News

Bloomberg Lenders dumped shares of Anil Ambani group companies they held as collateral after their market value plummeted about 126 billion rupees ($1.8 billion) this month, adding to the litany of woes plaguing the Indian billionaire. Creditors sold a total 5.5 billion shares in four companies — Reliance Power Ltd., Reliance Infrastructure Ltd., Reliance Communications Ltd. and Reliance Capital Ltd. ...

Bloomberg Sony Corp. is buying back as much as 100 billion yen ($910 million) of its own shares, the electronics maker’s first-ever large scale repurchase. The shares rose as much as 4.8 percent in early trading in Tokyo after announcing the buyback, which will start on Tuesday and last through March 22. This is the first share repurchase aimed at ...

Bloomberg The China slowdown sending tremors through the business world has resulted in the biggest record loss in India’s corporate history. Tata Motors Ltd. shares had their biggest drop in 26 years in Mumbai trading after the company unveiled a writedown in its luxury Jaguar Land Rover Automotive Plc unit. The decline of as much as 30 percent was the ...

Bloomberg India’s biggest foreign-owned money manager expects the nation’s economic growth and company earnings to be insulated from national elections even as stock market volatility increases in the run-up to voting. “Elections can only boost or dampen sentiment depending on the news flow, but they won’t massively impact the underlying earnings and economic growth of India,” said Anand Radhakrishnan, chief ...

VATICAN / WAM His Holiness Pope Francis, Head of the Catholic Church, reflected on his Journey to the United Arab Emirates, at his General Audience on Wednesday. The journey to the UAE “wrote a new page in the history of dialogue between Christianity and Islam,” His Holiness the Pope said, affirming that the visit underlined the commitment to “promote peace ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced the award of a dredging, land reclamation and marine construction contract to build multiple artificial islands in the first phase of development of the Ghasha Concession. The contract awarded to the UAE’s National Marine Dredging Company (NMDC) is valued at AED5 billion ($1.36 billion) and will ...

DUBAI / WAM Nasser bin Thani Al Hameli, Minister of Human Resources and Emiratisation, met Zulfiqar Hussain Bukhari, Special Assistant to Prime Minister for Overseas Pakistanis and Hum-an Resource Development. The two sides re-affirmed their countries’ commitment towards developing the historic ties between the two nations in terms of work force. The meeting touched on the country’s strategic policies and ...

Bloomberg Oil steadied below $54 a barrel as signs of weakening economic growth from Europe to the US and a reported increase in American crude stockpiles were offset by supply curbs from Opec and its allies. Futures in New York fell as much as 1.5 percent before paring losses. Growth concerns were fueled by a drop in German factory orders, ...

Dubai / WAM Dubai Police have launched an initiative that will entitle drivers to a 100 percent reduction on existing fines, under the condition that drivers do not commit any violations for a full calendar year starting from February 2019. Under the new initiative, drivers who do not commit any traffic violations for three months will be eligible for a ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday attended part of the Third Forum of UAE’s Ambassadors and Representatives of Diplomatic Missions, which started on February 2 and will wrap up on Thursday. His Highness Sheikh Mohamed attended panel sessions ...