News

Bloomberg Jindal Steel & Power Ltd. is considering a breakup plan as part of a restructuring to help trim its 420 billion rupee ($6 billion) debt pile and boost investor confidence in a company that was once India’s biggest steelmaker by market value. The New Delhi-based company is looking at splitting its steel, power and international businesses into three separate ...

Bloomberg Souche.com, operator of a used car trading website, raised $578 million to fund its research and development and expand its leasing programme. The round was led by Primavera Capital and Morningside Venture Capital. Other investors include Alibaba Group Holding Ltd., Dreamfly Capital and ClearVue Partners, the company said in an emailed statement. Founder and Chief Executive Yao Junhong said ...

Bloomberg China’s embattled HNA Group Co., which has managed to reduce one of the country’s biggest debt piles by selling off dozens of assets, will probably need to slim down even further before regaining the trust of investors. The conglomerate’s total debt fell 9.5 percent to 541.6 billion yuan ($79 billion) at the end of June, down about $8.3 billion ...

Bloomberg Typhoon Jebi is set to hit western Japan on Tuesday, with authorities warning that it could be the strongest storm to make landfall in Japan in a quarter century. The category 3 typhoon, the 21st of the season, is bearing down on the area of western Japan that holds Osaka, and will likely make landfall on Shikoku or the ...

Bloomberg Hana Financial Group Inc. is in talks to buy a landmark office property opposite the Bank of England that’s being transformed into a major WeWork Cos. co-working space, according to people with knowledge of the plan. Aermont Capital LLP, the owner of the building at One Poultry, is seeking a price of about 185 million pounds ($240 million), the ...

Bloomberg Dairy producer Yakult Honsha Co. is finding that the power of product placement is so potent it works even when it’s mistaken. Viewers of Netflix’s new romantic comedy, “To All the Boys I’ve Loved Before,’’ have noticed the main character’s sister drinking a yogurt out of a distinctive little bottle, and are talking about it on Twitter, according to ...

Abu Dhabi / WAM Transformational industries’ contribution to non-oil GDP increased to 11.8 percent by fixed prices until the end of 2017 from 11.7 percent in 2016 and 11.5 percent in 2015, according to the UAE Ministry of Economy’s statistics. The growth reflects the significant achievements made by the transformational industries over the past five years, during which they have ...

ABU DHABI / WAM The Abu Dhabi City Municipality (ADM), won the corporate excellence award among Arab departments, during a ceremony held by the Excellence Awards Academy in Sharm Al-Sheikh, Egypt. Humaid Rashid Al Diri’ee, Acting Executive Director of Strategic Planning and Performance Management, received the award on behalf of the municipality. “The municipality was a worthy winner of this ...

ABU DHABI / WAM Abu Dhabi Securities Exchange’s (ADX) listed companies market cap reached AED526 billion ($143.3 billion), by the end of August; with a remarkable increase in ADX general index by 13.4% from the start of 2018. By the end of August sessions, the market capitalisation of domestic public companies listed on ADX increased to AED495 billion compared with ...

DUBAI / WAM The Department of Economic Development (DED) in Dubai, as part of its ‘Commercial Commitment Day’ initiative, will set out to enhance awareness among the business community on their rights and responsibilities as well as on ensuring better compliance with laws and regulations relating to doing business thereby avoiding fines and other penalties. A designated team from the ...