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YEKATERINBURG / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, highlighted the UAE’s commitment to creating the future of global industry and achieving sustainable development. In his speech during the launch of the second edition of the Global Manufacturing and Industrialisation Summit (GMIS), held in the Russian city of Yekaterinburg, Al Mazrouei said that the ...

Bloomberg The Indian billionaire behind the controversial Carmichael coal mine in Australia is hitting back at criticism the endeavor will be both unprofitable and too dirty. In an interview in New Delhi, Gautam Adani took aim at two major faults opponents have flung at the development: that the mine’s low-quality coal won’t earn enough money to justify his $2 billion ...

Bloomberg Thailand is set to increase minimum wages for a second straight year as it looks to attract workers amid an aging population and shortage of labour in key industries. A subcommittee to decide on the extent of increase will meet in the next one to two months to assess the revision based on the state of the economy and ...

Bloomberg A tiny company linked to Prime Minister Viktor Orban’s closest business ally agreed to take over a much bigger unit of Deutsche Telekom AG’s local subsidiary in Hungary, in the most high-profile acquisition to date for the premier’s circle of business partners. 4iG, partly owned by Lorinc Meszaros, a former gas fitter from Orban’s home village, signed the deal ...

Bloomberg The German cancer-treatment researcher BioNTech raised $325 million from investors, one of the largest financing rounds ever by a European biotechnology company. The second-round haul brings closely held BioNTech’s total fundraising to more than $1.4 billion, according to Sean Marett, the company’s chief business officer. The figure is high even by standards in the US, where the valuations of ...

Bloomberg PepsiCo Inc reported quarterly profit that beat estimates with brands including Mountain Dew soda and Doritos chips boosting results. Second-quarter earnings, excluding some items, amounted to $1.54 a share, compared with projections of $1.50. Revenue of $16.44 billion was narrowly ahead of estimates. PepsiCo has boosted its marketing spending as it tries to drive growth in an increasingly competitive ...

Bloomberg Workers from ethnic minority groups in London are paid 21.7 percent less on average than white employees, according to Office for National Statistics data. The capital — which is home to the highest proportion of workers identifying as being from an ethnic minority group — had the largest pay gap in the country last year, figures drawn from the ...

Bloomberg Italy’s construction industry is crumbling after years of recession and bad investments, but now the sector’s biggest player is betting it can be rebuilt. Salini Impregilo SpA, whose projects have included expansion of the Panama Canal to a new subway line in Riyadh, plans to create a 1.5 billion-euro ($1.7 billion) construction hub dubbed “Progetto Italia,” or Project Italy, ...

ABU DHABI / WAM The Central Bank of the UAE (CBUAE) has launched the recent edition of the UAE Financial Stability Report (FSR). The report provides relevant information, financial data, and stability assessments related to the UAE financial system, reinforcing the confidence and transparency in the banking and financial system across the Emirates. According to the report, CBUAE noted that ...

Bloomberg DP World Plc mandated banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans. The world’s largest port operator hired Citigroup Inc., Dubai Islamic Bank PJSC (DIB) and Standard Chartered Plc to arrange investor meetings in Hong Kong, Singapore and London from ...