News

Bloomberg Tradeweb Markets Inc. raised $1.1 billion in the second-largest US initial public offering this year, after again increasing the number of shares it was selling and then pricing them above the marketed range. The bond and derivative trading platform sold 40 million shares for $27 apiece, according to a statement. Tradeweb had originally planned to sell 27.3 million shares ...

Bloomberg Tesla Inc. shares plummeted as a record decline in deliveries during the first quarter stoked concern of slackening demand for the Model 3 sedan that started selling less than two years ago. The electric-car maker delivered 63,000 vehicles in the three months that ended in March, down from 90,966 in the fourth quarter. Tesla shares sank as much as ...

DUBAI / WAM The smart city concept has the potential to boost the economic development of global cities by over five percent and deliver at least $20 trillion in additional economic benefits by 2026, reveals a a report titled “Role of Smart Cities for Economic Development.” The numbers were released as discussions on the economic impact of smart cities have ...

DUBAI / WAM Dubai Chamber of Commerce and Industry’s representative office in Kenya organised a study mission to Dar es Salaam, Tanzania, which explored business potential within country’s healthcare, manufacturing, agriculture, energy, tourism, and hospitality sectors. The study mission coincided with the 7th East African Health and Scientific Conference where Chamber officials examined new investment opportunities emerging across region. Dubai ...

Bloomberg The market power of corporations is rising across rich economies and could eat into economic growth if the trend intensifies, the International Monetary Fund (IMF) said. Corporate market power increased moderately between 2000 and 2015, with price markups increasing by 8 percent, the IMF said in an analysis accompanying its latest World Economic Outlook. The increase was concentrated outside ...

Bloomberg Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the US-China trade impasse lifted financial markets. Brent crude’s rapid recovery this year — with the biggest quarterly gain in almost a decade — is a victory for the production cuts made by Opec ...

Dubai / Emirates Business Toshiba announced the Middle East-India launch of its turntable audio system designed to wow music lovers with a blend of the vintage and modern. The Toshiba Turntable–LP 200 with Bluetooth connectivity and bundled with stereo speakers is a fusion of retro and latest digital technology that enables users to listen to music the way it was ...

ABU DHABI / WAM The Federal Authority for Nuclear Regulation (FANR), the nuclear regulator in the UAE, launched a ‘Legal Developee Programme’ designed to train UAE nationals in nuclear law and prepare them for employment at the Legal Affairs Department of FANR. The first-of-its-kind in the UAE, the programme forms a part of FANR’s strategy to build long-term sustainability by ...

DUBAI / WAM Nasdaq Dubai on Wednesday welcomed the listing of a $1 billion Sukuk issued by the Emirate of Sharjah. The Emirate’s total Sukuk value listed on the Middle East’s financial exchange has now reached $3.45 billion. The joint lead managers for the latest Sukuk listing were Arab Banking Corporation, Dubai Islamic Bank, HSBC Bank, KFH Capital Investment Company, ...

RAS AL KHAIMAH / WAM The Emirate of Ras Al Khaimah has made “noteworthy strides” in ease of doing business, a World Bank report has noted. According to the ‘Doing Business 2019 in Ras Al Khaimah’ report, the emirate has shown “significant improvement” as a result of reforms introduced by federal authorities in four areas: starting a business, dealing with ...