News

Bloomberg India’s biggest aluminum producer Vedanta Ltd. is prioritising controlling costs as it embarks on expanding capacity, according to CEO. Vedanta plans to double alumina capacity at its refinery in the eastern state of Odisha to 4 million tons over the next 2.5 years and raise aluminum smelter production capability by 30% to 3 million tons “at an all-in cost ...

Bloomberg A British-American trade deal won’t be easily agreed after Brexit because the UK wouldn’t accept the punitive terms on offer, according to former US Treasury Secretary Lawrence Summers. “Britain has no leverage. Britain is desperate. Britain has nothing else. It needs an agreement very soon. When you have a desperate partner that’s when you strike the hardest bargain.” President ...

Bloomberg Deutsche Bahn AG, Germany’s state-owned railway operator, chose Amsterdam as the potential listing venue of its UK-based transport unit Arriva to tap higher growth in continental Europe, according to people familiar with the matter. Deutsche Bahn recently filed a prospectus with the Dutch regulator for an initial public offering, said the people, who asked not to be identified because ...

Bloomberg The richest people in the UK are overwhelmingly middle-aged men living in London and the southeast, according to new analysis published on Tuesday. The Institute for Fiscal Studies said the top 1% of taxpayers receive over 150,000 pounds ($182,000) a year and more than a third of them now live in the British capital. The findings, based on Her ...

Bloomberg Barneys New York Inc. is in talks with potential buyers of the rights to its name and trademarks as its advisers search for ways to salvage the luxury retailer, according to people with knowledge of the matter. Potential buyers include Authentic Brands Group LLC, a brand management firm that has snapped up intellectual property from several retailers in recent ...

Bloomberg A rebound in German factory orders in June might be as good as the news gets this week from Europe’s largest economy. Manufacturing is already experiencing its worst slump in seven years, and declining business confidence has raised the risk of a recession. While orders jumped 2.5%, erasing the decline in May, industrial production data due on Wednesday are ...

SHABWA/ WAM The United Arab Emirates through its humanitarian arm — the Emirates Red Crescent (ERC) — has provided relief aid to people affected by heavy floods in Merkhah As Sufla District in Shabwa, Yemen. The ERC team distributed 800 food baskets to 4,720 citizens and provided shelter camps for Yemenis whose homes were damaged by the floods. The move ...

ABU DHABI / WAM To boost Abu Dhabi’s cyber security capabilities, Abu Dhabi Digital Authority (ADDA) held the Cyber Defence Challenge in partnership with cybersecurity solutions firm Trend Micro. The challenge aims to strengthen the protection of servers and hybrid cloud data centres of Abu Dhabi’s organisations. The initiative comes in line with the ADDA’s key strategy to collaborate with ...

Dubai / Emirates Business The value of apparel sales in the UAE amounted to $12.3 billion in 2018, registering an annual growth rate of about 4.8 percent, while the sector is expected to see stronger performance over the 2019-2023 period, new analysis released by Dubai Chamber of Commerce and Industry has revealed. The analysis, based on recent data from Euromonitor ...

Bloomberg Oil slid as escalating trade tensions between the US and China prompted investors across financial markets to flee risk assets, though West Texas Intermediate pared losses after a report signaled an inventory drop at America’s main storage hub. Futures fell in London and New York after posting a loss last week. The dispute between the top major economies is ...