News

Bloomberg The world’s largest healthcare program in India is running up against a challenge: many of its 500 million beneficiaries don’t have a clue about it, as they didn’t have to enroll for it. Prime Minister Narendra Modi’s solution is to tackle the problem at its roots. He is writing letters to 100 million families educating them about the benefits ...

Bloomberg IBM’s $33 billion purchase of Red Hat Inc — the world’s second-largest technology deal ever — is aimed at catapulting the company into the ranks of the top cloud software competitors. The cash deal, IBM’s biggest by far, boosts the 107-year-old computer-services giant’s credentials overnight in the fast-growing and lucrative cloud market — and gives it much-needed potential for ...

Bloomberg Nokia Oyj has been identified as the biggest individual recipient of potentially illicit funds relating to money laundering allegations against Nordea Bank Abp, according to investor Bill Browder. As much as $97.2 million that may have been laundered ended up in Nokia’s accounts at Nordea, according to a document focussing on potentially illicit transactions in Finland and sent by ...

Bloomberg Quid Inc, a startup that helps companies analyse large volumes of text from news, social media and the web, raised $37.5 million in venture funding, the company plans to announce on Monday. The deal was led by REV Ventures, the investment arm of LexisNexis owner RELX Group Plc, which contributed about $10 million. Other investors include Julian Roberson, the ...

Bloomberg Mercedes-Benz USA is under investigation by US safety regulators who say the luxury-auto maker may be taking too long to send safety recall notices to car owners and inform the government. The National Highway Traffic Safety Administration told the unit of Germany’s Daimler AG that it found numerous instances in which owners of recalled cars weren’t notified within the ...

Bloomberg Profit secured. Tesla Inc blew away expectations with just the third quarter of positive earnings in its history, bolstering Elon Musk’s bid to make selling electric cars a financially sustainable business. The profit and cash that Tesla generated sent its shares surging to levels last seen in mid-August, when the chief executive officer was still in the midst of ...

DUBAI / WAM The UAE has been ranked first globally in five Islamic economic sectors, according to the latest results of the “Global Islamic Economy Report 2018-2019.” The Dubai Islamic Economy Development Centre (DIEDC) on Sunday published the results of the report, titled “An Inclusive Ethical Economy.” The sixth report in the series was commissioned by DIEDC and produced by ...

Emirates Business Agthia Group PJSC, one of the UAE’s leading food and beverages companies, reported a net profit of AED 159 million during the first nine months of 2018, representing a 9% like-for-like increase compared to the same period last year. The group also reported AED 1.49 billion net revenues while gross profit margin reached a record-high 34.7 percent because ...

Bloomberg Saudi Basic Industries Corp (Sabic), the Middle East’s biggest petrochemicals producer, posted a 5.4 percent increase in third-quarter pro-fit on higher prices and sales, meeting analysts’ estimates. Net income rose to 6.1 billion riyals ($1.63 billion) from 5.8 billion riyals a year ago, the Riyadh-based company said in a statement. The average estimate of analysts was for a profit ...

DUBAI / Emirates Business Commercial Bank International (CBI) announced an enterprise partnership with Microsoft Gulf. The Bank will move to the trusted Microsoft Cloud, as a key step in its digital transformation journey. Over past three decades, CBI has established itself as a leading UAE bank helping individuals and businesses manage their finances. To achieve its strategic aspiration of providing ...