well as the key achievements realised by the UAE to push forward its transformation to a green economy. The event will take place on October 20-21 at the Dubai International Convention and Exhibition Centre. Held under the patronage of HH Sheikh ...

Bloomberg Saudi Arabia’s King Salman dismissed Energy Minister Khalid Al-Falih and replaced him with one of his sons, putting a royal family member in charge of oil policy in the world’s largest crude exporter for the first time. Prince Abdulaziz bin Salman, a longtime top Energy Ministry official, is an older half-brother to the Crown Prince Mohammed bin Salman. Analysts ...

Abu Dhabi / WAM The Integrated Transport Centre (ITC), and the Abu Dhabi General Services Company Musanada have begun construction works on a link road between the Shah Gas Field and the Mezairaa area at an estimated value of AED158.4 million. In a statement, the ITC said that the construction of the Shah Field-Mezairaa link road project, spread over an ...