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Abu Dhabi / Emirates Business The number of hotel guests staying in Abu Dhabi increased by 4.9% during the first five months of 2018 compared to the same period last year. According to statistics from the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), 162 hotels, resorts and hotel apartments offering 31,236 rooms across the emirate welcomed ...

Bloomberg Germany’s Thyssenkrupp AG and India’s Tata Steel Ltd. reached a final agreement to set up a European steel company with equal share of ownership, more than nine months after signing a memorandum of understanding to establish the venture. The proposed name of the new company is Thyssenkrupp Tata Steel B.V., focussing on high-quality flat steel production, the companies said ...

Bloomberg Billionaire Anil Agarwal added to a string of commodities deals with plans to buy out minority investors in Vedanta Resources Plc, the resources group that he’s seeking to transform into one of the world’s largest. Agarwal’s Volcan Investments Ltd. will offer 825 pence a share for the 33.5 percent of Vedanta it doesn’t already own and plans to cancel ...

Bloomberg Nissan Motor Co. abandoned a $1 billion deal to sell its electric-battery business because the prospective buyer failed to raise the money required. The Japanese automaker cancelled the sale to GSR Capital, saying in a statement on Monday the Chinese private-equity firm didn’t have sufficient funds. Nissan and GSR were due to close the transaction by June 29. The ...

Bloomberg Embedded in the sleek metallic and cypress interior of Takeda Pharmaceutical Co.’s new global headquarters in Tokyo are stylised Japanese characters for words like life, water and light. Melding futuristic design with traditional Japanese elements highlights the balancing act facing Chief Executive Officer Christophe Weber: showing he can honour the 237-year-old drugmaker’s Japanese heritage as he tries to complete ...

Bloomberg A red-hot electric vehicle market has triggered a face-off between Big Oil and utilities. Oil majors, who’ve sold fossil fuels to cars for a century, are now moving into an electricity sector that’s preparing for exponential growth. The problem is that utilities, the primary power suppliers for a century, have the same idea. BP Plc predicts electric vehicle sales ...

Bloomberg Libya’s National Oil Corp (NOC) declared force majeure on another two oil ports, removing thousands more barrels from the market just as global supply concerns put pressure on OPEC to ramp up production. Oil loadings at the Zueitina and Hariga export terminals in eastern Libya have stopped, the Tripoli-based NOC said on Monday. The halt comes just a week ...

Bloomberg The average American household will have $440 less to spend this year due to rising pump prices, putting at risk one-third of the windfall they got from tax cuts. Strong oil prices drove the cost of US gasoline to the highest level in more than three years last month, according to AAA, and pump prices are now 27 percent ...

Bloomberg Dell Technologies Inc, the world’s largest private technology company, announced plans to trade publicly again, entering a new stage of a multi-year turnaround plan. The tech giant will return to public markets by subsuming its tracking stock, DVMT, in a cash and share-swap deal, Round Rock, Texas-based Dell said in a filing on Monday. The shares, currently worth about ...

Bloomberg UK manufacturing growth held steady in June, providing some modestly good news at the end of the worst quarter for the sector since the end of 2016. IHS Markit’s Purchasing Managers Index for the industry stood at 54.4 in June, up from a revised 54.3 in May and beating economists’ estimates for a drop. The average reading for the ...