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Bloomberg Billionaire industrialist Anil Agarwal plans to leave behind a legacy: an Indian resources group to rival the world’s biggest. The founder and owner of Vedanta Resources Plc wants to keep building the company into a giant producer of the commodities that India needs to curb its reliance on imports, create jobs and reduce poverty. Despite its insatiable appetite for ...

Bloomberg Taiwan’s export-dependent economy decelerated after hitting its stride at the end of last year, when it posted the fastest growth in almost three years. The expansion slowed to 3.02 percent in the first quarter, according to revised data by the statistics bureau in Taipei, in line with a preliminary reading of 3.04 percent and the 3 percent estimate in ...

Bloomberg Nobody asked for it, few seem to want it and yet the Trump administration is considering imposing tariffs on imported cars and trucks, threatening not just a shake-up of the global auto industry but political discord even among the president’s allies. President Donald Trump’s order to investigate auto imports for potential trade penalties on national security grounds came as ...

Bloomberg General Electric Co.’s long-suffering investors are losing what little patience they had left. The shares plunged the most since 2009 as Chief Executive Officer John Flannery’s high-profile appeal to Wall Street indicated there is no “quick fix” to the problems bedeviling the company, from weak cash flow to slow demand for gas turbines. Worse still, he offered scant reassurance ...

Bloomberg Bankrupt contractor Carillion Plc was taking about four months to pay its suppliers before its January collapse. The minister respo- nsible for small firms says 30 days should become the national norm. The government must “make it unacceptable for big business to finance their cash flow from small business,” Small Business Minister Andrew Griffiths said in an interview. They ...

Bloomberg German exports fell the most in more than five years at the start of 2018, holding back growth in Europe’s largest economy. A breakdown of first-quarter gross domestic product data showed foreign sales fell 1 percent, the most since 2012. Imports also declined, and net trade knocked 0.1 percentage point off GDP. “The drop in exports could be a ...

Bloomberg The UK should reduce its reliance on huge cables that carry electricity to and from Europe to ensure that the lights stay on. The government is overlooking the risks of relying on supplies that may not materialise, according to a report by Oxford, England-based Aurora Energy Research Ltd. Electricity on interconnector cables flows to where prices are more expensive, ...

DUBAI / WAM The UAE’s General Civil Aviation Authority (GCAA) denied on Wednesday the news of what is being circulated about an attempt to hijack a plane belongs to the national carrier flydubai in Iranian airspace. Saif Al Suwaidi, Director General of the GCAA, emphasised that flight No. FZ301, which was heading from Dubai to Kabul, has returned to Dubai ...

ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD) on Wedne-sday announced that it had financed 11 development projects worth AED1.4 billion in 2017, benefitting nine developing countries. Totalling more than AED646 million, four of the 11 projects were allocated as concessionary loans to Egypt, Antigua and Barbuda and the Maldives, whereas the remaining seven projects were funded ...

FUJAIRAH / WAM Oil product stocks in the Middle East’s key oil hub of Fujairah rose 11.1 percent in the week to Monday, with inventory levels up across all reported categories. Total oil product stocks in Fujairah were 19.379 million barrels, up 1.93 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom. ...