News

Bloomberg KKR & Co. and Blackstone Group LP are among suitors that have expressed interest in acquiring a stake in Shriram Group, the Indian finance conglomerate backed by billionaire Ajay Piramal, people with knowledge of the matter said. The two private equity firms have each held preliminary talks in recent months about buying stakes in Chennai-based Shriram Group owned by ...

Bloomberg Chinese electronics giant TCL Corp. is weighing a bid for ASM International NV’s remaining stake in its listed Asian affiliate, as the Dutch semiconductor-equipment maker faces pressure from activist investors, people familiar with the matter said. TCL has been working with an adviser to explore making an offer for the 25 percent stake in Hong Kong-listed ASM Pacific Technology ...

Bloomberg Tencent Holdings Ltd. is turning into a serious drag for emerging-market investors. The stock has tumbled 18 percent since June, its worst performance relative to an index of global technology companies since it started trading in 2004. The biggest stock in Asia — and one which 48 analysts recommend buying — extended its decline even as the MSCI World ...

Bloomberg India’s Infibeam Avenues Ltd. lost 71 percent of its market value on a single day after a WhatsApp message circulating among traders raised concerns about the online iPhone and iPad retailer’s accounting practices. Speculation mounted before a shareholder meeting on Saturday after a message attributed to brokerage Equirus Securities Pvt. began to be distributed on WhatsApp, said Bhavin Mehta, ...

Bloomberg India’s ministry of corporate affairs has ordered an inspection of Vakrangee Ltd.’s books for three financial years, five months after Price Waterhouse resigned as the firm’s auditor. The process will include scrutiny of the auditor’s resignation, Vakrangee’s tax filings in the past five years, the number of outlets across India through which it provides financial services, and its shareholding ...

GENEVA / WAM The Arab Federation for Human Rights studied the report by a group of experts on Yemen and considered it highly politicised and not in compliance with the fundamental standards and principles of international human rights reporting. The federation added the report aims to cover up crimes committed by Houthi militias and targets the Arab Coalition, instead of ...

ABU DHABI / WAM Adnoc LNG, a subsidiary of the Abu Dhabi National Oil Company (Adnoc), on Wednesday signed the Engineering, Procurement and Construction (EPC) contract for the second phase of the Integrated Gas Development Expansion (IGD-E) project with a consortium of Spain’s Tecnicas Reunidas and Abu Dhabi’s Target Engineering Construction Company. The contract is valued at AED3.16 billion ($860 ...

ABU DHABI / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, to boost export trade through the promotion of Shariah-compliant export credit and investment insurance instruments. With the aim of establishing ...

DUBAI / WAM In another first, investors globally will now be able to start their business in Dubai without having to be in the UAE, following an agreement between the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), in Dubai, and the US-based Alliance Business Centres Network (ABCN). The partnership will enable investors ...

VIENNA / WAM The UAE’s Federal Authority for Nuclear Regulation (FANR), has signed three Memoranda of Understanding on cooperation, exchange of technical information, capacity building, research and development. The three MoUs were signed on the sidelines of the 62nd IAEA General Conference in Vienna, Austria. FANR signed a cooperation agreement with the Nuclear Safety Authority of France for the exchange ...