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Bloomberg India’s top court refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia’s third-largest economy. A bench headed, by Chief Justice Dipak Misra, said the Reserve Bank of India’s directive prohibiting banks, financial institutions and other regulated institutions from providing any services related to virtual currencies ...

Bloomberg UK companies are at “breaking point” over the lack of clarity on Brexit, and are slowing down their investments as they await answers to key questions surrounding Britain’s departure from the European Union, one of the country’s main business lobby groups said. Business confidence and investment intentions will continue to deteriorate until Prime Minister Theresa May ends the bickering ...

Bloomberg Glencore Plc tumbled the most in two years after US authorities demanded documents relating to possible corruption and money laundering. The world’s biggest commodity trader said on Tuesday that it’s been subpoenaed by the US Department of Justice to hand over documents related to the Foreign Corrupt Practices Act and US money laundering statutes. The documents relate to the ...

Bloomberg Interpublic Group of Cos, one of the world’s largest advertising companies, agreed to acquire Acxiom Corp.’s mark- eting-services unit for $2.3 billion, gaining tools to help clients sift through data to reach potential customers. Acxiom expects to receive $1.7 billion in net proceeds, according to a statement. The company plans to repay debt, buy back stock and reinvest in ...

Bloomberg Allianz SE plans to buy back as much as 1 billion euros ($1.16 billion) of its shares amid an abundance of capital and returns crimped by low interest rates. Europe’s biggest insurer will buy back as much as 41.5 million shares July 4 to Sept. 30 and cancel all repurchased shares, the company said in a statement. The buyback ...

Bloomberg Apple and Facebook have figured out how to keep us glued to their devices and platforms. But they haven’t figured out how to curb the misinformation that plagued them during the 2016 election and have struggled to regain public trust. And now, in the run-up to the 2018 midterms, they certainly don’t agree on a solution. Last week, Apple ...

ABU DHABI / WAM Al Yasat Company for Petroleum Operations (Al Yasat), a subsidiary of the Abu Dhabi National Oil Company (Adnoc) has awarded the Engineering, Procurement and Construction (EPC) contract, for the full development of the offshore Bu Haseer field, to Abu Dhabi’s National Petroleum Construction Company (NPCC). The agreement covers engineering, procurement, construction, and commissioning activities for offshore ...

DUBAI / Emirates Business Smart Cities, connected mega-events such as Expo 2020 Dubai, and the growth of “intelligent enterprises”, will drive the UAE’s IT market to top AED20 billion in 2018, according to the newly-appointed UAE Managing Director of global technology company SAP. Increasingly, UAE organisations are becoming “intelligent enterprises,” using innovations in artificial intelligence, machine learning, the Internet of ...

DUBAI / WAM The UAE is the fifth largest country investing in Uzbekistan during the first quarter of 2018, according to a statistical report released by the Central Bank of Uzbekistan. The report said that Emirati investment accounted for 6 percent of the total Foreign Direct Investments (FDIs) in Uzbekistan during the first three months of 2018. The US topped ...

ABU DHABI / WAM The gross value of interbank fund transfers through the UAE Fund Transfer System (UAEFTS) reached AED2.8 trillion in the first five months of the year, according to statistics released by the UAE Central Bank (CBUAE). The CBUAE indicated that the value was almost the same as that registered in the corresponding period last year. “January was ...