News

Dubai / WAM Emirates Central Cooling Systems Corporation (Empower), launched its pre-summer awareness campaign, ‘Steps to Cooler Summer’, aiming to prepare the customers, by providing best practices and ways, to reduce district cooling consumption during the upcoming summer season. The campaign will help reduce the energy consumption cost of customers, and ensures customer happiness by providing the best and most ...

Abu Dhabi / Emirates Business The Fikra Labs Acceleration Programme, a new concept to drive innovation and foster entrepreneurship in the Abu Dhabi travel and tourism sector, concluded its four-week acceleration programme with the announcement of the four winning MENA start-ups. The winning start-ups that were awarded the coveted investment opportunity included Tapklik Technologies mentored by DCT Abu Dhabi, ViaFone ...

Bloomberg Rosneft PJSC plans to start a $2 billion share buyback this year, while also cutting spending and debt. The state-run producer, which pumps more than 40 percent of Russia’s crude, has already signalled a shift towards more efficient “organic” growth, ending years of deal-driven expansion that made it the country’s most indebted company. The latest announcement could boost Rosneft’s ...

Bloomberg OPEC continues to over-deliver on its production cuts, with output falling further last month as the group nears its goal of rebalancing the oil market. The cartel pumped 31.93 million barrels a day, down from a revised 31.97 million in March, a Bloomberg News survey of analysts, oil companies and ship-tracking data found. OPEC and a group of non-OPEC ...

Bloomberg Britain is so cold it’s keeping more of the natural gas it produces and imports for itself. Over the past month, UK gas exports have repeatedly plumbed the lowest levels in at least a decade for this time of the year. Usually, with winter past and heating demand subsiding, Britain would have ample supplies to ship to the continent. ...

Bloomberg The Trump administration sought to temper expectations for a swift breakthrough on trade issues with China as a delegation of senior US officials prepares to visit Beijing this week. “It’s a big, big challenge. There’s a very different system over there and it’s a system that in all honesty has probably worked pretty well for the Chinese,” Trade Representative ...

Bloomberg Fortis Healthcare Ltd. shares extended their best monthly gain in more than three years after IHH Healthcare Bhd. and two Indian tycoons revised their offers in the race for the country’s second-largest hospital chain. The stock climbed 4.3 percent to 158.90 rupees, its highest close since March 15. Fortis shares gained 24 percent last month, the best performance since ...

Bloomberg Philippine inflation will ease from a five-year high once lawmakers approve a measure that will allow more rice imports, giving authorities scope to delay an interest rate increase, according to a senior economic planner. Inflation that climbed to 4.3 percent in March will cool by at least 1 percentage point once a law limiting overseas purchases of the nation’s ...

Bloomberg An Indian court halted Vedanta Ltd.’s takeover process for Electrosteel Steels Ltd. after a challenge by Renaissance Steel Ltd., a rival bidder. The National Company Law Appellate Tribunal has agreed to hear Renaissance Steel’s appeal against Vedanta’s revival plan for indebted Electrosteel on May 17, posing a legal hurdle for the first large steel defaulter to complete the bankruptcy ...

Bloomberg Apple Inc. turned in a strong quarter with revenue, profit and forecasts all coming in ahead of analysts’ estimates. But that isn’t necessarily good for the hundreds of iPhone suppliers around the world, contrary to the market’s knee-jerk reaction. Apple’s better-than-expected results stemmed in part from the sale of ancillary goodies from games to cloud storage. None of those ...