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Bloomberg Reliance Industries Ltd soared the most in more than two years after billionaire Mukesh Ambani revealed a plan to sell a stake to Aramco as part of efforts to pare debt. The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders. Aiding that wou-ld be a proposed sale of 20 percent of Reliance’s ...

Bloomberg Amazon.com Inc. is in late-stage talks to acquire as much as 10 percent of India’s Future Retail Ltd, people familiar with the negotiations said, as the US company moves to bolster its bri- ck-and-mortar presence in one of the world’s fastest-growing retail markets. India’s No. 2 retailer by turnover, Future is seeking a valuation of about 20 billion rupees ...

KUWAIT / Emirates Business Agility, a leading global logistics provider, on Tuesday reported second-quarter earnings of 12.99 fils per share on net profit of KD 21.6 million ($71 million), an increase of 8.1 percent over the same period in 2018. Q2 EBITDA grew 31.2percent to KD 48.6 million, and revenue increased 3.2percent to KD 396.3 million. First-half earnings of 25.18 ...

ABU DHABI / WAM The meeting between the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, which took place in the Mina Palace in Makkah, highlighted the special ties between ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited several infrastructure projects related to the Expo 2020 Dubai, which will begin in October 2020, with the participation of 195 countries. His Highness Sheikh Mohammed bin Rashid visited the Expo 2020 Office in Dubai South, accompanied ...

Abu Dhabi / Emirates Business Abu Dhabi National Energy Company PJSC (Taqa), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced its financial results and operational highlights for the six-month period ending June 30, 2019. Taqa recorded AED9 billion of revenue in the first half of the year, a 5 percent increase compared to ...

Bloomberg US President Donald Trump decried what he called China’s “massive” intervention to suppress the yuan, portraying the US as the beneficiary of his tariffs on Chinese imports and suggesting — despite recent evidence to the contrary — that prices aren’t rising. “Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of ...

DUBAI / Emirates Business Momentum is building towards the second edition of the Dubai Association Conference, with more details being unveiled about the event’s rich programme, built around the core theme of ‘Driving change: The societal impact of associations’. Taking place from December 9-10 at Dubai World Trade Centre and organised by Dubai Association Centre, the 2019 Dubai Association Conference ...

DUBAI / Emirates Business Despite a sustained correction in prices across nearly all communities in Dubai, developers are completing construction and handing over projects with speed, according to the ‘Property Finder Trends’ report for H1 2019. According to data in ‘Trends’ report, a total of 20,978 residential units completed in the first half of 2019. The total comprised 14,999 apartments, ...

Bloomberg China’s two largest companies have lost a combined $140 billion in market value since the escalation of the trade war in May. As Alibaba Group Holding Ltd. and Tencent Holdings Ltd. report earnings this week back-to-back, they’ll try to show the punishment is overdone. The brutal market selloff began three months ago as Donald Trump’s administration slapped restrictions on ...