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Bloomberg Hong Kong’s government plans to spend $80 billion, equivalent to half its fiscal reserves, to reclaim land for artificial islands that’ll help ease its housing crunch. The price tag for the so-called Lantau Tomorrow Vision includes costs for reclamation, infrastructure and improving transportation, Michael Wong, secretary for development, said at a briefing on Tuesday. More than a third, or ...

Bloomberg General Electric Co. will burn as much as $2 billion of cash this year as the manufacturer tries to repair its balance sheet and put its reeling power business back on stable ground. Free cash flow from the company’s industrial businesses will decline in 2019 as restructuring costs hit at least $2.4 billion, GE said in a presentation detailing ...

Bloomberg Investor confidence in Germany’s growth outlook improved for a fifth straight month as global risks subsided, suggesting Europe’s largest economy will shake off its weakness as the year progresses. A gauge measuring prospects for the next six months rose to minus 3.6 in March, the highest in a year, beating an estimate for a gain to minus 11. Despite ...

Bloomberg The former head of the United Auto Workers’ unit representing workers at Fiat Chrysler Automobiles NV department was charged by federal prosecutors in Detroit with conspiracy to violate the Labor Management Relations Act, becoming the highest-ranked union official yet caught up in the investigation. Norwood Jewell is the latest former UAW or company official charged by the US over ...

Bloomberg The UK labour market remained in robust health in the three months through January, despite a Brexit-induced slowdown in the overall economy. Employment hit a record high after the biggest jump in more than three years and underlying pay growth maintained its fastest pace in more than a decade as companies struggled to fill vacancies, Office for National Statistics ...

Bloomberg Vale SA’s shares declined as the world’s biggest iron ore producer faced continued backlash from Brazilian authorities after a deadly mining accident in January. Rio de Janeiro-based Vale was ordered on March 15 to shut its Timbopeba mine in Minas Gerais state, which produces 12.8 million tons of iron ore per year, due to safety concerns. A court ordered ...

Bloomberg Big companies often leave their suppliers hanging for weeks without pay, but Vodafone Group Plc is taking this a step further: it’s investing in a fund that makes money off the delay. The British phone operator poured 1 billion euros ($1.1 billion) into the 2.4 billion-euro fund run by beleaguered Swiss asset manager GAM Holding AG, which generates returns ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) on Monday signed a volume commitment extension agreement for 2019 with the global shipping company AP Moller — Maersk to transport EGA’s aluminium to customers around the world. EGA exports its metal to customers in more than 60 countries worldwide and makes more than 11,000 shipments each year using over 100,000 containers. ...

Abu Dhabi / WAM The UAE’s two main bourses secured AED11.5 billion in gains on Monday, the highest in months, driven by the realty and banking sectors. Amidst high sentiments, General Index of the Dubai Financial Market increased 1.63 percent, closing high at 2619 points, with General Index of the Abu Dhabi Securities Exchange following suit, ending the session up1.8 ...

DUBAI / WAM An Italian delegation led by Liborio Stellino, Ambassador of Italy to the UAE, has visited Dubai Electricity and Water Authority (Dewa), and discussed ways to enhance strategic partnerships between Dewa and Italian organisations, and exchange best global experiences and practices. This is one of a series of visits by diplomatic and consular officials to Dewa to consult ...