News

Bloomberg General Electric Co reported solid results, reaffirmed its profit forecast and avoided the kind of nasty surprises that marred earnings in recent quarters. Chief Executive Officer John Flannery expressed optimism that GE would exceed its $2 billion cost-cutting goal and said he’s exploring new ways to run the company. “I’m excited about the path we’re on,” Flannery said on ...

Bloomberg Ericsson AB shares soared the most in more than 9 years after the Swedish maker of wireless networks posted first-quarter earnings that were stronger than analysts had expected, proof that the company is making progress in a protracted effort to reverse its fortunes. Ericsson’s closely watched gross margin — the share of sales remaining after production costs — rose ...

Bloomberg The bidding war for Brazil’s prized Eletropaulo SA utility is heating up with two European power giants looking to best each other’s bids. Italy’s Enel SpA said it would increase a promised capital injection to 1.5 billion Brazilian reais ($443 million) to sweeten its 28 reais-a-share offer for the AES Corp. unit. The move came hours after the Brazilian ...

DUBAI / WAM Dubai Investments has announced the decision to distribute 12 percent cash dividend to its shareholders for the financial year ending on December 31, 2017. A proposal to this effect was approved by the shareholders at the company’s 22nd Annual General Meeting on Wednesday. The company presented its 2017 financial results, which revealed a net profit of AED1,001.6 ...

ABU DHABI / AGENCIES Aldar Properties has signed a Memorandum of Understanding (MoU) with Hyperloop Transportation Technologies (HyperloopTT), the innovative transportation and technology company, that will allow for the creation of a new HyperloopTT centre including a full scale commercial Hyperloop system, an Hyperloop R&D Advanced Mobility Centre, a Demonstration and Visitor Centre, and an Innovation Hub. The construction site ...

DUBAI / WAM Emirates Islamic Bank has announced a net profit of AED209 million during its Q1 2018 supported by growth in core income, efficient cost management, and an improved cost of risk. The bank’s balance sheet remains strong with improvements in credit quality and liquidity. The net profit was up 2 percent quarter on quarter (q-o-q), and declined by ...

Kuala Lumpur / WAM The Emirates Defence Companies Council (EDCC) discussed prospects of joint cooperation and exchange of knowledge with the Korea Defence Industry Association (KDIA) on the sidelines of its participation in the Defence Services Asia (DSA) Exhibition 2018, in the Malaysian capital, Kuala Lumpur. A KDIA delegation, headed by Yung Ho Kim, Vice Chairman of the KDIA, visited ...

Bloomberg OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a ...

ABU DHABI / WAM Abu Dhabi National Energy Company, also known as Taqa, raised $1.75 billion in a two-tranche dollar denominated bond issue that was 4.7 times oversubscribed. The two tranches consisted of bonds with maturities of seven years with a coupon of 4.375 percent, and bonds with maturities of 12 years with a coupon of 4.875 percent. The issue ...

Dubai / Emirates Business The Dubai Chamber of Commerce and Industry organised a trade mission to Chengdu where delegates explored prospects for boosting economic cooperation between Dubai and China’s Sichuan Province. The Chamber-led delegation, represented by top UAE government officials and business leaders, participated in the Chengdu-Dubai Business Forum 2018 during their visit which coincided with the Chengdu Dubai International ...