News

Bloomberg After a years-long drought, a wave of technology startups — Uber, Lyft, Pinterest and more — are going public, evidence that the sector is thriving. But there’s a shadow hanging over almost all of them. Seventeen of the 22 tech initial public offerings that aimed to raise $100 million or more in the last 18 months mention Amazon.com Inc ...

Bloomberg Blackstone Group LP is close to agreeing on a deal valued at about 950 million euros ($1.1 billion) to sell a portfolio of Spanish mortgages to CarVal Investors LLC, people with knowledge of the transaction said. CarVal’s bid topped offers from Goldman Sachs Group Inc and Elliott Management Corp, the people said, asking not to be identified as the ...

Bloomberg Applied Materials Inc, one of the largest makers of machines used to make semiconductors, is to buy Kokusai Electric from KKR & Co in a deal worth about $2.2 billion. Kokusai Electric will operate as a business unit of Applied’s Semiconductor Products Group and continue to be based in Tokyo, according to a statement. The deal is expected to ...

Bloomberg Apple Inc shares could gain as much as $25 over the coming months on a resolution to the China tariff dispute, removing “the albatross around [CEO Tim] Cook’s neck,” Wedbush analyst Dan Ives wrote in a note on Monday. The iPhone maker gained 3% in pre-market trading on Monday, among tech stocks rallying on Monday after President Donald Trump ...

Bloomberg A downturn in UK manufacturing worsened in June as a gauge for the industry dropped to the lowest level since February 2013. IHS Markit’s Purchasing Managers Index for the sector showed a back-to-back contraction for the first time in more than six years. Production and new business returned the worst readings for almost seven years, with companies citing Brexit ...

ABU DHABI / WAM A senior official announced a commitment to a new solar project in Abu Dhabi that is expected to set a new record. “I am excited to announce a new 2 gigawatt (GW) solar project in Al Dhafra region in Abu Dhabi. This will eclipse the record-breaking 1GW Noor Abu Dhabi Plant,” said Dr Thani bin Ahmed ...

Bloomberg DP World Plc is in “very advanced” discussions to acquire Topaz Energy & Marine Plc in what would be the Dubai-based company’s first venture into the oil and gas sector. The world’s largest port operator also said in a statement that there is no certainty of a transaction. Sky News reported earlier that a $1.3 billion deal could be ...

SHARJAH / WAM Dana Gas has announced that it received payments of $48 million (AED177 million) from its operations in Egypt in June. These collections comprise $38 million in payments from the government (of which $30 million as Dana Gas’ share of the industry payment) and $10 million from the sale of the second El Wastani condensate shipment in 2019. ...

ABU DHABI / WAM Abu Dhabi National Exhibitions Company (Adnec) has received the International Association of Convention Centres’ (AIPC) Innovation Award for its new innovative meeting space, ‘The Hive’. Adnec won the industry recognition following stiff competition from seven leading international venues across seven countries including Australia, Finland, South Africa, Canada, Germany, Singapore and Russia. The Hive, the first of ...

Bloomberg President Donald Trump declared the US was “winning” the trade war a day after reaching a temporary truce with Chinese President Xi Jinping. On a visit to South Korea following the Group of 20 summit in Japan, Trump said at a news conference that the Federal Reserve “has not been of help to us at all” in his trade ...