News

Bloomberg Who’s at fault for Videocon Industries Ltd.’s 39 billion rupees ($579 million) debt pile? The Indian maker of consumer appliances is casting the blame on Prime Minister Narendra Modi, the nation’s top court and the Brazilian government. A bankruptcy court admitted an insolvency petition filed by creditors, led by State Bank of India against Videocon, and ordered debt reorganisers ...

Bloomberg Kaveri Seed Co., which competes with Monsanto Co. to sell hybrid seeds in India, is seeking a bigger share of the food crop market to reduce dependence on cotton seed, its breadwinner. The company gets about 60 percent of revenue from cotton seed sales and the remainder from vegetable seeds and grains including paddy and corn. It aims to ...

Bloomberg Chinese serial entrepreneur Lei Jun has been compared with Steve Jobs. Now, analysts are saying the smartphone giant he built could be twice as expensive as Apple Inc. Xiaomi Corp. deserves to trade at a premium to global phone brands due to its market-share gains and faster growth trajectory, according to research from Morgan Stanley, one of banks leading ...

Bloomberg Almost three decades ago, BlackRock Inc. created software to obsessively monitor the then-fledgling firm’s financial risks. Now, after turning it into an essential tool on Wall Street, the firm is zeroing in another kind of client: financial advisers. The world’s largest asset manager is marketing its risk analytics software, known as Aladdin, to the army of wealth managers who ...

Bloomberg Private equity firm KKR & Co. will buy Envision Healthcare Corp. for $5.57 billion plus debt, after a lengthy sale process by the hospital staffing and surgical center company. Including debt, the all-cash purchase will value Envision at $9.9 billion, the health-care company said in a statement. Envision said the $46-a-share price represents a 32 percent premium to its ...

Bloomberg Facebook Inc. is facing more blowback for its decision to categorise the promotion of news articles as political content, with global publishers now urging Chief Executive Officer Mark Zuckerberg to change its policy. Seven trade groups representing media publishers and broadcast organis­ations in more than 120 countries including the New York Times, BBC.com and 21st Century Fox, sent a ...

Bloomberg The UK economy continued to create jobs at a healthy pace in the three months through April but wage growth unexpectedly slowed. The employment rate reac-hed a record-high 75.6 percent after economy added 146,000 jobs, more than the 120,000 predicted by economists. The jobless rate held at 4.2 percent, its lowest since 1975. However, a surprise moderation in the ...

Bloomberg With a government order to recall 774,000 vehicles in Europe, Daimler AG stands accused of having used illegal defeat device in its engines, while escaping the crushing cost of fines. The move follows consultations with the German government in Berlin on June 11, which Daimler Chief Executive Officer Dieter Zetsche called “constructive.” Transport Minister Andreas Scheuer for his part ...

ABU DHABI / WAM The Federal Authority for Government Human Resources has announced that Eid al-Fitr holiday for federal entities in the UAE will begin on Thursday 29th Ramadan (corresponding to June 14), until 3rd Shawwal, which is yet to be declared. The Authority conveyed its greetings to President HH Highness Sheikh Khalifa bin Zayed Al Nahyan, and Their Highnesses ...

Dubai / Emirates Business Latest survey data signalled a sharp and accelerated improvement in the health of Dubai’s non-oil private sector. Output and new orders both expanded at the strongest rates since early 2015, with increases in the travel & tourism and wholesale & retail sectors key drivers of May’s improvement. Reflective of strong business conditions in the sector, positive ...