News

Dubai / WAM Dubai Electricity and Water Authority (Dewa) awarded contracts worth AED 382 million to supply 1,548 kilometres (km) of 11 kilovolt (kV) power cables. The contracts include the supply of cables across different regions in Dubai to meet the criteria for the electricity distribution network expansion, and to keep up with the continued growth in demand for electricity ...

Dubai / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, inaugurated an ambient air quality monitoring station at the headquarters of the Ministry of Climate Change and Environment in Dubai. The station has been developed in partnership with BDH Middle East, a leading global supplier of the widest range of chemicals, glassware, apparatus, lab instruments, ...

Bloomberg MEG Energy Corp. rejected a C$3.05 billion ($2.34 billion) hostile takeover offer from Husky Energy Inc. and announced a plan to seek other buyers, kicking off a bidding war for its prized Canadian oil-sands assets. MEG announced its rejection of the offer, which it said undervalued the company. MEG is seeking to draw out other potential buyers who may ...

Bloomberg A Chinese push to conclude a new Asia-wide trade agreement this year is running into opposition from India fed partly by concerns over the fallout of Beijing’s deepening trade war with the US. The 16-country Regional Comprehensive Economic Agreement (RCEP) is the Beijing-backed rival to the Trans-Pacific Partnership (TPP), a vast regional pact once led by the US that ...

Bloomberg Lenders for Essar Steel India Ltd., the biggest steel mill on the block under India’s new bankruptcy law, have selected ArcelorMittal as the preferred bidder for the asset, bringing the world’s largest steel maker a step closer to gaining a foothold in India’s growing market for the alloy. Arcelor, controlled by billionaire Lakshmi Mittal, will now begin final negotiations ...

Bloomberg Japan’s most closely watched gauge of inflation edged up again in September with help of costlier energy to tally with Governor Haruhiko Kuroda’s latest view that consumer prices are rising at about half the pace targeted by the central bank. While Kuroda has taken a more bullish view on the current strength in inflation, economists said the latest data ...

Bloomberg A bribery probe at major Indonesian developer PT Lippo Karawaci has prompted investors to ask if more companies might get caught in the government’s anti-corruption campaign. That’s adding to broader strains on the nation’s junk bonds, which have already been hit harder than Asian peers in the recent emerging-market sell-off as the rupiah tanks. The timing couldn’t be worse, ...

Bloomberg Samsung Electronics Co. is targeting an annual 10 percent increase in revenue from Africa over the next decade, even as competition from cheaper consumer devices intensifies. The South Korean company will concentrate on key markets including South Africa, Kenya, Nigeria, Ghana and Senegal, according to Africa Chief Executive Officer Sung Yoon. The more mature of those markets are expanding ...

Bloomberg Over the past year, the fortunes of the two brothers at the helm of India’s wealthiest dynasty have grown apart — to about $40 billion apart. Elder sibling Mukesh Ambani, 61, toppled China’s Jack Ma as Asia’s richest man, after driving a telecommunications revolution in India that propelled his petrochemicals conglomerate Reliance Industries Ltd. into the $100 billion club. ...

Bloomberg Porsche AG’s chief financial officer said a share sale of most profitable unit could unlock value to echo Ferrari NV’s successful public offering and help the sports-car maker raise money if needed. The maker of the 911 model could easily be valued “between 60 billion and 70 billion” euros ($69.4-$81 billion), applying multiples for luxury-goods producers such as Ferrari, ...