News

Bloomberg In Pakistan’s Tharpakar desert, Chinese and Pakistani workers toil in the blistering heat to complete the construction of a massive open pit coal mine and an adjacent 660 megawatt power plant four months before schedule. When Engro, one of Pakistan’s largest conglomerates, which is partnering with China, begins generating electricity from the plant in December it will hit a ...

Bloomberg India’s finance ministry said a 25 percent safeguard duty on solar cells and modules imported from China and Malaysia has been imposed, providing some clarity on the protectionist move that had been caught up in court battles. The tariff will be imposed in accordance with a notification originally published on July 30, the finance ministry said. The development follows ...

Bloomberg Meituan Dianping raised about $4.2 billion after the Chinese food review and delivery giant priced its Hong Kong initial public offering near the top of a marketed range, according to people with knowledge of the matter. China’s second largest tech startup priced its sale of 480.27 million new Class B shares at HK$69 apiece, the people said, asking not ...

Bloomberg The party isn’t over for Chinese companies seeking US listings and NIO Inc., which almost doubled after two full days as a public company, might deserve credit for keeping the trade alive. After an underwhelming first day of trading on September 12, the surge in the Shanghai-based electric car maker suggests investors may continue to swarm around US listings ...

Bloomberg Super Typhoon Mangkhut battered the Philippines with gales and torrential rains, leaving at least three people dead and thousands homeless, triggering landslides and damaging an airport before heading towards China. The most powerful storm of the year ripped into Cagayan province in the northern Philippines with winds of up to 269 kilometres (167 miles) per hour. By US standards ...

Bloomberg Volkswagen AG’s board is working towards a decision to list its heavy-truck division, a move that would generate fresh funds for its bid to challenge global leaders Daimler AG and Volvo AB, according to people familiar with the matter. VW’s supervisory board plans to discuss the matter early next week, and the truck unit will host a capital markets ...

Bloomberg Facebook Inc. co-founder Mark Zuckerberg has to explain in court why he dropped a plan to create non-voting shares, which would’ve allowed him to retain control of the world’s largest social-media company after selling most of his stake to fund charitable works. Delaware Chancery Court Judge Travis Laster ordered Zuckerberg to testify on November 19 in a lawsuit brought ...

Bloomberg Blackstone Group LP expects to raise $18 billion for its biggest real estate fund ever. The firm, already the private equity industry’s largest real estate investor, will have a strategy similar to its last fund, investing in distressed properties globally, according to people with knowledge of the plans. Blackstone’s prior fund gathered $15.8 billion in 2015. Blackstone is seeking ...

Bloomberg Abu Dhabi is set to cash in significant gains as its Mubadala Investment Co. pushes ahead with an initial public offering (IPO) for Spanish oil firm Cepsa, in what could be the largest such deal in a decade. The state-owned investor decided to proceed with an IPO rather than a sale after potential bidders for the company were narrowed ...

Abu Dhabi / WAM The UAE banking sector has continued to top other GCC counterparts in terms of assets value during H1 2018, with a total value of AED2.7 trillion ($748 billion), a growth of 2 percent compared to the end of 2017. According to industry experts, the UAE banking sector’s leading edge corroborates the robust financial solvency it enjoys ...