News

Dubai / WAM National Bank of Fujairah (NBF), announced on Sunday that NBF Islamic has retained the ‘Best Islamic Window – UAE’ accolade for the third consecutive year at the Islamic Business and Finance Awards 2018. Hosted by CPI Financial, the Islamic Business and Finance Awards recognises the efforts of business leaders as they seek to promote their organisation’s Shari’a ...

Dubai / WAM Dubai remains on track to becoming the most visited city for global travel, business and events, according to the latest visitation figures released by Dubai’s Department of Tourism & Commerce Marketing (Dubai Tourism). The emirate welcomed 11.58 million visitors in the first three quarters of 2018, with India retaining its position as Dubai’s leading source market, followed ...

Bloomberg Bloated by debt, bled by corruption and battered by structurally declining sales, South African power utility Eskom Holdings SOC Ltd is facing what’s known in the industry as a “death spiral.” And the Johannesburg-based company poses the biggest credit risk to Africa’s most industrialised nation, according to S&P Global Ratings. More than a decade of unreliable supply and surging ...

Bloomberg China’s dramatic increase in liquefied natural gas (LNG) imports ov-er past two years may have hogged the headlines, but India may well emulate its neighbour in switching to the cleanest, fastest-growing fossil fuel. As China’s shift to natural gas from dirtier burning fuels such as coal and fuel oil helps improve air quality, Indian cities are rising in pollution ...

Bloomberg The pipeline shortage that has been strangling the Canadian oil industry is weighing on spending plans for next year, with one major producer slashing its capital budget for 2019 by C$1 billion ($750 million). Canadian Natural Resources Ltd, citing a lack of shipping options, said that it’s targeting a base capital plan of C$3.7 billion for next year, about ...

Bloomberg HCL Technologies Ltd., founded by Indian billionaire Shiv Nadar’s family, was the worst performer among the nation’s top 50 companies after the software maker said it was buying some of International Business Machines Corp.’s software assets for $1.8 billion. The shares slid 5 percent to 961.95 rupees at the close in Mumbai on a day when the S&P BSE ...

Bloomberg SoftBank hired Facebook Inc. executive Kirthiga Reddy as a partner at its $100 billion Vision Fund, the first woman to join a group of just a dozen that oversees the world’s biggest pool of technology investments. Reddy has joined SoftBank Investment Advisors, which manages the giant fund globally, to focus on frontier and enterprise technology globally, according to a ...

Bloomberg Roughly 1.24 million people died in 2017 from India’s air pollution, according to The Lancet. The research released found 13 percent of India’s deaths — one out of every eight — could be attributed to bad air, underscoring the scale of the South Asian nation’s battle with the world’s deadliest air. More people died from smog than from household ...

Bloomberg Vedanta Ltd. is targeting zinc production of 1 million metric tons a year from its southern African operations as it expands output at its new Gamsberg mine in South Africa’s Northern Cape province, helping it remain one of the world’s biggest miners of the steel ingredient. Vedanta Zinc International expects to receive board approval to proceed with phase 2 ...

Bloomberg The revival of Pininfarina SpA, the iconic coach-builder famous for designing Ferrari sports cars, is ahead of schedule, though the turnaround is an “unfinished story,” said Anand Mahindra, chairman of the group that bought the Italian company three years ago. Pininfarina, founded in 1930 by Battista “Pinin” Farina, is boosting profit and winning orders for clients inside and outside ...