News

Bloomberg Delinquent loans worth as much as 700 billion rupees ($10 billion) in India’s power sector are in the process of being resolved, according to the nation’s largest bank, helping lenders avoid dragging seven accounts to bankruptcy court under new norms laid out by the regulator. State Bank of India identified 34 stressed accounts in the power sector, with dues ...

Bloomberg Oando Plc is looking to boost crude output from next year as the Nigerian producer breaks the back of a $2.5 billion debt burden built up through the 2014 acquisition of oil and gas assets from US giant ConocoPhillips. The borrowings will be almost 90 percent lower by the third quarter of 2019 and the company is now preparing ...

Bloomberg Colombia’s Ecopetrol SA plans to expand its oil and gas reserves through acquisitions, while also increasing its presence in the US. The state-owned oil company has identified assets that it may consider buying, Chief Executive Officer Felipe Bayon said at the New York Stock Exchange. “We’re trying to make it happen this year.” “It needs to be the right ...

Bloomberg Apple Inc. is not only doubling down on the iPhone X, it’s tripling down. The world’s most valuable company plans to launch three new phones soon that keep the edge-to-edge screen design of last year’s flagship, according to people familiar with the matter. The devices will boast a wider range of prices, features and sizes to increase their appeal, ...

Bloomberg Bayer AG and Johnson & Johnson’s blood-thinning drug Xarelto didn’t prevent clotting in high-risk patients after they were released from the hospital, a setback for one of the manufacturers’ best-selling drugs. About 12,000 medically ill patients at increased risk of blood clotting took part in the trial, known as the Mariner study. The results were presented at the European ...

Bloomberg Elon Musk’s stunning tweet that he wanted to take Tesla Inc. private and had funding secured was a classic Musk moonshot — given credibility only by the sense that if anyone could possibly pull such a brazen feat, he was the guy. The initial scoffing after that August 7 post gave way to hiring of bankers to a board ...

ABU DHABI / WAM Abu Dhabi City Municipality (ADM), in collaboration with Abu Dhabi Islamic Bank, has issued the first digital mortgage certificate worldwide making the UAE the first country in the world to offer digital real estate services through a smart services hub. The step culminates the upsurge in the digitalisation of services advocated by the Department of Urban ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) has announced that it had made electric power saving as much as 12.6 Gigawatt-Hour (GW/h) in 2017, in addition to reducing carbon emissions by 5,430 tons. Making such savings contributes to realising RTA’s strategic objective of nurturing a sustainable environment through saving power consumption. “A plan has been endorsed to replace ...

DUBAI / WAM The UAE Ministry of Climate Change and Environment (MOCCAE) signed a Memorandum of Understanding (MoU) on Sunday, with Etihad Energy Services Company, to bolster the principles of sustainability in the public and private sectors. In the presence of Dr Thani bin Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, the MoU was signed by Saif Mohamed AlShara, ...

RAS AL KHAIMAH / WAM Julphar has signed an agreement with leading global medical technology company BD (Becton, Dickinson and Company) to supply disposable insulin pens in the UAE. BD develops innovative technologies, services and solutions that help advance both the clinical process for healthcare providers and clinical therapy for patients, including a wide variety of insulin delivery devices for ...